BingX Crypto Exchange Was Compromised, Resulting In The Theft Of $43 Million
Lien also reassured users that any losses would be fully compensated, with trading services continuing as usual, although withdrawals and deposits are temporarily delayed.
BingX, a major cryptocurrency exchange, has fallen victim to a hack that resulted in the theft of more than $43 million in assets. According to on-chain data, the stolen funds include $13.25 million in ether (ETH), $2.3 million in Binance Coin (BNB), $4.4 million in Tether (USDT), and over 360 different types of altcoins.
#PeckShieldAlert #BingX has been hacked with loss of ~$26.68M worth of cryptos. The stolen funds mainly outflowed from #Ethereum & #BNBChain.
— PeckShieldAlert (@PeckShieldAlert) September 20, 2024
The hacker has already swapped most of the stolen assets for ~4,526 $ETH & 7,864.7 $BNB.
Check the details of stolen assets here:… pic.twitter.com/4m2OfxTpsV
The hack occurred in two separate instances, with the first breach draining approximately $26 million, followed by an additional $16.5 million taken just a few hours later. Despite the substantial theft, BingX CEO Vivien Lien downplayed the impact, stating on X (formerly Twitter) that the total loss was "minimal and manageable" and would not affect the exchange's operations. Lien also reassured users that any losses would be fully compensated, with trading services continuing as usual, although withdrawals and deposits are temporarily delayed.
While the loss is still under calculation, we confirm the following:
— Vivien Lin @ BingX (@Vivien_BingX) September 20, 2024
1) BingX will fully compensate for the loss with our own capital.
2) The total loss is minimal and manageable. This incident will not affect our ongoing business operations. Trading services continue as usual.…
Data from blockchain platforms such as Etherscan indicates that the stolen assets were quickly moved to decentralized exchanges (DEXs) like Uniswap and Kyberswap, where hackers swapped various altcoins for ETH and BNB. The wallet linked to the hack, primarily funded by BingX’s hot wallet, currently holds over 1,000 ETH and tokens worth $5 million.
While BingX is working to restore deposit and withdrawal functions within 24 hours, the attack highlights the ongoing risks associated with centralized cryptocurrency exchanges and the ease with which stolen assets can be laundered through decentralized financial platforms.
