Bilaxy Crypto Exchange has Disabled Withdrawal Option Amid Severe Hack Attack

Bilaxy is a decentralized cryptocurrency exchange that has recently been targeted by a severe hack attack. This Hong-Kong-based DEX is hosted by the Seychelles international network.

As per the incident reports, the hackers targeted at hot wallet address on Bilaxy. The hackers were able to take control of their target.

At present, the DEX has disabled its withdraw function and requested users to not send any tokens to their wallets. In the middle of the chaos, the users are unable to conduct business as usual. The development team has posted an out-of-service message for the time being and told users that they are working on the technical resolution of the issue.

HOGE blockchain and token is one of the several DeFi currencies that were using the Bilaxy network. After the incident, the founder of the HOGE token told the media that the value of their product crashed down by 35% right after the news of the hack was made public. The hackers were able to transfer around 295 ETH to a personal wallet address.

These ETH tokens were ERC-20 compliant and are valued at $21 million as per the market value of the altcoin. The experts at Bilaxy have told the users that the remainder of the stolen token has been transferred to a cold storage wallet where they are away from the reach of any hackers. The site is down about the necessary technical repairs in the process.

Bilaxy’s Development Team is Working Hard to Fix Issues

At present, the top priority of the Bilaxy development is to stop any further invasion of their platform. Keeping this objective in mind, a cybercrime response team has been created. The management is also planning to take some help from the cybersecurity consultants to ensure that their platform is safe for users before a re-opening.

In a Telegram group message, the development team told the users that they are going to need at least two weeks to ensure that the bugs have been fixed. The team also claimed that they are trying their best to help out their users deal with the psychological aspect of dealing with their losses. This year, a rise in the DEX hacks has been seen. As per experts, many of these tokens are created by non-technical users who ignore the need of conducting a proper technical audit beforehand.