More than 300 Cryptocurrencies Hacked: Scammers Break into Bilaxy and Make Away with $450 Million

World's leading cryptocurrency trading platform Bilaxy has reported a hack on its hot wallet and advised users to not deposit any funds until further confirmation.

Bilaxy released a statement about the hack on their Twitter handle by saying, "Top Urgent-Bilaxy Hacked Notice. Pls note Bilaxy Hot wallet was hacked, Cross markpls 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."

Cryptocurrency Coins Tokens
Representational image / Pixabay

An official confirmation about the amount of stolen funds remains unclear as Bilaxy has not revealed the details and the extent of the damage has not been made public either.

However, based on the estimates on Bilaxy's Telegram updates, around $450 million could have been stolen by the hackers.

Bilaxy has not revealed which particular crypto was targeted on their platform but Hoge Finance (HOGE) confirmed that $22 million worth of their coins have been stolen during the hack and the amount is sent to another wallet. Hoge also tweeted that around 300 cryptocurrencies were targeted during the hack.

"We have always been transparent with our community and wanted to let you all know that approximately 1 Billion HOGE was transferred from the wallet that held a diverse crypto collection of around $22 Million," tweeted Hoge Finance.

Bilaxy has also stopped its website service and logging in to their site shows 'the site is under maintenance'. The firms official Telegram group is also brimming with updates about the hack.

The firm also temporarily stopped all deposits and withdrawals on their platform. "Bilaxy maintenance notice. Bilaxy will make a temporary maintenance. Sorry for any inconvenience. Bilaxy will suspend deposits, withdrawals, and trading, you will not be able to visit Bilaxy website temporarily. Once maintenance completed, we will make a further announcement. Pls stay tuned."

The hack comes less than a month after scamsters broke into the Polygon Network and made away with $661 million worth of cryptocurrencies. The wallet addresses of the hackers were freezed and surprisingly the hackers returned all the stolen funds.

Investors are worried about the safety and security of their assets as hacking the crypto networks has increasingly become common and due to the market being deregulated, hackers stand a chance to get away with their illegal actions leaving no hope for investors to get their funds back.

This article was first published on August 29, 2021