Bilaxy Cryptocurrency Exchange Deletes The Website Following A Crucial Hack

Bilaxy Cryptocurrency Exchange Deletes The Website Following A Crucial Hack

A less prominent cryptocurrency exchange, Bilaxy, confirms a major hacking incident on its platform. In addition, the exchange reports some fund losses from the attack on its platform’s ERC-20 hot wallet.

An announcement on its Telegram channel disclosed that the exchange was hacked on August 28. The attack occurred between 6 p.m. and 7 p.m. UTC through the transfer of 295 different ERC-20 tokens.

The exchange reported that the hacker transferred the different tokens to a single address. At the time of writing, the token’s value stands at $170,600, while the recent transaction sends out 50 ETH worth $159,000 on August 30.

The crypto exchange puts a suspension ban on its website shortly after discovering the hot wallet transfers. This will facilitate the emergence measures by Bilaxy in moving several hundreds of assets from its hot wallet to cold wallets for added security.

Through another Telegram update, Bilaxy requests that its customers should stop deposits on the exchange platform. However, the exchange’s website gives no additional information. The only notice is on its temporary system maintenance and a link to its Telegram channel.

What Was Hacked On The Cryptocurrency Exchange?

Bilaxy cryptocurrency exchange is yet to announce the dollar value of the hacked digital assets. However, speculations from some unconfirmed reports put the total loss to be about $450 million.

A decentralized finance protocol, Hoge Finance reports that the Bilaxy hack involved transfers of about 300 digital assets.

The assets include Uniswap (UNI), USD Coin (USDC), Tether (USDT), and others. Furthermore, Hoge Finance disclosed that about 1 billion HOGE coins ($22 million) stored on the Bilaxy platform had been moved to another wallet.

At the time of writing, Bilaxy is yet to respond to some comment requests from reports. Nevertheless, the exchange assured its customers of its future collaboration with some law enforcement and security institutions. This will fortify the platform in the provision of security audits and launch investigations.

Data from CoinMarketCap, a crypto tracking website, indicates that Bilaxy which is registered in the Republic of Seychelles, was launched in 2018. Currently, there are more than 25,000 followers in the exchange’s Twitter account.

The Bilaxy hacking news comes concurrently with that of the Liquid exchange strive in overcoming the influence of a hack. Liquid lost about $100 million in mid-August through a hack.

A report revealed that Liquid has commenced deposits and withdrawals for some digital assets. Some of these cryptocurrencies include GYEN, Dai, ERC-20, and Stellar-based USDC.