Incident Overview
The cryptocurrency exchange Bilaxy became a victim of a hack that compromised a hot wallet on its platform for $21M.
The Bilaxy exchange is a cryptocurrency trading service.
The platform was attacked by hackers, in the amount of $21M. Hackers managed to gain access to the Hot Wallet of this company and withdraw funds from there. Approximately 295 ERC20 tokens were transferred by the hacker to this address (https://etherscan.io/address/0xA14d5DA3…dE048b). The hack involved the transfer of nearly 300 cryptocurrencies, including $USDT, $USDC, $UNI, $SUSHI amongst others.
The address of the Bilaxy Hot Wallet that was the victim of hackers: https://etherscan.io/address/0xCCE8D59A…65Da59
Incident Report
Protocol Information
Market Context at Time of Hack
What the Attacker Needed to Succeed
Understanding the prerequisites for this type of attack helps auditors identify protocols that are most at risk and helps developers build better defenses.
What Auditors Should Check
If you're auditing a protocol with similar architecture to Bilaxy, these are the critical security checks that could have prevented this incident (August 2021).
- Verify all logic paths related to Access Control are guarded by proper access controls and input validation - see the Access Control Attacks attack class for patterns
- Review privileged functions (owner, admin, governance) for potential abuse vectors - centralization risks should be documented and bounded with timelocks or multi-sigs
Master these auditing techniques with hands-on labs and real exploit scenarios in the Smart Contract Hacking course.
Free TrialRelated Attack Classes
The technique used in this hack maps to these vulnerability classes in our security curriculum:
Sources & References
Learn to Prevent the Next Bilaxy
The Bilaxy hack is one of many attacks that skilled auditors are trained to detect before deployment. Master real exploit patterns and defense techniques with hands-on Web3 security training.