In a shocking development, cryptocurrency exchange BingX has been hacked, with stolen funds transferred to addresses “0x940” and “0xF7e8,” later swapped for ETH and BNB. BingX detected the hack through abnormal activities in their hot wallets and quickly implemented an emergency response plan, suspending withdrawals. The exchange has confirmed that all victims will be fully compensated from company funds.
BingX Hack: 360 Altcoins Stolen in Latest Breach
According to on-chain data, the hacker stole 360 different altcoins, with a total value exceeding $43 million. The stolen tokens were moved to wallets “0x940” and “0xF7e8” before being converted into ETH and BNB. PeckShield, a blockchain security platform, shared the details of the hack:
#PeckShieldAlert #BingX has been hacked with loss of ~$26.68M worth of cryptos. The stolen funds mainly outflowed from #Ethereum & #BNBChain.
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
— PeckShieldAlert (@PeckShieldAlert) September 20, 2024
“BingX suffered a loss of approximately $26.68 million, with the stolen funds mostly originating from Ethereum and BNBChain. The hacker swapped the assets for 4,526 ETH and 7,864.7 BNB. We estimate total losses to exceed $43 million.”
Data Nerd also reported that the hacker stole $17 million in USDT, $3.35 million USDC, and $1.04 million WUSD.
5 hours ago, 2 Hot Wallets of #BingX were exploited
Totally 396 tokens / coins (worth ~$43.3M) were transferred from #BINGX to 2 other wallets 0x940 and 0xF7E
– 17.08M $USDT
– 3.35M $USDC
– 1.04M $WUSD
– 13.64 $BTCB ~ $858k
Exploiter turned those tokens into $ETH, $BNB, $MATIC pic.twitter.com/1FT6UgZfb6
— The Data Nerd (@OnchainDataNerd) September 20, 2024
Advertisement Banner
BingX’s Response to the Hack
Vivien Lin, head of BingX Labs, confirmed the hack and explained that their technical team detected abnormal activity in the hot wallets. The exchange swiftly activated its emergency response plan, transferring assets and suspending withdrawals.
Lin described the event as a “minor loss,” noting that the team is still calculating the total stolen funds. BingX assured users that most of their assets are stored in cold wallets, with only a small portion kept in hot wallets for withdrawals. “We are keeping users’ assets safe and secure under our layered asset management system,” Lin stated.
Full Compensation for BingX Hack Victims
BingX has pledged to fully compensate all victims from its own funds. In an effort to enhance security, the exchange has also temporarily suspended withdrawals to conduct emergency audits and strengthen its wallet services. “BingX and the development team apologize for the disruption and remain committed to providing a smooth and reliable trading environment,” Lin added.
Rising Trend of Crypto Exchange Hacks
BingX is not alone in facing crypto hacks, as the industry has seen an increase in such incidents. Just a day earlier, the Banana Gun hack resulted in a $1.4 million loss in Ethereum. In another shocking event, a Genesis creditor lost $243 million in a sophisticated social engineering attack.
The price predictions and financial analysis presented on this website are for informational purposes only and do not constitute financial, investment, or trading advice. While we strive to provide accurate and up-to-date information, the volatile nature of cryptocurrency markets means that prices can fluctuate significantly and unpredictably.
You should conduct your own research and consult with a qualified financial advisor before making any investment decisions. The Bit Journal does not guarantee the accuracy, completeness, or reliability of any information provided in the price predictions, and we will not be held liable for any losses incurred as a result of relying on this information.
Investing in cryptocurrencies carries risks, including the risk of significant losses. Always invest responsibly and within your means.
