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Elena R
Elena R
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Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.
- Sep 20, 2024 05:53 UTC
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BingX $43 Million Crypto Hack: 360 Major Altcoins Stolen!
BingX, a Singapore-based cryptocurrency exchange, suffered a significant hack on September 20.
The hackers targeted the exchange's hot wallets, stealing various cryptocurrencies, including ETH, BNB, and MATIC.
BingX has initiated an emergency response plan to address the breach, including pausing withdrawals and securing remaining funds.
BingX, a cryptocurrency exchange based in Singapore, has confirmed a major hack, initially losing $26 million. Hackers moved over 360 altcoins, including 4.44 million USDT, 1.04 million WUSD, and 9.38 BTCB ($590,000), from the exchange’s hot wallet to an address labeled “0xF7e8.” These funds were quickly converted to Ethereum (ETH) and Binance Coin (BNB).
Blockchain security firm PeckShield first detected the breach, identifying $13.6 million in stolen ETH.
However, further analysis by on-chain platform Lookonchain revealed the total losses to be around $26 million.
Losses Keep Climbing!
The stolen funds are now held at a wallet address “0x1D…AEE,” containing 5.3K ETH, 4.1K BNB, and 1.65 million MATIC. With these additional transfers, BingX’s estimated loss has surged past $43 million, making it one of the largest exchange hacks recently.
BingX’s Response to the Hack
Vivien Lin, BingX’s Chief Product Officer, confirmed the breach on X (formerly Twitter). She said the exchange’s technical team noticed unusual network activity on the morning of September 20, triggering an emergency response. BingX quickly moved remaining funds to secure wallets and suspended withdrawals.
Lin assured users that BingX only keeps a limited amount of funds in hot wallets, and the exchange is working on covering all losses.
“The lost is limited and is still under estimation,”
Despite the significant losses, BingX has committed to compensating users for the stolen assets. Lin confirmed that users will be able to withdraw their funds within the next 24 hours as the exchange stabilizes its operations and seeks to restore user confidence.
What Was the Strategy Used?
According to EtherScan, the hacker’s wallet received millions of altcoins from BingX’s hot wallet named ‘BingX 15.’ The stolen funds were then dispersed across different blockchains, making recovery more challenging.
BingX has since increased its security protocols and informed users that full services will resume soon. The exchange is conducting an emergency inspection to fully assess the damage, and more details will be shared once the investigation is complete.
Also Check Out: How a $243 Million Crypto Hack Shook the Community
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