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Singapore-based crypto exchange BingX has been hacked for approximately $43 million, forcing the platform to suspend withdrawals as it investigates the attack.
Security analysts from PeckShield say that the funds were drained in multiple tranches. The stolen funds include $13.25 million in Ethereum, $2.3 million worth of Binance Coin (BNB), and $4.4 million in Tether (USDT).
Hacker Used Popular DEXs To Swap The Funds For Mostly ETH And BNB
The first hack saw around $26 million exit the exchange’s hot wallet. Just a few hours later, the hackers took an additional $16.5 million. A Google Doc shared on X by PeckShield shows that more than 360 different altcoins were drained from BingX.
Most of the crypto was swapped for mostly ETH and BNB through decentralized swap platforms such as Uniswap and Kyberswap, according to Etherscan data.
As of 2:48 a.m. EST, the wallet linked to the hackers holds over $2 million ETH valued at $5,205,221.39. The wallet also holds 136 tokens with a collective dollar value of $2,901,654.63.
BingX Product Officer Says The Hack Was ”Minor”
BingX’s chief product officer Vivien Lin downplayed the severity of the incident, labelling it as “minor” in a Sept. 20 post on X and said the exchange is “working on a compensation plan, which will be announced soon.”
Lin said that the exchange’s technical team detected “abnormal network access” at 4 a.m. Singapore time today. Shortly after identifying the unusual activity, BingX’s team initiated their “emergency plan.”
At around 4am 20 Sep Singapore time, our technical team detected abnormal network access, suspecting a hacker attack on BingX's hot wallet. We immediately started our emergency plan, including the urgent transfer of assets and withdraw suspension. There has been minor asset loss,…
— Vivien Lin @ BingX (@Vivien_BingX) September 20, 2024
Lin added that users will be able to resume withdrawals within the next 24 hours “at the latest.”
BingX is the world’s 15th largest crypto exchange with 24-hour trading volume of about $421 million, according to CoinMarketCap.
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