Binance CEO highlights Binance’s help in retrieving $6.1 million in crypto after major hacks

Binance boss Richard Teng shared with the crypto community a post about the major contributions made by Binance to recover funds stolen by hackers from the recently exploited priced Oracle mechanisms in decentralized exchange kilox.

The platform was misused two weeks ago, losing various cryptocurrencies worth around $7.5 million. Binance helped block, track and recover about 90% of these funds.

Binance helps recover $6.1 million

Teng shared a link to an article published on the Binance website and revealed details of Binance’s participation in recovering the aforementioned code that was stolen by hackers.

The Binance Security team immediately step in and joins a collaboration created by Crypto Space to oppose the hacker attack.

Hackers have chosen to target Oracle mechanisms that bring off-chain data on crypto prices in chains. The perpetrator funded Dex’s wallet through tornado cash, obscuring the origins of the crypto deposit. What the hackers ultimately did was to operate Oracle and abuse access controls by believing in the system that the token price is much less than its actual market value.

Hackers will return 90% of the stolen funds

Hackers then utilized their location based on artificially reduced prices. This allowed him to earn an inflated profit and extract codes worth around $8.44 million. Before Killox began to recognize what had happened and acted, hackers repeated the same scheme on networks such as Bass, Tyco, and BNB chains.

The exploit was flagged by the Killx community on April 15th. Within 30 minutes, security team Binance and the BNB chain responded with emergency response. These teams quickly found blockchain addresses associated with the exploit and blacklisted them. The Binance team then contacted other key cross-chain bridge platforms and urged them to block the same wallet.

Meanwhile, Killox has begun negotiations with the Exploit and filed a complaint with law enforcement. Ultimately, the hackers agreed to keep 10% as a White Hack Bounty, stop further investigations and return 90% of the stolen code in exchange for taking out the wallet from the blacklist.