Many crypto exchanges have befallen victims to crude cyberattacks and hacks over the years, and this time around, it is the Bilaxy exchange that has been hacked. Bilaxy is a Seychelles-based cryptocurrency firm that deals with all kinds of trading, crypto or not. It reported earlier on 29th August that some of its wallets were compromised and that the company couldn’t access them at all. These wallets that were compromised did contain about $450M in the value stored and then stolen from the firm. This is not a number that has been shared by the Bilaxy platform but an estimation of what could have been stolen from the exchange according to an estimate drawn up by concerned authorities.

Cyber-Attacks Have Become Common Among Crypto Exchanges

The firm has sought it that it must stop the current operation for the time being when there is maintenance going on for the recent cyber incident. Investors, traders, and general users have been issued detailed emails from the company to stop investing or depositing any more funds into their Bilaxy crypto wallets for the time being or until that issue is completely resolved. Only sometime after initiating this email, the company took to Twitter and announced its main wallet being hacked in a recent cyber security breach. It was the company’s hot wallet that was compromised in this attack, and all the customers are advised not to send or deposit any kind of funds within their wallets for the time being.

After this, there was little to no information provided by the exchange, and the only interaction that the exchange performed with the users was via Telegram that the maintenance and development team is working tirelessly to resolve the issue, and users should not be worried. Bilaxy couldn’t provide a precise number about the volume of the digital assets that were taken by the hackers while the exchange still remains non-operational. The only course of action that remains now is the exchange to be direct and transparent in bringing this whole thing to light before the customers.