26 million dollars stolen by BingX Hack amid ongoing crypto attacks

Crypto exchange BingX has reportedly lost more than $26 million in various digital assets on Thursday morning. This event adds to a stressful week for crypto platforms as multiple hacks continue to expose vulnerabilities in the sector.

PeckShield, a blockchain security company, first detected suspicious transactions at approximately 00:37 UTC. Initial reports put it at around $13.6 million. But, later, he updated the cost to more than 26 million dollars

BingX has stopped coming out

Following this, several crypto security platforms conducted a more thorough investigation and confirmed that BingX had been compromised. On-chain organization Lookonchain has listed stolen assets that include more than 360 different altcoins. The stolen funds were quickly transferred to the wallet address ‘0xF7e8', before being exchanged primarily for Ethereum (ETH) and BNB.

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The details of stolen property include:

4.44 million USDT ($4.44 million), 1 million WUSD ($1 million), 608,660 USDC ($608,660), 9.38 BTC ($590,000), along with several other tokens comprise the largest balance.

According to a recent PeckShield update, an additional $16.5 million has been released from BingX, bringing the total to $42 million.

In response to the breach, BingX Chief Product Officer Vivian Lin confirmed the hack and announced that all withdrawals had been halted to mitigate further risks.

“Our technical team found unusual network access, hacker attack on BingX hot wallet. We immediately initiated our emergency plan, including an emergency asset transfer and freeze. A small property loss has occurred, but the amount is small and still being calculated,” Lin wrote on X (Twitter).

Despite the large amount lost, Lin assured users that BingX will fully cover the stolen assets with its own capital reserves. Additionally, BingX promises to continue to decommission within 24 hours. This rapid response aims to restore confidence and stabilize operations after the incident.

Additionally, this week's hack on BingX is part of a larger trend of increased attacks on crypto platforms. Just earlier this week, DeltaPrime, a decentralized finance (DeFi) protocol on the Arbitrum chain, reported a loss of $5.9 million due to suspicious transactions.

In addition, last week, the Indonesian exchange Indodex also suffered a major security breach, resulting in a loss of more than $20 million. In each case, the attacks were detected by blockchain security firms after funds were illegally transferred and exchanged across multiple networks.

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These recurring incidents have prompted calls for improved security measures in the cryptocurrency industry. Therefore, experts stress the need for exchanges and protocols to implement strong security frameworks to protect against the sophisticated tactics used by hackers today.