Singapore-based crypto exchange BingX has suspended withdrawals following the detection of a potential hacker attack targeting its hot wallet, with blockchain analysts estimating the losses to exceed tens of millions of dollars.
In a post on X dated Sept. 20, BingX’s chief product officer, Vivien Lin, revealed that the security breach took place around 4 a.m. Singapore time that day, prompting the company to immediately initiate an “emergency plan.”
According to Lin, the exchange moved its assets to secure locations, noting that the full extent of the loss is still being assessed. However, she reassured users that the majority of assets are stored in cold wallets, which were unaffected by the breach. While the exact scale of the hack remains undisclosed, Lin referred to the incident as involving a “minor asset loss.”
“There has been minor asset loss, but the amount is small and still being calculated,” Lin noted.
However, blockchain forensic firm PeckShield indicated that the breach could be more severe than initially reported, estimating that approximately $26.68 million in assets, including Ethereum (ETH) and Binance Coin (BNB), had already been transferred by the hacker. Shortly after, an additional $16.5 million was reportedly syphoned from the platform. The firm traced the stolen funds to two wallet addresses, estimating the total loss to exceed $43 million.
Lin assured users that BingX would “fully compensate” for any losses using its own capital and anticipates that withdrawals will resume within 24 hours. The company emphasised that trading services remain operational and user funds are secure, thanks to its layered asset management system.
Meanwhile, there has been a surge in crypto hacks recently. The hacker behind the July breach of the Indian exchange WazirX reportedly moved around $23 million worth of the stolen assets to Tornado Cash in a series of transfers last week.
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