BXH on OKExChain Rebounds After Hacker Attack
The exchange witnessed its OKEx user base bounce back 993% in the span of a day.
BXH is amongst the most leveraged DeFi solutions on the OKEx blockchain. Unluckily, the exchange was hacked into on October 30th but managed to recover complete functionality just yesterday. Following the relaunch of BXH on OKExChain, the DeFi solution enticed 993% more user wallets, going beyond the 1000 mark.
Obviously, the swift increase in active user wallets comes following a week of zero operations for BXH. On October 30th, the official BXH Twitter Account made the announcement that the Binance Smart Chain version of the platform was made a target and exploited by hackers. In order to restrict access to any of its services across all supported chains. You can observe the visible drop in activity after this announcement.
In an effort to prevent customer losses, BXH put out a statement urging the hackers to give back the stolen funds. In return, the team behind exchange was willing to make payments to the hackers a bonus and categorize their actions as white hat hacking. Unluckily, the hackers did not accept the offer put forth by BXH, essentially leaving with the successful theft of more than 130 million US$ in assets from the exchange’s BSC platform.
What’s next for BXH
Subsequent to the hacker attack, BXH initiated a comprehensive investigation with the assistance of BSC Security and Peckshield. To enhance the platform’s security further, the BXH team also put forth a comprehensive White Hat Bounty Program.
The program intends to encourage white hat hackers to take a deep dive into BXH code. The primary objective of this program is to assist the platform recover the stolen assets. In return, BXH has made the announcement of a reward of $1 million for the hackers who can retrieve these assets back.
Apart from the bounty program, the team is actively collaborating with the police to search for the hacker’s identities. Subsequent to this attack, and the accompanied stoppage of operations for the exchange, BXH is now gradually reverting to BAU. The OKExChain platform is now completely operational. The ETH side of the exchange is scheduled to open its doors for consumers on November 17th.
At the present moment, there are no obvious leads as to why this hack was feasible. However, the investigation is happening in earnest. Hopefully, the exchange will manage to bounce back from this exploit. Judging by its performance on OKExChain, the exchange has not been impacted by a massive backlash. The number of users interacting with the platform has gotten to the same level as, nearly surpassing the numbers DappRadar documented before October 30th.
DappRadar will go on monitoring BXH as it gradually returns to its complete functionality across several chains. Unluckily, the crypto space is one of the major targets for hackers these days, so makes investments with caution. On a brighter note, DeFi solutions and exchanges are aware of this problem, and security in the space is enhancing greatly.