Crypto exchange Bilaxy loses over $21 million in DeFi exploit
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Crypto exchange Bilaxy loses over $21 million in DeFi exploit

Saudu Clement
Saudu Clement

Hong Kong-based crypto exchange Bilaxy has lost over $21 million after hackers hijacked a hot wallet on its platform on Sunday, Aug. 29.

The exploit, which saw the transfer of 295 ERC-20 tokens (worth over $21 million) to a single wallet, is the 20th DeFi attack within the month.

HOGE, one of the tokens listed on Bilaxy, took to Twitter to announce that all of its tokens on the crypto exchange had been transferred by the attacker. This caused its token price to dip by 35%.

Bilaxy has moved the remaining unstolen tokens to a cold wallet. The company has also suspended visitors from accessing its website for temporary system maintenance. Similarly, withdrawal functions have been frozen and users have been advised not to transfer tokens into the exchange for the time being.

The exchange is expected to spend at least two weeks investigating the incident and rebuild the system architecture. A professional team has been contacted to investigate and recover the stolen assets.

According to SlowMist, there have been 21 hacking incidents this month alone. The audit company reported losses of more than $90 million within the period.