Crypto exchange BingX was hacked for 43 million dollars
BingX's hot wallet was hacked resulting in $43 million in cryptocurrencies including ETH, BNB, USDT and more than 300 other coins and tokens on-chain, as the attacker quickly swapped most of his assets for Ethereum and BNB.
BingX has been hacked following the withdrawal of $43 million from the Singapore-based cryptocurrency exchange's hot wallet.
Blockchain security firm PeckShield reported on the exploit early Friday.
According to EtherScan data, of the $43 million stolen, more than $13.2 million was in ETH, more than $2.3 million in BNB, and more than $4.4 million in USDT. The hacker also drained BingX's hot wallet of 360 other coins – these were exchanged for ETH and BNB on decentralized exchanges including Uniswap and KyberSwap.
BingX will stop extracting
BingX CEO Vivian Lin confirmed the incident in an update posted on X.
Lin said the exchange's technical team discovered the breach around 4:00 a.m. on September 20, which was an “unusual network access.” BingX's security team immediately initiated the platform's emergency plans, including immediately transferring assets from the hot wallet and halting withdrawals, Lin noted.
“Withdrawals are temporarily suspended while we conduct emergency checks to ensure security and strengthen wallet services,” Lin added. “We sincerely apologize for the inconvenience. Withdrawal will be restored within 24 hours.
BingX CEO also assured users that the exchange is safe.
Q3: Is the platform still secure? Answer: The platform is working normally, and you can continue trading using grid methods and financial services as usual. Currently only the wallet is under maintenance. Your funds are safe, so please be patient with the wallet…
— Vivien Lin @ BingX (@Vivien_BingX) September 20, 2024
According to BingX, the losses are “minor” and most of the users' funds are in cold storage.
In the year One of the biggest exploits of 2024 on a crypto exchange happened in July when hackers stole more than $230 million from India-based cryptocurrency exchange WazirX. The attacker managed to swindle most of the funds, the last of which was $6.5 million sent to Tornado Cash.
