In yet another incident of a security breach, a cryptocurrency exchange Bilaxy has pulled down its website until further notice. Reportedly, the exchange’s ERC-20 hot wallet got hacked. While the amount of ETH lost is yet to be confirmed it seems the hacker made away with a significant number of tokens.
Over the weekend, the crypto exchange confirmed a major hack. It says their security was compromised on August, 28. They have also confirmed the loss of funds to hackers as their ERC-20 hot wallet got compromised. In their Telegram group they have said that following the hack, they saw 295 ERC-20 tokens stolen and moved. At the time of the breach, Bilaxy said that the tokens were worth $170,600.
After the exchange noticed the discrepancy, they suspended their website to ensure there is no further drain of funds. They also took emergency measures and moved parked crypto assets from the exchange hot wallet to cold wallets.
Bilaxy has also reportedly asked its customers to now make any deposits on the exchange wallet. It has issued a message in its official Telegram group to avoid any confusion. After the news of the hack broke out and Bilaxy suspended its website, there have been many rumours floating around. Some unconfirmed reports claim Biloxi has lost tokens worth $450 million.
Recently, we saw two major hacks. Earlier Poly Network security was compromised but luckily the hacker returned all the stolen assets worth over $600 million. A week ago Japanese cryptocurrency exchange platform Liquid got compromised and hackers stole tokens worth about $100 million.