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Singapore-Based BingX Exchange Hacked, Losses Exceed $52M

Sep 20, 2024, 05:17 AM

Singapore-based cryptocurrency exchange BingX experienced a significant security breach on September 20, resulting in the theft of over $43 million in digital assets from its hot wallet. The attack has led to the transfer of various altcoins, including USDT, WUSD, and BTCB, to multiple hacker-controlled addresses, including 0xF7e8. BingX has temporarily suspended withdrawals and asset transfers as a precautionary measure. Despite initial reports of a $20 million loss, updated estimates suggest the total loss could exceed $52 million. BingX's chief product officer, Vivien Lin, confirmed the hack and described the asset loss as minor, pledging that victims will be fully compensated. The stolen assets have been swapped for ETH, BNB, and other cryptocurrencies, and are being distributed across several blockchain platforms, including Kyberswap. The hacker has already swapped most of the stolen assets for 4,526 ETH and 7,864.7 BNB. The breach reportedly began on September 19.