Singapore’s BingX Exchange Suspends Withdrawals After $43 Million Hack
Release: 2024/09/20 17:44 Reading: 952
Singapore-Based Crypto Exchange BingX Hacked for $43 Million
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Security Breach
BingX, a Singapore-based crypto exchange, fell victim to a hack resulting in the theft of approximately $43 million. Security analysts from PeckShield revealed that the funds were siphoned off in multiple transactions. The stolen assets included Ethereum ($13.25 million), Binance Coin (BNB) ($2.3 million), and Tether (USDT) ($4.4 million).
Hacker's Tactics
The hackers exploited decentralized swap platforms like Uniswap and Kyberswap to exchange the stolen crypto into primarily ETH and BNB, according to Etherscan data. More than 360 altcoins were drained from BingX's exchange.
Hacker's Wallet
As of 2:48 a.m. EST, the wallet associated with the hackers holds over $2 million worth of ETH and various other tokens, totaling over $2.9 million in value.
BingX Response
Vivien Lin, BingX's Chief Product Officer, downplayed the severity of the incident, referring to it as "minor" in a recent statement. Lin assured users that the exchange is working on a compensation plan that will be announced shortly. The exchange's technical team detected the intrusion at 4 a.m. Singapore time on September 20th and initiated emergency measures, including suspending withdrawals.
Withdrawals and Recovery
According to Lin, withdrawals are expected to resume within the next 24 hours. BingX ranks as the world's 15th largest crypto exchange, with a 24-hour trading volume of approximately $421 million.
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