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

Sep 20, 2024, 04:58 AM

Singapore-based cryptocurrency exchange BingX has confirmed it experienced a significant security breach on September 20, 2024, resulting in the theft of over $43 million in digital assets. Initially reported as a minor asset loss, the estimated losses have now soared past $52 million, according to Cyvers Alerts. The hack targeted BingX's hot wallets, with more than 360 altcoins being transferred to the hacker's address and subsequently swapped for ETH and BNB. BingX's chief product officer, Vivien Lin, stated that the exchange is conducting an investigation and has temporarily suspended withdrawals to ensure security. The exchange has pledged to fully reimburse affected users using its own funds. PeckShield reported losses of $26.68M, while Lookonchain noted transfers to Kyberswap.