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DeFi exchange BXH posts record USD 10 million bounty after historic hack

Written by Stephanie Pearl Li Published on     2 mins read

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The breach led to the second largest theft in the history of decentralized finance.

Boy X Highspeed (BXH), a decentralized cross-chain trading platform, said on Twitter that the bounty reward has risen from USD 1 million to USD 10 million after hackers stole USD 139 million of assets, making it one of the largest bounty ever in the history of decentralized finance (DeFi) for white-hat hackers.

“Any third-party organizations, individuals, police, and security companies that have pitched in the asset recovery can share the reward. If the hackers turn to the white hats, they can also share the reward pool,” the company said in a statement on Twitter.

The announcement comes four days after USD 139 million worth of assets was siphoned by hackers who acquired an administrator key that was used to drain the assets. The whereabouts of the stolen funds are being monitored, according to an update by blockchain security firm PeckShield.

While the administration key is a private key that is equipped with full access to smart contracts that stores user funds, CEO Neo Wang told CoinDesk in an interview that the hack might be an inside job. Wang added that findings suggest that the attacker is located in China, and the firm has reported the case to the country’s cyber police, which are investigating the case and tracking down the perpetrator.

This exploit is the latest in a series of hacks targeting DeFi projects in the past few months The most recent hacks involved lending protocol Cream Finance, which lost USD 130 million worth of assets, and AutoShark Finance, which suffered over USD 2 million in losses, according to data from blockchain security firm SlowMist.

In August, Poly Network, a DeFi platform that allows users to move tokens across blockchains, suffered a historic breach that drained USD 613 million from its coffers. The hacker later returned nearly all the stolen assets, according to the firm.

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