BingX Crypto Exchange Suffers $43M Loss in Hack
Hackers attacked BingX’s hot wallet and stole $43M. The exchange is working to resolve the issue and compensate users.
Key points:
- Hackers target hot wallet: Hackers breached BingX’s hot wallet, causing a major loss.
- $43M stolen: PeckShield estimates $43M in cryptocurrencies were taken.
- Quick detection: BingX’s team spotted the breach on September 20 and acted fast.
- Withdrawals paused: The exchange halted withdrawals to stop further losses.
- Compensation planned: BingX will offer compensation and restore withdrawals soon.
BingX Responds Fast After $43M Hack:
On September 20, 2024, hackers broke into the hot wallet of BingX, a crypto exchange based in Singapore. They managed to steal about $43M in digital assets.
Security firm PeckShield reported the stolen amount, highlighting the severity of the breach.
BingX quickly took action after the attack. The technical team noticed unusual activity early that morning and immediately began transferring assets to safer cold wallets.
Most of BingX’s funds remained secure, but the exchange paused all withdrawals to prevent further losses.
The company assured users that only a small portion of its assets was affected, and most of the funds stayed protected in cold storage.
Read more: Ethena Domain Registrar Hacked, Users Warned to Stay Away
Hackers moved the stolen funds in several transfers, but BingX promises to compensate those impacted. Furthermore, the exchange plans to reopen withdrawals within the next 24 hours.
This event highlights the ongoing security issues facing cryptocurrency platforms, but BingX’s quick response shows its commitment to protecting user assets.
