BingX Crypto Exchange Experiences Hot Wallet Hack: Over $52 Million Lost
BingX, a crypto exchange based in Singapore, has fallen victim to a hacking incident that targeted its hot wallets, leading to an estimated theft of more than $52 million. This breach affected multiple blockchains and prompted the exchange to initiate an urgent response plan.
Quick Action Taken
The breach was initially detected by PeckShield, a blockchain security firm, which reported unusual outflows of funds starting around 4 AM Singapore time. What began as a loss of $13.5 million quickly escalated to $26.7 million as the investigation progressed. Cyvers Alerts later updated the total estimated losses to over $52 million, primarily due to asset exchanges on platforms such as Ethereum and BNBChain.
Vivien Lin, BingX’s Chief Product Officer, addressed the breach publicly, emphasizing the exchange’s layered security approach, which primarily stores assets in cold wallets. To protect user funds, BingX suspended withdrawals and transferred remaining assets to secure locations.
Concerns About Transparency
Despite assurances from BingX that the losses were “minimal and manageable,” discrepancies between their statements and on-chain data raised eyebrows. PeckShield reported that an additional $16.5 million was drained shortly after the initial attack.
Earlier in the day, BingX had announced maintenance on its wallet system, which drew criticism from the crypto community. Observers, including g8keep co-founder Harrison Leggio, questioned the clarity of the situation, urging users to consider more secure exchange options.
Looking Ahead
BingX aims to resume services within 24 hours, but this incident highlights the persistent vulnerabilities within the crypto industry and the necessity for effective security protocols. As developments unfold, users are encouraged to stay alert and reflect on the risks associated with centralized exchanges.
