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bZx BACK ONLINE: SOLUTION FOR THE $350 LOST FROM HACK.

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After a few days of total darkness, bZx has announced getting back online.  The hacker that managed to scoop a good 2% of the exchanged asset is still unknown. Following that hack, as a cautious measure was forced to go offline to resolve the issues with the bZx Fulcrum protocol.

The chunk was stolen through exposed how bZx Fulcrum protocol is weak and unsafe for the company. As a result, the exchange is planning to a different blockchain protocol that is deemed much safer. The assets stolen were Inform of ETH when the ETHDenverwas underway

bZx exchange gives flash loans to the trader and the fact that they are given over a really short period of time was the loophole the hackers needed. The 10,000 ETH taken from the exchange was split into two before the hacker sold them elsewhere.

The exchange promised to pay back every single cent back to the victims of this hack. In a tweet released by the exchange, the platform is expected to meet with Chainlink to discuss on the new protocol they are about to adopt

The tweet goes on to announce it’s not going to be offering the Flash loans at the moment. At list, not for new positions.

The month proves to be a nightmare for cryptocurrency exchanges. As we reported yesterday over $70m in the form of bitcoin will not be paid back to investors by FCoin exchange. The two events total close to half a billion to disappear from exchanges for less than one week.

According to Cointelegraph, the exchange was attacked early today again. The amount is still not clear but it’s estimated to be $636,000. The question that still remains is how this was possible even after going offline days ago.

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Cryptomute | 2020