BingX’s ‘Minor’ Losses Rise to $52M in Suspected Hacking
Update September 20, 1:50 pm UTC: This article has been updated to include the Beocin estimate.
Singapore-based cryptocurrency exchange BingX reported a loss of $52 million from a suspected breach on September 20, more than double the $26 million previously reported.
In previous reports, blockchain security firm PeckShield identified an Ethereum wallet linked to the attack, which claimed $26.7 million in assets from BingX.
After further investigations, the total loss has risen to significant damage to multiple blockchain networks.
As more wallets are identified, the total loss increases. Initial estimates like $13 million may be incomplete, but updates from forensics firms, now reported as $43 million, show a clearer picture,” Hakan Unal, head of senior security operations at Cybers Alerts, told Cointelegraph.
Source: Cyber Alert
“Our threat intelligence system summed up the total losses across all chains, resulting in an even greater total estimate of $52 million,” Unal said.
Syvers' loss estimates are among the highest among security experts. BeoSyn presented Cointelegraph with a low estimate of $45 million, leveraged through three funding lines.
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BingX downplayed the incident, saying the cyberattack caused only “minor” losses.
Vivian Lin, head of product at BingX, said in a statement to Cointelegraph, “User losses resulting from this hack will be fully covered by BingX Capital.”
Lin added that as of this writing, security firms have helped freeze nearly $1 million in stolen funds. BingX is still calculating its total losses.
Hacks targeting Asian crypto exchanges abound.
The BingX breach comes amid an increasing number of cyber attacks targeting cryptocurrency exchanges centered in Asia.
Indonesia's currency, Indodex, suffered a hack of $20.58 million on September 10.
Indian exchange WazirX was targeted by a massive breach and lost $234.9 million on July 18.
Japan's DMM Bitcoin It experienced its biggest attack of 2024, with hackers stealing $305 million worth of assets on May 31.
Security experts have blamed the North Korean government-backed Lazar Group for the attacks on Indodax, WazirX and DMM.
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