- BXH Exchange will be relaunching on May 3, 2022, after its $139M heist.
- The platform will inculcate changes and adopt new risk management models to provide better security.
The crypto market witnesses the fall of many companies every day due to scams, thefts, and rug pulls. Similarly, the Defi industry faced its second-largest rip-off last year on October 30, 2021, when the BXH (Boy-X-Highspeed) Exchange lost $139M tokens in a heist. The significance of the incident can be judged by the fact that more than ten global blockchain security companies including Bit Jungle investigated the matter and even the local authorities had to intervene. The exchange halted its operations for nearly a month but resumed functionality on November 22, 2021.
The investigation related to the BXH heist is still in progress. However, the company is planning to move beyond that with a “forward-thinking approach” to work on their “strategic future plan”. BXH will be relaunching its business on May 3, 2022, as reported by AMBCrypto.
It has plans to transform the core of the platform and will be introducing “hybrid capabilities” or hybrid cloud. It would include the machine gun pool and the cross-chain bridge feature. The two features respectively will allow the exchange to mine different currencies utilizing the same algorithm and will also facilitate users to send digital currencies from one chain to another.
BXH will be investing its major resources in these two processes to ensure that the risk management factors are in place and that the changes implemented are secure. The platform will be adopting new risk management models within the cross-chain mechanism to provide security to the cross-chain assets.
AMDCrypto reported, “As this is an innovative and new solution, BXH will approach the process with a strategic and thorough mindset, allowing time to research and test to provide the best possible outcome and solution for users.”