Bilaxy Crypto Exchange Got Hacked, Users Urged Not To Deposit

The Bilaxy crypto exchange got hacked with the number of platforms falling victims to attacks growing as we are reading more in our latest cryptocurrency news.

Bilaxy is a Seychelles-based digital asset trading platform reported that it was hacked on August 29 with its wallets being compromised. While the exchange hasn’t confirmed the amount stolen yet, some estimations claimed that it could be around $450 million in various cryptocurrencies. Bilaxy’s Telegram channel saw a few updates today indicating that the platform temporarily stopped services due to maintenance. A few hours later, teh exchange was posted on Twitter to announce that the exchange was hacked.

The company’s hot wallet was compromised and advised the customers to refrain from sending funds to their accounts. Since then, the information provided by the exchange was little to non aside from the short updates on Telegram that the team is working to resolve the issue and that the users should not be worried. Bilaxy failed to provide the precise amount that the hackers were able to swipe as the website is still nonoperational. They are already looking into several addresses that have been linked with the hack and from HogeFinance updates, all of HOGE tokens stored on the exchange were drained and sent to another wallet with a value of under $22 million. Other estimations in Telegram showed that the total amount stolen from the exchange is north of $400 million but there’s still no official confirmation about it. The reports showed that there were other cases recently like the Japanese exchange Liquid Global that became a victim of an attack where the hackers were able to drain $80 million in digital assets.

As recently reported, The recently Liquid global hacked exchange secured a $120 million debt financing from Bankman Fried’s FTX exchange and according to the official statement, the recent funding is a part of the efforts by both parties to pursue other opportunities that will contribute to the global crypto ecosystem. Seth Melamed, the COO of Liquid said that the company’s joint venture with FTX is key in delivering top-notch services and other innovative products for the customers in Japan and the rest of the world. Under the new partnership, the FTX financial expertise will be combined with Liquid’s efficient regulatory framework which helps the parties achieve huge growth in the crypto sector.