Bilaxy still offline – may take more than 2 weeks for restoration

Things do not look good for Bilaxy, the crypto exchange that was hacked on 28th August. The exchange has stated that it may take up to 2 weeks for the exchange to resume operations. Bilaxy has been sharing updates on twitter account. Last night, it sent in two tweet updates. The first one indicates that the company is in the midst of a security audit. See the tweet that indicates that Bilaxy exchange is working with security companies to perform a full security audit.

In the second tweet, sent moments later, the Bilaxy exchange informed the users that the hacker was able to transfer ERC20 tokens out of the hot wallet. No other tokens seem to be affected with this breach of the crypto exchange. The company, had informed earlier that 295 ERC20 tokens had been transferred away to a different crypto address by a single hacker. But, most experts are of the opinion that Bilaxy’s breach could end up costing the exchange quite a massive amount in terms of lost tokens.

At this point, there is nothing much that the Bilaxy users can do. It is pertinent to be patient and allow the Exchange to complete a full forensics audit. It will be a surprise if the loss from this breach restricts to only the ERC20 hot wallet, because expectations of a full fledged transfer fraud incident are quite high.