As a seasoned crypto investor with years of experience under my belt, I can’t help but feel a mix of dismay and resignation upon hearing about the BingX hack. It seems like every few months, we hear about another exchange being compromised, and it’s becoming increasingly challenging to keep our hard-earned digital assets safe.
Due to a suspected cyberattack on its hot wallet, BingX has temporarily halted withdrawal operations. Preliminary assessments by blockchain experts suggest that the potential damage could surpass $40 million.
Based in Singapore, the cryptocurrency exchange BingX temporarily halted withdrawals following suspicions that a cyber attack targeted their hot wallet. Preliminary assessments by blockchain experts indicate potential losses exceeding $20 million.
On September 20th, as stated in a post on X by BingX’s Chief Product Officer, Vivien Lin, a security incident took place approximately at 4 a.m., Singapore Standard Time. This unexpected event triggered BingX to initiate an immediate response or crisis management plan.
Approximately at 4 am Singapore Time on September 20th, my team and I noticed unusual network activity, suspecting a potential cyber attack on BingX’s hot wallet. In response, we swiftly activated our emergency protocol, which involved the quick relocation of assets and temporary suspension of withdrawals. Regrettably, there has been a minor loss of assets during this incident.
— Vivien Lin @ BingX (@Vivien_BingX) September 20, 2024
According to Lin, the platform moved its resources to safe storage areas and mentioned that while they’re still figuring out the extent of the damage, most assets are kept in offline wallets which remained untouched by the attack. Although the specific size of the security breach hasn’t been disclosed yet, Lin described it as a “minor loss” of assets.
“There has been minor asset loss, but the amount is small and still being calculated.”
Vivien Lin
According to PeckShield, a firm specializing in blockchain forensics, the hack may be larger than initially thought. They estimated that around 26.68 million dollars worth of assets such as Ethereum (ETH) and Binance Coin (BNB) have already been transferred by the attacker. An additional $16.5 million was drained from the platform shortly after. Analysts followed the trail of the stolen funds to two separate wallet addresses, bringing the total estimated loss to over 43 million dollars.
Lin made it clear that BingX will cover any incurred losses with its own resources, promising resumption of withdrawals within a day. They also assured users that their trading activities carry on as normal and that the safety of user funds is ensured through their multi-layered asset management system.
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2024-09-20 09:38