Bitcoin Exchange BingX Suspends Withdrawals After Hacker Attack
Singapore-based crypto exchange BingX has temporarily halted withdrawals following a suspected hacker breach on its hot wallet, with losses estimated to exceed $40 million. The attack was detected by the technical team at around 4 a.m. Singapore time on Sept 20, prompting an emergency response from the company.
Security Measures Implemented by BingX Amid Breach
Chief product officer Vivien Lin stated that BingX swiftly transferred its assets to secure locations after detecting the abnormal network access. While the exact extent of the hack remains undisclosed, Lin reassured users that most assets are stored in cold wallets and unaffected by the breach. Despite confirming a “minor asset loss,” BingX is actively working to calculate the exact amount and plans to fully compensate for any losses incurred.
Estimates of Assets Stolen in the Hacker Attack
Forensic firm PeckShield suggested that approximately $26.68 million in assets, including Ethereum (ETH) and Binance Coin (BNB), were moved by the hacker. An additional $16.5 million was drained from the platform shortly after. Analysts traced the stolen funds to specific wallet addresses and estimate the total loss to be over $43 million. BingX aims to resume withdrawals within 24 hours, emphasizing the security of user funds under its asset management system.
