The boss of Binance Richard Teng shared with the cryptographic community an article on the important contribution made by Binance to help recover the funds stolen by a pirate of the Oracle Prix mechanism recently exploited at the kiloex Exchange decentralized.
The platform was operated two weeks ago, losing about $ 7.5 million from various cryptocurrencies. Binance helped block, trace and recover around 90% of these funds.
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Teng shared a link to an article published on the Binance website which revealed details on Binance's participation in the recovery of the aforementioned crypto stolen by the pirate.
He indicates that the Binance security teams quickly intervened, joining the collaboration set up by the cryptographic space to oppose this pirate attack.
The pirate has chosen as target the Oracle mechanism which cancels chain data on the price of cryptography on the chain. The culprit financed a portfolio on the DEX through tornado trips, thus obscuring the origin of the crypto deposit. What the pirate finally did is the checks to access abuse by manipulating the oracle and making the system believe that the price of a token was much lower than its real market value.
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After that, the pirate used the positions based on artificially lowered prices. This allowed him to make swollen benefits and withdraw approximately $ 8.44 million in crypto. Before Kiloex realized what had happened and begins to act, the pirate repeated the same diagram on networks as the base chain, Taiko and BNB.
The feat was reported by the Kiloex community on April 15. In less than half an hour, the Binance and BNB channel security teams made an emergency response. These teams quickly spotted the blockchain addresses linked to the feat and have them on the black list. Then, the Binance team contacted other key platforms of cross-bridges, urging them to block the same wallets.
Meanwhile, Kiloex began to negotiate with the operator and also filed a complaint with the police. Finally, the pirate agreed to return 90% of the stolen crypto in exchange for maintaining 10% as a white hack bounty, suspending any more in -depth survey and withdrawing their portfolios from the black lists.
