As per the latest reports, a hacking incident has been reported by Bilaxy. Bilaxy is a cryptocurrency exchange but at present, the exchange does not have much recognition or prominence. The exchange has reported that as a result of the hack, it has ended up losing funds.
The exchange has reported that the funds it has lost are from the hot wallet for ERC-20. This is yet another hack that has taken place in the cryptocurrency industry. Over time, the hacks are constantly rising in the cryptocurrency industry and the crypto-firms are pretty much worried about it.
Bilaxy made the announcement of the hack on Saturday, August 28, 2021 through its Telegram channel. In the announcement, Bilaxy revealed that their platform had encountered a serous hack and it was investigating the matter.
The firm also reveal that it suffered from the hack between 18:00 to 19:00 UTC on August 28, 2021. The exchange announced that as a result of the hack, their platform ended up losing several kinds of ERC-20 tokens. The firm revealed that as per stats, there were a total of 295 tokens for ERC-20 that it lost to the hack.
The exchange has revealed that it has already started investigating the matter and even share preliminary findings from the investigation. According to Bilaxy, the hacker used a single address where the stolen tokens were transferred.
The firm has revealed that the total tokens the hacker has managed to steal from their platform are worth $170,600. The exchange is already monitoring/tracking the stolen tokens and they have reported that the recent move of tokens was for Ether (ETH).
Bilaxy revealed that the hacker has moved 50 Ether on Monday, August 30, 2021. At the time of writing, 50 ETH translate to a total of $159,000.
Bilaxy reported that their security infrastructure managed to detect the hack in a matter of 60-minutes. As soon as it happened, they went ahead and completely suspended the website for any further exploits from taking place on their platform.
The exchange clarified that the suspension of the website was among their security measures to prevent the platform from being exploited any further. Another important measure they took in order to avoid any more exploit was to move the funds from the hot wallet to cold wallets.
This way, the exchange ensured that the funds were secure and protected from any further hacks/exploits. Furthermore, the exchange has requested all of its users and investors to make any further deposits until they give them the go.
For now, the exchange has only reported the funds stolen in the form of tokens, but sources suggest that the hacker has also stolen $450 million worth of other assets.