![]() ![]() As per the update, Bilaxy’s ethereum ( ERC20) hot wallet 0xCCE8D59AFFdd93be338FC77FA0A298C2CB65Da59 suffered a serious hack between 18:00 and 19:00, 28 August (UTC time). On 30 August 2021, Bilaxy published a detailed update on its Bilaxy Official Announcement Channel. Further, FinCEN had also issued a warning, noting that in cases of hacks, c riminals may leverage tools such as mixers and tumblers in order to break the connection between the sender address and the receiver address. In its first government-wide list of priorities for anti-money laundering and countering the financing of terrorism, the Financial Crime Enforcement Network (FinCEN) made virtual currency considerations one of the top priorities. Blockchain analytics solutions like Merkle Science allow crypto exchanges to detect illicit activity beyond the blacklists and catch undetected suspicious activity that they might have missed. Hot wallets are used by crypto exchanges to enable quick cryptocurrency transactions between the owners and the end-user.įurther, exchanges with insufficient blockchain monitoring processes are most vulnerable to attacks. As an article from AMBCrypto noted, “while exchanges may use two-factor authentication (2FA) to execute transactions, it is not enough, as the attackers may exploit weaknesses in other layers of the protocol to execute an attack.” Since hot wallets are connected to the internet they are most vulnerable to such attacks. With a rapid increase in global cryptocurrency hacking incidents, increased regulatory oversight and enhanced security measures have become ever more urgent. This news comes shortly after the Liquid Global Official Hack, wherein the attacker, due to a security breach, stole around $91 million in cryptocurrency from Liquid’s warm wallets. All the values in this piece are in US Dollars (USD). Additionally, Bilaxy advised its users to not deposit any funds into Bilaxy accounts until further notice. On 29 August 2021, Bilaxy, a Seychelles-based centralized crypto exchange, released a statement on Twitter, informing its users that its hot wallets were hacked.
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