Stock exchange hacks are one of the well-known teething troubles in the crypto space. The latest victim was Bilaxy, where the damage could amount to 450 million US dollars.
Less than three weeks after the spectacular attack on the DeFi platform PolyNetwork, the biggest hack to date in the crypto space with stolen crypto currencies worth over 600 million US dollars, the crypto exchange Bilaxy fell victim to a cyber attack. The stock exchange, which has been registered in the Seychelles since 2018, is one of the less well-known representatives in the stock exchange landscape. The attack is hardly inferior to that on PolyNetwork. According to initial estimates, the hack could amount to 450 million US dollars. Bilaxy has not yet commented on the speculation.
Hack on the bilaxy hot wallet
The exchange reconstructed the incident in a Telegram post. Accordingly, the hack occurred on Saturday, August 28, between 6:00 p.m. and 7:00 p.m. The hacker succeeded in relieving the hot wallet by “around 295 ERC20 tokens”. The tokens were then transferred to an address based on Etherscan has already been provided with a warning. Otherwise nothing is known about the course of events.
The exchange then announced that it would carry out “emergency maintenance” on the website and “move hundreds of tokens from the hot wallet to cold wallets in order to secure the assets”. The case will be reported to law enforcement agencies. In addition, Bilaxy promised “in the coming days, together with security institutions, to carry out a thorough check and investigation of the system security”. The website is not yet available at the time of going to press.
Clarification takes two weeks
According to Bilaxy, the work can take another two weeks:
Bilaxy suffered heavy losses from the hack and the issue is still unresolved which will take a lot of work and time to get the bilaxy services back on. It can take at least two weeks to thoroughly investigate the hack and rebuild the system architecture to secure the system and assets.
Bilaxy did not comment on the amount of the stolen tokens. Hoge Finance stated in one Tweetthat Hoge tokens worth $ 22 million alone were affected by the hack. First estimates according to the hack could amount to 450 million US dollars. Whether Bilaxy is as lucky as PolyNetwork remains to be seen, but it is unlikely. The attacker on the cross-chain platform quickly turned out to be a “white hat”, ie a well-meaning hacker who finally returned the stolen assets. PolyNetwork reacted confidently and offered the hacker a job as a security advisor.