BingX Crypto Exchange Loses Nearly $43M, All Services Suspended

BingX crypto exchange faced a security breach, losing nearly $43 million worth of crypto assets. However, the BingX team confirmed that they will compensate the affected customers using the company’s profits.

BingX Crypto Exchange is a popular trading platform offering services such as spot trading, derivatives, copy trading, and more. Launched in 2018, BingX is known for its user-friendly interface, competitive fees, and social trading features, allowing users to follow and copy trades from experienced traders. The platform supports a wide range of cryptocurrencies and operates in multiple countries with a focus on security and transparency.

Today, the exchange experienced a security breach, allowing attackers to steal an unconfirmed amount of cryptocurrencies. The BingX team promptly detected the incident and immediately suspended all crypto withdrawal services.

At the time of the incident, the BingX team denied significant fund losses.

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Security Update

At 4 AM (SGT) on Sept 20, our team detected abnormal access to the BingX hot wallet, suspecting a hacker attack. We immediately initiated an emergency response, including asset transfers and pausing withdrawals.

Only minor losses so far, and we’ve got… https://t.co/7CFsqF5W20

— BingX (@BingXOfficial) September 20, 2024

They also warned users to avoid interacting with any third-party websites or actors claiming to represent BingX.

@BingXOfficial reminds you to:

⚠️ Beware of fake accounts impersonating our official handle and sharing scam links. We will never ask you to click on random links or share your private information.

Stay safe, and always verify the account you’re interacting with!

✅ Our…

— BingX (@BingXOfficial) September 20, 2024

A recent report by a blockchain transaction tracking platform revealed that the exchange lost nearly $43 million, including Ethereum (ETH), Binance Coin (BNB), and Polygon (POL) tokens.

#PeckShieldAlert Another $16.5M worth of cryptos has been drained from #BingX by 0x940362B46faf7DF48Af1c8989d809F50466B5fCA about 7 hours ago.
The stolen funds are currently parked at 0x1Dd7dAf089C16856155FeFd7e2170966bb6b3AEE, totaling 5.3K $ETH, 4.1K $BNB & 1.65M $MATIC.
We…

— PeckShieldAlert (@PeckShieldAlert) September 20, 2024

The attacker quickly converted the stolen funds into ETH, POL, and BNB. Experts warn that if the hacker transfers the stolen crypto to exchange platforms, it could trigger a sell-off, potentially affecting the prices of these cryptocurrencies.

Despite the breach, BingX appears to have strong financial backing. In a recent conversation with FXStreet, Vivien Lin, Chief Product Officer at BingX, assured that all users impacted by the hack will be fully compensated by the platform’s funds.

The official also emphasised that the total loss is minimal and manageable, ensuring it will not significantly affect the company’s business operations.

Read also: Donald Trump Makes History as First U.S. President to Buy Burgers with Bitcoin Ahead of NYC Campaign Rally

BingX Crypto Exchange Loses Nearly $43M, All Services Suspended

 

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