The exchange saw its OKEx user base bounces back 993% in 24 hours
BXH is among the most utilized DeFi solutions on the OKEx blockchain. Unfortunately, the exchange was hacked on October 30th but managed to resume full functionality only yesterday. Following the relaunch of BXH on OKExChain, the DeFi solution attracted 993% more user wallets, surpassing the 1000 mark.
Of course, the swift jump in active user wallets comes after a week of zero operations for BXH. On October 30th, the official BXH Twitter account announced that the Binance Smart Chain version of the platform was targeted and exploited by hackers. In order to limit the consequences of the hack, BXH decided to temporarily restrict access to any of its services across all supported chains. You can see the visible drop in activity following this announcement.
In an attempt to prevent customer losses, BXH issued a statement urging the hackers to return the stolen funds. In return, the team behind the exchange was willing to pay the hackers a bonus and categorize their actions as white hat hacking. Unfortunately, the hackers did not accept BXH’s offer, effectively leaving with the successful theft of more than $130 million in assets from the exchange’s BSC platform.
What’s next for BXH?
Following the hacker attack, BXH launched a detailed investigation with the help of BSC Security and Peckshield. To improve the platform’s security further, the BXH team also introduced an extensive White Hat Bounty Program.
The program aims to encourage white hat hackers to deep dive into BXH code. The main goal of the program is to help the platform retrieve the stolen assets. In return, BXH has announced a reward of $1 million for the hackers who can get these assets back.
Aside from the bounty program, the team is actively cooperating with the police to look for the hackers’ identities. Following this attack and the subsequent cease of operations for the exchange, BXH is now slowly going back to business as usual. The OKExChain platform is now fully functional. The ETH side of the exchange is scheduled to open its doors for customers on November 17th.
For the moment, there are no clear leads as to why this hack was possible. However, the investigation is ongoing. Hopefully, the exchange will manage to recover from this exploit. Judging by its performance on OKExChain, the exchange has not suffered a severe backlash. The number of users interacting with the platform has reached and almost surpassed the numbers DappRadar recorded prior to October 30th.
DappRadar will continue monitoring BXH as it slowly returns to its full functionality across multiple chains. Unfortunately, the crypto space is one of the biggest targets for hackers these days, so invest with caution. On a brighter note, DeFi solutions and exchanges are aware of this problem, and security in the space is improving greatly. To find out the latest news about DeFi, follow DappRadar on Twitter and join our vibrant Discord community.