BILAXY

DESCRIPTION OF EVENTS

"BILAXY-The World's Leading Crypto Asset Trading Platform."

"Bilaxy is a centralized cryptocurrency exchange platform that was registered in the Republic of Seychelles and went on the market at the beginning of 2018. It has managed to get more than hundreds of thousands of users distributed in 80 countries. This platform focuses very well on liquidating the new tokens for those people who are used to trading with cryptocurrencies worldwide."

"Bilaxy has a little over 150 pairs of cryptocurrencies. Its main objective is, like Binance, the establishment of an international platform that is a pioneer in providing different tokens to those who trade, always based on a transparent, reliable business, with optimal quality and excellent customer service."

"The Bilaxy exchange tweeted that the hot wallet was hacked and lost approximately 296 tokens (including ETH). Users, please do not send any more funds to the Bilaxy account."

"Pls note Bilaxy Hot wallet was hacked. [Please] 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."

"Hot wallet suffered a serious hack, about 295 ERC20 tokens were hacked and transferred by the hacker."

"The hacked incident involved only part of erc20 tokens holding in hot wallet. Other coins/tokens such as BTC, ETH were not affected."

"It appears the only erc-20 coin that can be declared safe from Bilaxy hack is @pinblockchain PIN coin. Thankfully the Devs @JosephFiscella took action quickly. All 227k coins safe."

"Thanks for your [patience], the past week was really a tough week for us and users. In response to the hacking incident, in the past week, we have made an all-out efforts to stop the loss and investigate the hack thoroughly."

"At present, we are working closely with third-party security auditing companies and have made initial progress. The time it will take to resume the platform depends on the progress of our work and it will take."

"Bilaxy expects to resume part tokens' withdrawal at 11:00 (UTC) on Sep. 23rd. In order to further enhance website security, you are required to reset the [security] password after logging into the bilaxy account. Otherwise you can't make [a] withdrawal or [trade]."

"From Sep 23rd, Bilaxy will gradually restore part of tokens' withdrawals." "For the non-affected tokens during the hacking incident, withdrawals will be opened one after another gradually." "For part of the affected tokens during the hacking incident, the withdrawal plan for each token will be available after its withdrawal restored. You could check the details of the withdrawal plan on its withdrawal page one its withdrawal [is] restored."

"For [security] reason and strict withdrawal approval process, the withdrawals may be slow. We will try our best to approve for you within 24 hours. [Please] wait patiently."

Bilaxy is a cryptocurrency exchange platform based in Seychelles. On August 29th, 2021, their ERC20 hot wallet was breached. Other funds remained safe. The exchange ultimately reopened withdrawals a month later on September 23rd, however it's unclear if the affected ERC20 tokens will ever be available for users.

HOW COULD THIS HAVE BEEN PREVENTED?

The fundamental problem was a failure to securely store the ERC20 tokens. Tokens should be stored in a multi-signature wallet held by independent operators, with all keys stored offline.

Check Our Framework For Safe Secure Exchange Platforms

SlowMist Hacked - SlowMist Zone (Jun 26)
https://www.bilaxy.com/ (Dec 6)
Bilaxy Exchange: Register and Features (Dec 6)
@Bilaxy_exchange Twitter (Dec 6)
@Bilaxy_exchange Twitter (Dec 6)
@Bilaxy_exchange Twitter (Dec 6)
@Bilaxy_exchange Twitter (Dec 6)
Account 0xa14d5da3c6bf2d9304fe6d4bc6942395b4de048b - etherchain.org - 2021 (Dec 6)
@G4000Sean Twitter (Dec 6)
@Bilaxy_exchange Twitter (Dec 6)
https://bilaxy.zendesk.com/hc/en-us/articles/360020457811-KYC-FAQs (Dec 6)

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