Singapore’s BingX Exchange Suffers over $50 Million Hack

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As a seasoned analyst with years of experience in the volatile world of cryptocurrency, I find myself following this latest development at BingX with a mix of concern and intrigue. The cybersecurity landscape is always evolving, and incidents like these serve as stark reminders of the risks inherent in our field.

As a security analyst, I’m sharing an update about a major cybersecurity incident that has impacted BingX. Preliminary estimates suggest that the company may have suffered losses exceeding $52 million due to a suspected hack on their hot wallet. Our technical team identified this breach around 4 AM on September 20 (Singapore time). I’m closely monitoring the situation and will provide updates as more information becomes available.

Among the impacted networks are Ethereum, Binance Smart Chain, Base, Optimism, Polygon, Arbitrum, and Avalanche. Each of these platforms has been affected in some way.

Upon activation, I swiftly initiated the emergency procedures, encompassing a temporary halt on withdrawals and securely transferring our assets for safekeeping.

According to BingX, although some assets were lost, the vast majority remains safe. The bulk of their assets are kept in cold storage, with just a minimal portion reserved in hot storage for everyday transactions.

For an additional layer of safety, we’re temporarily halting withdrawals for approximately 24 hours as our team carries out a comprehensive review and strengthens security protocols to safeguard your assets effectively.

This is a developing story. Stay tuned with The Crypto Times for the latest updates.

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2024-09-20 09:58