Bilaxy Crypto Exchange Went Offline After Cyber Attack

A relatively lesser-known crypto exchange Bilaxy has also suffered a disruptive cyber attack. Following the incident, Bilaxy not only lost digital assets worth millions of dollars to the attackers but also went offline.

Bilaxy Crypto Exchange Cyber Attack

Reportedly, the Hong Kong-based crypto exchange Bilaxy is facing outages following a cyber attack. The attackers hacked the exchange to steal a huge amount of crypto assets.

Following the incident, the exchange went offline as it asked all users to halt activities. The exchange also put up a security notice on its website replacing all other content. Until the time of writing this article, Bilaxy’s site merely displayed the following notice.

Security notice on Bilaxy website. (Source: Latest Hacking News)

According to the details revealed, the exchange suffered the attack on August 28, 2021, after which, the exchange requested all users to halt activities.

The exchange noticed the attack after detecting some abnormal transactions on the ERC20 hot wallet. Consequently, Bilaxy pulled the systems offline to contain the attack and started moving funds to the cold wallet.

Nonetheless, the attackers managed to steal about 295 ERC20 tokens from Bilaxy’s hot wallet. The exchange even shared the attacker’s wallet address in one of its tweets.

The extent of the losses or the exact value of the cryptocurrency hacked during the incident remains unclear. However, according to the updates shared by HOGEFinance, the losses may make up to $22 million, but in HOGE only.

Whereas quoting other sources, Cointelegraph reports the losses may be as much as $400 million to $450 million. HOGEFinance also hinted the same as it speculated the loss of roughly 300 cryptocurrencies.

However, the exchange has recently confirmed that the incident didn’t affect BTC, ETH, and other tokens.

Bilaxy hasn’t revealed details about how the attack happened. But, the responses from users on Bilaxy’s tweet indicate the exchange had some serious bugs.

What Next?

For now, the exchange has refrained from elaborating on the attack, merely stating that the investigations and recovery may take at least 2 weeks.

Bilaxy suffered heavy losses in this hack accident and The [sic] problem has not been determined now, which will take lots of work and time to resume bilaxy services. It may at least take 2 weeks to investigate the hack thoroughly and rebuild system architecture to secure the system and assets. We hope that users will have the necessary psychological preparation for it.

Around the same time, another cryptocurrency exchange Cream Finance had also suffered a cyber attack losing $29 million worth of assets.

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