Crypto exchange Bilaxy loses over $21 million in DeFi exploit
Hong Kong-based crypto exchange Bilaxy has lost over $21 million after hackers hijacked a hot wallet on its platform on Sunday, Aug. 29.
⚠️⚠️Top Urgent-Bilaxy Hacked Notice
— Bilaxy (@Bilaxy_exchange) August 29, 2021
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.@ICODrops @ICO_Analytics @CoinMarketCap @
Bilaxy Team
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%.
Crypto Security is something we should always be careful about. This goes for exchanges as well. If you have seen the recent dip, the @Bilaxy_exchange Hacker has liquidated all of their HOGE. If you are a community member impacted by Bilaxy, please reach out to them. pic.twitter.com/rvr1H1CKDg
— HOGE (@HogeFinance) August 29, 2021
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.