Crypto News Today: Bitcoin, XRP Rally While KiloEx Suffers $7M Cross-Chain Exploit

The cryptocurrency market recorded slight upward momentum today, with key assets posting modest gains across the board. The total global market cap increased by 0.63 percent, bringing the combined valuation to $2.7 trillion.

Bitcoin maintained its market advantage as its value rose by 1.04 percent to reach $85,692.91 while trading. Ethereum followed with a 0.98 percent increase, bringing its price to $1,643.86 and solidifying its position as the second-largest cryptocurrency by market cap.

XRP stood out with a significant price surge of 15.27 percent over the past week. It is now priced at $2.15, with a market capitalization exceeding $125 billion. The trading volume for XRP remains active, suggesting renewed interest and stronger demand.

Tether maintained price stability, closing near $0.9998, while Solana experienced a minor dip of 0.81 percent. Trading volume across all assets dropped by 4.68 percent, totaling $78.57 billion, indicating a cautious tone among market participants.

Also Read: Pi Coin Explodes 80% as Bitunix Launches Futures Trading for PI Token

KiloEx Exploit Sparks Fresh Worries Over Cross-Chain Security

In decentralized finance, a newly launched trading platform, KiloEx, has become the latest target of a major hack. The platform, backed by YZi Labs, suffered an exploit totaling $7 million across the BNB, Base, and Taiko chains.

According to reports, the attacker leveraged a vulnerability in the platform’s price oracle mechanism. Funds were funneled through Tornado Cash, making recovery efforts difficult.

Operations at KiloEx are currently suspended as the team investigates the breach. A bug bounty program has been launched to encourage ethical hackers to help identify further vulnerabilities.

The KILO token reacted sharply to the incident, plunging 30 percent and losing $3.5 million in market capitalization. The event once again brings to light the ongoing security concerns associated with multi-chain DeFi platforms.

Elsewhere in the market, smaller altcoins showed selective bullish trends. FARTCOIN rose 8.69 percent, while Story IP and KAS gained 5.94 percent and 5.07 percent respectively.

Conclusion

While key cryptocurrencies like Bitcoin and XRP posted gains, market sentiment remains cautious amid a drop in trading volume and renewed concerns over DeFi security. The KiloEx exploit has reemphasized the need for more robust safety mechanisms in cross-chain systems.

Also Read: Shiba Inu Burn Rate Crashes 95% as Price Nears Key Breakout Level

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