Decentralized exchange (DEX) KiloEX has suspended operations following a $7.5 million attack, which cybersecurity researchers attributed to a “price oracle exploit.”

KiloEX launched in 2023, built on BNB Chain, opBNB, and Manta Network, and has received seed funding from Binance Labs, which invests in the Binance Coin (BNB) ecosystem.

In a tweet, the DEX reassured users that the exploit has now been contained. KiloEX said it is “working with security partners to trace the flow of funds” and that it is set to launch a bounty program to investigate the exploit.

The exchange said it is preparing a report on the incident to be shared in the coming days. KiloEX wasn’t able to provide any information as to the nature of the exploit, but identified the attacker’s wallet address as: 0x00fac92881556a90fdb19eae9f23640b95b4bcbd. It urged users to block the address to