- Singapore crypto exchange BingX was hacked this morning
- Company representatives have confirmed the incident, and are taking action
- In total, the hacker withdrew various assets worth $43M through multiple transactions
- The exchange promises to cover everything and restore withdrawal access within 24 hours
Cryptocurrency exchange BingX was hacked, as confirmed by CEO Vivien Lien in his X account.
The total scale of the hack amounted to $43M and was done through a series of withdrawals of various assets, including $13.25 million ether, $2.3 million BNB, $4.4 million USDT, and about 360 different altcoins.
There was another crypto exchange hack, Singapore’s BingX, today at 4:00 AM.
The hacker discovered an exploit in the crypto exchange’s hot wallet, and as a result, he stole crypto assets worth about $43M through several transactions.
First, he withdrew $26M, and a few hours later $16.5M, in the form of $13.25 million of Ether, $2.3 million of BNB, $4.4 million of USDT, and 360 other altcoins.
According to Etherscan, most of the stolen cryptocurrency was exchanged for ETH and BNB at DEXs such as Uniswap and Kyberswap.
Also, security analysts at PeckShield immediately commented in X:
Exchange Response
BingX CPO Vivien Lien confirmed the incident, tried to reassure everyone, and promised coverage:
“Only minor losses so far, and we’ve got it covered. Most assets are safe in cold wallets, with only a small portion affected in the hot wallet.”
At the moment, withdrawals are limited, but BingX promises to take security measures and restore access within 24 hours.
Conclusion
Despite the inherently high security of blockchain technology, attacks on cryptocurrency exchanges and cryptocurrency wallets happen more often.
This is because the functioning of the blockchain with the outside world requires infrastructure, which contains vulnerabilities that are actively sought by attackers, as the reward is high.
In addition, attacks are becoming cheaper and more effective thanks to AI and the creation of advanced bots that utilize it.
All of this reminds us that any technology requires constant updates from developers, especially in the area of security, and attention from users because social engineering and trivial fraud are still a frequent way of hacking.
