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BXH suffered from DeFi exploit and lost $130 million

Updated: Jul 25, 2024
Published: Nov 1, 2021
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On October 30, Binance Smart Chain-based lending protocol BXH announced that it had been exploited.

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Private keys had been compromised

At least 4,000 ETH were reportedly stolen and other sources such as SlowMist estimated the losses at over $130 million. On November 1 another report from CoinWind indicated the extent of the losses may have been as high as $150 million. At the time of writing, details are scarce, but BXH has stated that private keys were compromised. As a result, smart contracts on other blockchains like HECO were blocked to protect assets there. It also asked the attackers to return the funds and offered a bounty, though it did not specify the amount.

The protocol asked central exchanges and decentralized financial service providers [DeFi] to blacklist and freeze the named addresses. The team worked with BSC Security and security firm PeckShield.

The Protocols' native token has plummeted

BXH is the latest victim in a long list of DeFi hacks this year. PolyNetwork was the most significant hack with $600 million stolen in August. Cream Finance is currently in second place after losing $130 million last week, but BXH could take that spot if it lost more. Cream Finance has already been hacked three times this year.

The Protocols' native token has plummeted 45% since the hack. The price dropped from around $0.083 before the hack to $0.04542 where it is currently trading. BXH has now lost more than 90% from its April 22 all-time high of $1.12.

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