In March 2022, it has been four months since the BXH (Boy X Highspeed) was attacked by hackers. After the incident, the police and many top security companies in the industry intervened in the investigation. For this “battle of justice” that must find out who is behind the scenes, industry practitioners. And related users are always concerned about the latest developments of events.  Recently, the well-known blockchain security company Bit Jungle said after an in-depth investigation: “In the case of the theft of the BXH (Boy X Highspeed), no clues have been found within the team, and high-value clues to third parties have been found.”

In October last year, the decentralized protocol BXH of Binance Smart Chain was attacked by a hacker, and about 139 million US dollars were stolen, which became the second-largest security attack in the history of DeFi at that time.  For a while, there was a lot of public opinion, and some even questioned the project party’s “guardianism”.  In this regard, the BXH project team has been actively responding to and dealing with it, calling the police at the first time of the incident, and publicizing the police investigation certificate to the outside world, and even openly offering a reward to the White Hat Alliance.

Due to the huge amount of stolen money, this incident caused huge waves in the industry and became a hot topic of discussion.  Eric, the founder of Bit Jungle, learned about the case from the media and learned that the case had encountered a bottleneck. With his professional ability to solve the case and rich experience, Bit Jungle first felt that he had the confidence and ability to restore the truth of the BXH case and break the bottleneck of the BXH case to let the truth.  “Speaking with data is the key to solving BXH”. In short, it is to restore the truth of the whole case with objective data.  Bit Jungle is very low-key in the industry. Due to the professionalism and reputation of Bit Jungle in the coin-finding business, and the fact that Bit Jungle has recovered huge digital asset losses for many blockchain industry leaders in the past three years, the case entrusted to Bit Jungle  Most of the losses exceeded 10 million.

The blockchain industry has gradually formed a reputation that “bit jungle is the best way for stolen users to recover digital assets and the last hope”.

Bit jungle was involved in this case relatively late. At that time, more than ten blockchain security companies were involved, including almost all well-known domestic blockchain security companies. The detection of the case was encountering a bottleneck and was in a stalemate.

Yes, solving a case is a very difficult thing.  Digital asset theft cases often involve transnational black industry professional teams, and the cases are often extremely complex and difficult to detect.  The requirements for the ability of blockchain security companies to solve cases are also very high. Not only the professional ability of comprehensive and systematic traceability is required, but also the rich experience in cracking large-scale cases. Only on this premise can the case be solved.  The detection of huge blockchain cases has higher requirements for customers, because “finding money” or security traceability is essentially a resource confrontation, and the cost behind it is very high.  Bit jungle has been focusing on the “coin search” business for many years, with an overall investment of more than 10 million yuan.

For customers, asking stolen users to pay before there is no result is tantamount to worse and unacceptable.  There is no income for Bit Jungle, it is not business but charity.  Bit Jungle firmly believes that only business can play a greater social value.  This seemingly chicken-or-egg philosophical question lies between the BXH project party and Bit jungle. Both parties are cooperating, but they also require costs.

Under such circumstances, Neo Wang, the investor of the BXH project, and Eric, the head of Bit Jungle, made a million-dollar bet to find hackers. The essence of this bet is actually a just battle against crime.  Bit jungle said: “At present, there have been hacking incidents in DeFi, and security issues have become increasingly prominent. Bit jungle is very confident and capable of winning this bet and restoring the truth of the BXH theft incident.”

Preliminary findings are out

On March 1, Bit Jungle released the preliminary investigation conclusion of the theft of the BXH:

At present, the progress of the case is in cooperation with the police investigation. The analysis results of several security companies show that the theft of BXH can be determined to be a third-party security attack.  There is no doubt that there are mistakes and loopholes in the private key management of the BXH project, and the “high-value clues to a third party” discovered during the Bit Jungle investigation may bring a turn for the theft.

The BXH theft was sparked by a leaked admin key that was used to deplete most of the deployed BSC strategies.  “Assets of nearly 139 million U.S. dollars are bound to leave clues in the transfer process.” Bit Jungle is convinced that “we will do everything we can and try our best to add barriers to the security of the DeFi field.”

For Bit Jungle, we hope more people will know about this million-dollar bet. The purpose is to raise everyone’s awareness of the security of digital assets and prevent the theft of digital assets from causing their own economic losses.

In addition, we also look forward to more people participating in the investigation of this case and witnessing the tit-for-tat confrontation between black and white in the blockchain world.  I hope Bit Jungle can prove its worth in this game and add a lot of color to the safe development of DeFi.

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