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!
Quote
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 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.
