BingX, a Singapore-based cryptocurrency exchange, has acknowledged the security breach that resulted in users’ asset loss. The loss is reportedly around $52M across 11 chains.
Forensic firms like PeckShield reported around $26M earlier, which were likely incomplete, but recent updates from forensics firms now report figures like $43M, showing a clearer picture says Hakan Unal, senior security operations lead at Cyvers Alerts.
“Our threat intelligence system has summed the total loss across all chains, leading to a more comprehensive estimate of $52 million,” Unal said.
BingX chief product officer Vivien Lin posted on X (formerly Twitter) about some suspicious activities noticed by the BingX technical team at 4:00 a.m. Singapore time.
She explains that the technical team at BingX has detected abnormal network access, suspecting a hacker attack on BingX’s hot wallet, and the crypto exchange has suspended withdrawals to control the situation.
“To ensure security, withdrawals have been temporarily suspended while we conduct an emergency inspection and strengthen wallet services. We sincerely apologize for the inconvenience. Withdrawals will be restored within 24 hours at the latest.”
Blockchain security firm PeckShield had earlier posted on X as well, their observations of suspicious activity corroborating the findings of BingX’s technical team.
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According to them, it was a “suspicious significant fund outflow” from BingX totaling over $13.5M. This estimate was later updated to $26.7M and now has increased to $52M by Cyvers Alert.
Lookonchain also reported that the stolen funds were swiftly transferred to the wallet address ‘0xF7e8’ before being exchanged primarily for Ethereum (ETH) and BNB.
The detailed breakdown of the stolen assets includes:
- 4.44M USDT ($4.44M),
- 1 million WUSD ($1M),
- 608,660 USDC ($608,660),
- 9.38 BTCB ($590,000), along with numerous other tokens making up the substantial remainder.
In another post, Lin promised users that BingX would fully compensate for all losses and reassured them that their assets were safe even though most users on X remain skeptical about the hack.
What you should know
The security breach at BingX isn’t the first but rather part of an alarming number of attacks on crypto platforms. DeltaPrime, a decentralized finance (DeFi) protocol on the Arbitrum chain, reported a loss of $5.9M due to suspicious transactions earlier this week alongside Indonesian exchange Indodax losing over $20M via a security breach as well.
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