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BHX Network Protocol Suffers a Breach, Records $130M in Stolen Funds

Babafemi Adebajo
Babafemi Adebajohttps://www.definitionsbyadebajo.com

Femi is a freelance content writer with adequate experience creating content for online and offline media across different niches including technology. When he is not writing, you can find him trying out new technology or reading.

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BHX Network, a decentralized trading platform, records a protocol breach that has cost over $130 million – so far – in stolen funds. The company also announced the suspension of transactions across all its chains for security reasons.

Initially, BHX Network announced that only funds on the Binance Smart Chain (BSC) networks were implicated in the breach. But a security outfit in the digital currency world, SlowMist, stated that over $130 million worth of assets were lost.

However, the company isn’t in the dark about the hacker who caused losses to the tune of 4000 ETH. Although the company knows the addresses of the hacker they intend to turn the breach into a white hat.

BTH Network published the hacker’s addresses, alongside a public appeal to centralized trading platforms to blacklist the addresses while recovering the assets. The organization would consider the breach a white hat while declaring their willingness to reward the hacker for his activities.

The Umpteenth protocol breach

It is about the umpteenth that decentralized finance (Defi) protocols have been breached in the past few years. Sadly, such occurrences showcase the relative vulnerability of cryptocurrencies and dent the public image of Defi-based platforms.

CipherTrace says that the Defi sector has recorded losses to the tune of $474 million. But all that is little compared to when the crypto world recorded its largest system hack costing $610 million from Poly Network in August. However, after a series of conversations with the protocol, “Mr. White Hat” returned all the stolen assets to Poly Network.

BHX Network looks to seek Poly Network’s path by appealing to the attacker to undo the theft. However, there are no signs yet of positive responses from the attacker, indicating that the company’s suspension of activities might continue for a while.


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