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Bilaxy exchange postponed website after ERC-20 hot wallet hack

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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. 

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