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Market
What will be the impact on BingX's market position by December 31, 2024?
3
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Market analysis reports or major financial news outlets
Story
BingX Confirms Hack Resulting in $43M Loss from Hot Wallets, Potentially $52M
Sep 20, 2024, 03:55 AM
BingX, a Singapore-based cryptocurrency exchange, has confirmed a significant security breach resulting in the theft of over $43 million in digital assets. The hack, which was detected on September 20, involved the exploitation of two hot wallets, leading to the transfer of approximately 360 altcoins worth up to $52 million to hacker addresses, including Kyberswap. The stolen assets were primarily converted into Ethereum (ETH) and Binance Coin (BNB). BingX has temporarily suspended asset transfers and withdrawals while the incident is being investigated. The exchange's chief product officer, Vivien Lin, described the loss as minor, stating, 'There has been minor asset loss, but the amount is small and still being calculated.' Users are advised to follow official channels for updates and consider withdrawing their funds from the platform. BingX initially referred to the incident as 'wallet maintenance.'
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