By Shelly Melancon (Switzerland)
Popular crypto exchange, Bilaxy, revealed that a theft situation occurred on their website. The platform reported that a huge sum of money in crypto assets was stolen from their hot ERC-20 wallets on Saturday. Bilaxy hasn’t come out yet to publish the amount that was stolen.
Over 295 Tokens Were Stolen from the Platform
According to a post by Bilaxy on their Telegram channel, the security bridge happened between 6 and 7 p.m. UTC. It led to the transfer of over 295 various tokens from the ERC-20 wallet. The exchange added that the various tokens were moved to one address. The total value of cryptos transferred equaled about $170k.
However, in a new report, the exchange has stated that the hack resulted in the loss of 50 ETH, valued at approximately $159k. As a result, the platform has suspended operations on the website and advised customers to stop depositing or initiate any other transaction. Bilaxy wants to take precautionary measures to avoid further loss of tokens and has opted to move the remaining tokens from the current compromised wallets to cold wallets.
No further news on the maintenance procedures or security has been released by the exchange. However, the platform agreed to relay information and security audits from the investigations conducted by security agencies. The exchange is planning to start an investigation soon.
Stolen Assets May Equal Hundreds of Millions of Dollars
Bilaxy hasn’t confirmed the exact value of everything stolen on the platform. Almost 300 cryptocurrencies were stolen in the hack, including USDT, USDC, and HOGE tokens. Hoge Finance revealed that over a billion tokens, valued at $22 million, was transferred from Bilaxy wallets to another unconfirmed wallet. There are speculations that the exchange could lose an estimated $450 million.
It isn’t the first time an exchange suffered from hacks. In mid-August, the Japanese Liquid exchange suffered severe hacking that resulted in an almost $100 million loss in assets. Cryptocurrencies like Ether, Bitcoin, and XRP were stolen from the compromised wallets. Luckily, Liquid secured $120 million funding from FTX trading to keep the exchange afloat. The move assured customers that they wouldn’t lose any of their coins due to the hack.
On August 10, another significant cryptocurrency heist happened when Poly Network was compromised. The DeFi protocol lost over $610 million, but the hacker corporated to return the stolen funds.
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