August 30, 2021

Bilaxy Exchange Latest Victim, Estimated RM1.8 Billion Crypto Assets Stolen!

 Even before the end of August, the crypto community was shaken again by a hacking incident, this time involving Bilaxy Exchange.

The incident unexpectedly happened two days after Bilaxy’s temporary maintenance on Friday, Aug. 27.

The exchange hacking was identified early yesterday morning, based on messages on the official Telegram account and tweets uploaded by Bilaxy Exchange.

⚠️⚠️Top Urgent-Bilaxy Hacked Notice

Pls note Bilaxy Hot wallet was hacked, ❌pls DON't send any funds to your bilaxy accounts again. We are racing with the time to checking and fixing. Pls wait for further Notice.

Thanks for your support.

Bilaxy Team

- Bilaxy (@Bilaxy_exchange) August 29, 2021

Following that, they asked consumers not to make any deposit as long as the issue is not resolved.

The amount seized by the hackers could not be identified and Bilaxy itself did not give an official statement. But early this morning local time, Bilaxy Exchange revealed about 295 ERC20 tokens had been transferred to the hacker's wallet address.

Some predict the value of the theft to reach around $ 450 million (over RM1.8 billion) in various cryptocurrencies. For example, HogeFinance informed that a large number of HOGE tokens worth less than $ 22 million stored in Bilaxy had been found to have moved to another wallet.

The @Bilaxy_exchange has been hacked. All HOGE being stored inside was transferred from their hot wallet. Please reach out to Bilaxy for further information regarding your account.

Here is the hash code: #BREAKING #cryptocurrencies

- HOGE (@HogeFinance) August 29, 2021

At the time of writing, Bilaxy Exchange is still unable to access.

The incident has invited criticism among consumers who are calling for exchange developers to impose tighter and more secure securities.

Some even pointed fingers at Bilaxy following the decline in the price of some cryptocurrencies - such as Bitcoin, which fell 0.11%, trading at $ 48,063 at the time of this writing.

The hacking this time may be the second time after the Crypto Heist In Poly incident. It was followed by a $ 350 million theft attempt at SushiSwap that ended in failure, and Japan’s crypto -based exchange, Liquid which had to turn a blind eye when as much as $ 97 million of crypto assets were stolen.