The new DEFI platform enters the market! Earn passively - token sale 0.25 $ I'm going in!

Bilaxy exchange postponed website after ERC-20 hot wallet hack

3 min reading

Bilaxy is a relatively obscure cryptocurrency exchange which recently confirmed a major hacking incident that resulted in the loss of funds due to an exploit of the platform's ERC-20 hot wallet.

Bilaxy is a not so popular cryptocurrency exchange and recently it has confirmed a major hacking incident with the losses of funds because of an exploit of the platform’s ERC-20 hot wallet. 

Bilaxy recently stated that the crypto exchange went through losses due to a “serious hack” on Saturday between 6pm and 7pm UTC which ended up transferring 295 different ERC-20 tokens. The exchange believes the affected tokens were moved by the hacker to a single address. During the time of writing the tokens were estimated to be valued at $170,600, with the most recent transaction giving out 50 Ether (ETH) or about $159,000, on Monday. 

After noticing some abnormal activity with hot wallet transactions, Bilaxy suspended its website to take some precautions and transfer “hundreds of tokens” from its hot wallet to cold wallets in order to secure the assets. Bilaxy asked some of its customers to stop deposits to the platform. Bilaxy’s website does not give any more information other than a temporary system maintenance notice and a link to the platform’s Telegram channel. 

Bilaxy hasn’t declared the dollar value of assets stolen by the hacker there are some reports stating that the exchange could have lost up to $450 million. Based on an update from decentralized finance protocol Hoge finance, the attack had a hack and transfer of almost 300 cryptocurrencies, including Tether (USDT), USD Coin (USDC), Uniswap (UNI) and others. Hoge Finance stated that almost all Bilaxy’s 1 billion HOGE tokens ($141,000) out of a total of $22 million taken from the exchange were sent to another wallet.

The exchange told customers that it will join hands with the security institutions and law enforcement to give security audits and launch an investigation. Based on the data from crypto tracking website CoinMarketCap, Bilaxy was launched in 2018 and is registered in the Republic of Seychelles. During the time of writing, the exchange’s Twitter account has 25,000 followers. During Sunday, liquid continued deposits and withdrawals for many cryptocurrencies such as ERC-20 and Stellar-based USDC, Dai and GYEN. 

Currency Exchange rate Buy cryptocurrency

Buy crypto now

Dear customer,

We use cookies to provide our services correctly and safely. Cookies are small text-based data sets that shall be saved on the device you are using in connection with the use of this instnat website. Cookies are created in order to ensure proper functioning of thes instant website. By clicking the button "I accept and go to the website", you implicitly agree to creation of the cookies on your computer and to deploy automatic tracking and data collection and processing on behalf of the Lushup Holdings FZ LEE. Click the above-captioned button is also tantamount to accepting website's privacy policy. Closing the notification by means of "X" is unequivocally connected with your consent. If you do not agree to any of the above, please discontinue using our Website.

“Cookies” shall make an identification of the software used by you and to customization of this instant website to your needs. Cookies contain the name of the domain from which they origin, duration of period of their storage on your computer and an assigned value.

Third party cookies:
We also use third-party cookies for the following purposes:

  • creating statistics - helping to understand the way Users use the Website, which allows to improve its structure and content with use of the analytical tools
  • defining a user profile - in order to display custom-tailored content in advertising networks.

External entities that might be source of any third-party cookies on this instant Website are as follows:

Using a settings of your web browser or by using pre-set configuration tools available in our service you can independently and at any time change the settings concerning your use of the “cookies”, specifying the conditionsof their storage and how your device is creating and downloading them. These settings can be changed to block the automatic handling of cookies in the settings of your web browser or inform about their placement on your device each time.

Detailed information about the options related to use of “cookies” is available in the settings of your software (web browser).

Service privacy policy

This instant document lays out the principles of the Privacy Policy on the website (hereinafter referred to as the "Website" or "Service"). The administrator of the Website is Lushup Holdings FZ LEE, Fujairah - Creative Tower, P.O.Box 4422 Fujairah, United Arabs Emirates.

The full document to read the Tokeneo privacy policy is available in this document.

Advanced settings can be changed in your browser.