- BingX’s hot wallet was hacked, leading to the theft of $43 million worth of cryptocurrency.
- The stolen funds included ETH, BNB, USDT, and over 300 other coins and tokens.
- According to on-chain data, the attacker quickly converted most of the assets into Ethereum and BNB.
BingX has been hacked, with a security breach resulting in $43 million being stolen from the Singapore-based cryptocurrency exchange’s hot wallets.
Blockchain security firm PeckShield reported the exploit early Friday morning.
According to Etherscan data, of the $43 million stolen, over $13.2 million was in ETH, over $2.3 million in BNB, and over $4.4 million in USDT. The hackers also stole 360 other coins from BingX’s hot wallets, swapping them for ETH and BNB on decentralized exchanges including Uniswap and KyberSwap.
Withdrawals suspended on BingX
BingX CEO Vivian Lin confirmed the incident in an update posted on X.
Lin noted that the exchange’s technical team detected the breach around 4:00 AM on September 20, identifying “unusual network access.” Lin noted that the BingX security team immediately initiated the platform’s emergency plan, including urgently transferring assets from hot wallets and halting withdrawals.
“For security reasons, we have temporarily suspended withdrawals while we conduct emergency checks and strengthen our wallet services,” Lin added. “We sincerely apologize for any inconvenience caused. Withdrawals will be restored within 24 hours at the latest.”
BingX CEO also assured users that the exchange is safe.
Question 3: Is this platform still safe?
Answer: The platform is operating normally, and you can continue trading as usual using grid strategies and financial services. We are currently only maintaining the wallet. Your funds are safe, so your wallet…— Vivien Lin @ BingX (@Vivien_BingX) September 20, 2024
According to BingX, the losses are “minor” and most user funds are held in cold storage.
One of the biggest crypto exchange exploits of 2024 occurred in July, when hackers stole over $230 million from Indian crypto exchange WazirX. The attackers managed to launder most of the funds, most recently $6.5 million sent to Tornado Cash.