Crypto exchange Bilaxy hacked

Bilaxy exchange has temporarily gone offline after reports of a hacking incident on the exchange. It has been reported that the Bilaxy’s hot wallet has been hacked and compromised. Reportedly, the hackers have transferred crypto coins of an undeclared amount from the Bilaxy’s hot account. The extent of coin theft is unknown, and there are speculations that the exchange may have lost millions of dollars worth of crypto coins in this hack incident.

Here is what we know of the latest report on the hacking incident on the Bilaxy exchange:

  1. The security incident happened on 28th August 2021. The news was shared by Bilaxy on its twitter account. Bilaxy confirmed that the security incident involved transfer of tokens from the hot wallet of Bilaxy to a crypto address – 0xA14d5DA3C6BF2D9304FE6D4BC6942395b4dE048b.
  2. The tokens that have been transferred by the hacker, include the Tether tokens (USDT), USD Coin (USDC), Uniswap (UNI) and HOGE tokens. Hoge finance has confirmed in a separate note that all $22 million worth of HOGE tokens have been taken over by the hacker and transferred to a different address.
  3. On its part, Bilaxy transferred tokens from its hot wallet to cold wallet. This is done with a view to prevent hackers from transferring more tokens out of the hot wallet.
  4. Bilaxy followed this up by sending an emergency twitter message to its members. The exchange warned the users against depositing fresh money into the system.
  5. Bilaxy also took its site offline. It has been offline at the point of writing this note. So, practically, the site has been offline for over 36 hours now.
  6. In the latest update shared by Bilaxy, the exchange has confirmed that 295 ERC20 tokens have been taken over and transferred by the hacker to a different crypto address. The dollar value of these tokens is less than $100. However, it is unclear if Bilaxy will be able to confirm the actual loss or theft of tokens on the exchange. We expect to see more updates on the actual extent of loss of crypto assets in this hack incident.

As Bilaxy tries to do an audit of the loss of tokens, it would be interesting to watch this space to see how it comes up better and stronger after this hack. The only worrying part is that the site remains offline even after 36 hours of the alleged hack incident.

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Rajesh Dhawan

Rajesh Dhawan is a technology professional who loves to blog about smart wearables, Cloud computing and Microsoft technologies. He loves to break complex problems into manageable chunks of meaningful information.