BingX, a Singapore-based crypto exchange, has temporarily suspended withdrawals following a suspected hacker attack on its hot wallet. Initial estimates suggest losses could surpass $40 million.
Details of the Attack
The breach was detected around 4 a.m. Singapore time on September 20, prompting the exchange’s chief product officer, Vivien Lin, to announce an “emergency plan.” In response, BingX transferred its assets to secure locations. While Lin noted that there had been a “minor asset loss,” the full extent of the damage is still being calculated.
Lin reassured users that most assets are stored in cold wallets, which were unaffected by the breach. However, blockchain forensic firm PeckShield has suggested that the situation may be more severe, estimating that approximately $26.68 million in assets—including Ethereum and Binance Coin—had already been moved by the hacker, with an additional $16.5 million drained soon after. Analysts tracking the stolen funds identified two wallet addresses associated with the breach, bringing total loss estimates to over $43 million.
Company Response
Lin stated that BingX would “fully compensate” users for any losses using its own capital and expressed confidence that withdrawals would resume within 24 hours. The company emphasized that trading services remain operational and that user funds are secure under its layered asset management system.
As the exchange works to mitigate the fallout from this incident, the crypto community continues to monitor developments closely, reflecting broader concerns about security within the industry.
Related topics:
US Fed Cuts Interest Rate by 0.50%: Will It Spark a Crypto Rally?
Coinbase Adds Support for Aleo (ALEO): Market Speculations Rise
Ethena Labs Shuts Down Website Following Domain Account Hack
