KiloEx Hacked for $7 Million, Can the $7M Circulating Supply Cover User Losses?

By: blockbeats|2025/04/15 11:00:03

Early on April 15, the on-chain perpetual platform KiloEx, previously invested in by YZi Labs, issued an announcement on its official X account, stating that its protocol's treasury, KiloEx Vault, had experienced a hack, and the exploit had currently been contained.

KiloEx Hacked for $7 Million, Can the $7M Circulating Supply Cover User Losses?

Impacted by the theft incident, the KiloEX token KILO had already begun a sharp decline in price before the official announcement. As of the time of writing, KILO had dropped from around $0.05 early in the morning to $0.035, a decrease of over 30% in 6 hours. According to DefiLlama data, funds within KiloEx also rapidly declined and fled during the exploit event, with the protocol's cross-chain TVL dropping to less than $31 million at the time of writing.

In response to the attack event, KiloEx's official statement indicated an immediate suspension of the platform and collaboration with security partners to trace fund movements. The team will be issuing a bounty program and working with ecosystem partners to track and potentially recover the funds. Additionally, KiloEx mentioned that they will soon release a comprehensive incident report to share with the community.

Theft Reason: Price Oracle Vulnerability

According to Block Beats' monitoring, the perpetual contract DEX KiloEx suffered an attack today, resulting in a loss of approximately $7.5 million (with $3.3 million on the Base network, $3.1 million on the opBNB network, and $1 million on the BNB Chain).

Through initial analysis of one of the attack transactions, Block Beats believes this to be a price oracle issue. The attacker exploited this vulnerability by setting the initial ETHUSD price to 100 at the opening and then immediately closing the position at an artificially high ETHUSD price of 10000, making a profit of around $3.12 million in just this one trade. According to Cyvers Alerts' tracking, the attacker continued to try to exploit KiloEx's oracle system even after making a significant profit in a single high-value trade.

Cyvers Alerts states that the attacker's acquired USDC may face freezing and calls on Tether to proactively freeze the attacker's obtained USDT assets. Currently, the attacker has cross-chain transferred the funds to the address 0x00FAC92881556A90FDB19EE9F23640B95B4BCBD through Across.

Rising abruptly only to crash, Team's Solvency Questioned

KiloEx is a decentralized perpetual contract platform that supports BNB Chain, opBNB, Base, and multiple MEV ecosystem L1 and L2. In August 2023, YZi Labs announced investments in four outstanding projects under the MVB VI program, including KiloEx, with KiloEx also being a member of the BNB Chain Airdrop Alliance initiative.

As YZi Labs' "godchild," KiloEx had been experiencing smooth development until recently. On March 27, Binance Wallet partnered with PancakeSwap to hold an exclusive token generation event for KiloEx. Currently, the BNB investment has been open for 62 minutes, with 58 minutes remaining until the end, having exceeded funding by 281 times, raising over 340,000 BNB.

On April 13, KiloEx announced a strategic partnership with Web3 investment firm and liquidity provider DWF Labs. The two parties will deeply collaborate on KiloEx's market expansion, ecosystem growth, and user empowerment, further advancing KiloEx's positioning in the decentralized trading sector.

KiloEx stated that it will soon launch more integrated collaborations with DWF Labs on the BNB Chain to further drive platform functionality and ecosystem synergy. According to Binance Alpha Markets, KiloEx's token KILO rose by 45% on the day of the announcement, reaching a high of $0.058.

However, just two days after the project gained momentum, KiloEx suffered a loss of over $7 million due to an oracle vulnerability. Currently, according to Coingecko, KiloEx's project's circulating market value has plummeted to around $7.36 million, close to the stolen funds' amount, while its total market value is approximately $34 million. Due to the large percentage of the stolen amount compared to the project's market value, many community members have expressed concerns about the team's solvency.

Of course, in this recent hacking incident, the attacker did not directly steal the KILO tokens, and the market value of the project's token cannot directly reflect the project's own fund reserve and Runway. Currently, the team has not yet disclosed the handling of fund reimbursement, and BlockBeats will continue to track and report on this.

On March 16, 2026, in Dallas, Texas, USA, CanGu Company (New York Stock Exchange code: CANG, hereinafter referred to as "CanGu" or the "Company") today announced its unaudited financial performance for the fourth quarter and full year ended December 31, 2025. As a btc-42">bitcoin mining enterprise relying on a globally operated layout and dedicated to building an integrated energy and AI computing power platform, CanGu is actively advancing its business transformation and infrastructure development.

2025 Full Year and Fourth Quarter Financial and Operational Highlights

• Financial Performance:

Total revenue for the full year 2025 was $688.1 million, with $179.5 million in the fourth quarter.

Bitcoin mining business revenue for the full year was $675.5 million, with $172.4 million in the fourth quarter.

Full-year adjusted EBITDA was $24.5 million, while the fourth quarter was -$156.3 million.

• Mining Operations and Costs:

A total of 6,594.6 bitcoins were mined throughout the year, averaging 18.07 bitcoins per day; of which 1,718.3 bitcoins were mined in the fourth quarter, averaging 18.68 bitcoins per day.

The average mining cost for the full year (excluding miner depreciation) was $79,707 per bitcoin, and for the fourth quarter, it was $84,552;

The all-in sustaining costs were $97,272 and $106,251 per bitcoin, respectively.

As of the end of December 2025, the company has cumulatively produced 7,528.4 bitcoins since entering the bitcoin mining business.

• Strategic Progress:

The company has completed the termination of the American Depositary Receipt (ADR) program and transitioned to a direct listing on the NYSE to enhance information transparency and align with its strategic direction, with a long-term goal of expanding its investor base.

CEO Paul Yu stated: "2025 marked the company's first full year as a bitcoin mining enterprise, characterized by rapid execution and structural reshaping. We completed a comprehensive adjustment of our asset system and established a globally distributed mining network. Additionally, the company introduced a new management team, further strengthening our capabilities and competitive advantage in the digital asset and energy infrastructure space. The completion of the NYSE direct listing and USD pricing also signifies our transformation into a global AI infrastructure company."

"As we enter 2026, the company will continue to optimize its balance sheet structure and enhance operational efficiency and cost resilience through adjustments to the miner portfolio. At the same time, we are advancing our strategic transformation into an AI infrastructure provider. Leveraging EcoHash, we will utilize our capabilities in scalable computing power and energy networks to provide cost-effective AI inference solutions. The relevant site transformations and product development are progressing simultaneously, and the company is well-positioned to sustain its execution in the new phase."

The company's Chief Financial Officer, Michael Zhang, stated: "By 2025, the company is expected to achieve significant revenue growth through its scaled mining operations. Despite recording a net loss of $452.8 million from ongoing operations, mainly due to one-time transformation costs and market-driven fair value adjustments, the company, from a financial perspective, will reduce its leverage, optimize its Bitcoin reserve strategy and liquidity management, introduce new capital to strengthen its financial position, and seize investment opportunities in high-potential areas such as AI infrastructure while navigating market volatility."

Fourth Quarter 2025 Ongoing Operations Financial Performance

Revenue

The total revenue for the fourth quarter was $1.795 billion. Of this, the Bitcoin mining business contributed $1.724 billion in revenue, generating 1,718.3 Bitcoins during the quarter. Revenue from the international automobile trading business was $4.8 million.

Operating Costs and Expenses

The total operating costs and expenses for the fourth quarter amounted to $4.56 billion, primarily attributed to expenses related to the Bitcoin mining business, as well as impairment of mining machines and fair value losses on Bitcoin collateral receivables.

This includes:

· Cost of Revenue (excluding depreciation): $1.553 billion

· Cost of Revenue (depreciation): $38.1 million

· Operating Expenses: $9.9 million (including related-party expenses of $1.1 million)

· Mining Machine Impairment Loss: $81.4 million

· Fair Value Loss on Bitcoin Collateral Receivables: $171.4 million

Profit Situation

The operating loss for the fourth quarter was $276.6 million, a significant increase from a loss of $0.7 million in the same period of 2024, primarily due to the downward trend in Bitcoin prices.

The net loss from ongoing operations was $285 million, compared to a net profit of $2.4 million in the same period last year.

The adjusted EBITDA was -$156.3 million, compared to $2.4 million in the same period last year.

Full Year 2025 Ongoing Operations Financial Performance

Revenue

The total revenue for the full year was $6.881 billion. Of this, the revenue from the Bitcoin mining business was $6.755 billion, with a total output of 6,594.6 Bitcoins for the year. Revenue from the international automobile trading business was $9.8 million.

Operating Costs and Expenses

The total annual operating costs and expenses amount to $1.1 billion.

Specifically, they include:

· Revenue Cost (excluding depreciation): $543.3 million

· Revenue Cost (depreciation): $116.6 million

· Operating Expenses: $28.9 million (including related-party expenses of $1.1 million)

· Miner Impairment Loss: $338.3 million

· Bitcoin Collateral Receivable Fair Value Change Loss: $96.5 million

Profitability

The full-year operating loss is $437.1 million. The continuing operations net loss is $452.8 million, while in 2024, there was a net profit of $4.8 million.

The 2025 non-GAAP adjusted net profit is $24.5 million (compared to $5.7 million in 2024). This measure does not include share-based compensation expenses; refer to "Use of Non-GAAP Financial Measures" for details.

Financial Position

As of December 31, 2025, the company's key assets and liabilities are as follows:

· Cash and Cash Equivalents: $41.2 million

· Bitcoin Collateral Receivable (Non-current, related party): $663.0 million

· Miner Net Value: $248.7 million

· Long-Term Debt (related party): $557.6 million

In February 2026, the company sold 4,451 bitcoins and repaid a portion of related-party long-term debt to reduce financial leverage and optimize the asset-liability structure.

Stock Repurchase

As per the stock repurchase plan disclosed on March 13, 2025, as of December 31, 2025, the company had repurchased a total of 890,155 shares of Class A common stock for approximately $1.2 million.

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