bilaxy.com hacked

[DaveF]

Yes they did not have the best reputation and there were some complaints but as of now they are reporting they were hacked:
https://twitter.com/Bilaxy_exchange

One the smaller exchanges but still

-Dave

[JeromeTash]

Another livecoin in making, except that this one isn't even known by so many people. I think some of these hacks are just exit scam. All they have to do is move coins and tokens from hot wallet into different addresses they own, and then claim that they were hacked. Let wait and see if this exchange will stand the test of time.

[BitMaxz]

This is a shady exchange it seems there are some users being scammed by this exchange or they are manually locked withdrawals to selected users who withdraw large amounts.

Look at this "Bilaxy.com SCAM"

Even I have a few coins or tokens that are only listed on their exchange I won't still trade on their exchange because there are some users who experienced some issues on their exchange.

[sheenshane]

It's karma or we can think it's an inside job?  What do you think?

The hacker is now busy transferring the hacked altcoins to different addresses from this hacker's ETH address.  Made me wonder how this hacker now sells those tokens hacked that the address used is now marked with "Fake_Phishing4940".

As other exchange experienced like this sometimes we think it's an inside job and it might a good reason for them to exit scam.

[Slow death]

It's karma or we can think it's an inside job?  What do you think?

in my opinion it seems to me to be an inside job, I used this exchange for a long time something like more than 6 months because I had no choice, but I didn't put more than $40 and to make them worse has a withdrawal fee of $4 or more no matter which altcoin the person chooses, it was absurd and I think they don't have many customers with these high fees, so now they must have created this hacking story to take the money from people and get out of this exchange business at a profit

[DaveF]

Exit scam / hack is always a tough call.

But, since so many of these small exchanges are run so poorly from the customer service & support side. It makes you wonder if they are scammers or just incompetent and did not think about what was needed to run an exchange and got in way over their head.

Or a new term I have hard, a doorway job. A person who had access was fired and on the way out the door they left themselves a bunch of access to get back in later.

-Dave

[dkbit98]

Billaxy is small exchange and this won't have significant effect on crypto market, and I keep saying that using centralized exchanges and keeping coins there is more like a game of Russian roulette, and you can only win a bullet sooner or later.
Exchanges are probably worse thing than keeping fiat money in bank accounts, security is much lower and they are often located in some obscure locations or they are heavily regulated.

Billaxy team recently posted an update on their telegram channel regarding this hack and they posted hackers ethereum address, it looks like 295 ERC20 tokens were hacked.
Important thing to know from all this is that problem has not been determined yet!

Updates for Bilaxy ERC20 hot wallet hacked incident

Dear Users,

Sorry for the waiting. We just completed a series of emergency work to avoid further loss and would like to update with you as below at our first available time.

Bilaxy ERC20 hot wallet (0xCCE8D59AFFdd93be338FC77FA0A298C2CB65Da59) suffered a serious hack between 18:00 and 19:00, Aug.28(UTC time), about 295 ERC20 tokens were hacked and transferred by the hacker to the address: https://etherscan.io/address/0xA14d5DA3C6BF2D9304FE6D4BC6942395b4dE048b.

18:19, UTC: Abnormal transactions from Bilaxy erc20 hot wallet started.
19:00, Bilaxy suspended the bilaxy website to take emergency maintenance and to move hundreds of tokens from the hot wallet tokens to the cold wallets to secure the assets.
20:00  Contacted all affected tokens’ officials for the hack alert.
Contacted security audit institutions to search the attack reason and track the hacked funds.
Contacted Coinmarketcap, Congecko, etherscan ect to announce the hack warnings.
Continually make technique investigations on hot wallet tokens


🚩The following work arrangement is as below:

1. In the coming days, we will jointly work with the professional authoritative security institutions to make thoroughly system security audit and investigation. Further comprehensively sort out platform assets storge solutions.  Report the hack case to the local police agency and try to our best track down and recover the stolen funds

2.Bilaxy suffered heavy losses in this hack accident and The problem has not been determined now, which will take lots of work and time to resume bilaxy services. it may at least take 2 weeks to investigate the hack thoroughly and rebuild system architecture to secure the system and assets. We hope that users will have the necessary psychological preparation for it.

3. Besides the above hacked tokens, all the unaffected tokens during the hack incident were all moved to cold wallet for storage at the first time, pls don’t worry about it.

4. Any latest updates about the progress of the work, Bilaxy will make updates timely.For details, please pay attention to Bilaxy telegram or tweeter.

https://t.me/bilaxy_announcements/2626