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Singapore-Based Crypto Exchange BingX Suffers $52,000,000 Hack: Blockchain Security Firm

September 21, 2024

New data from prominent blockchain security firm Cyvers reveals that a Singapore-based crypto exchange lost $52 million after being hacked.

In a new post, Cyvers says that BingX’s hot wallet suffered a multimillion-dollar exploit affecting multiple blockchains, including Ethereum (ETH), Avalanche (AVAX), BNB, Optimism (OP), and Polygon (POL), Base, and Arbitrum (ARB).

“Our system has flagged multiple suspicious transactions linked to BingX across several blockchains. Estimated losses have now exceeded $52 million, with most of the stolen assets currently being swapped.”

According to cybersecurity firm Peckshield, the hacker made away with about $43 million worth of stolen crypto assets and has already begun swapping them.

“BingX has been hacked with loss of ~$26.68 million worth of cryptos. The stolen funds mainly outflowed from Ethereum and BNB Chain. The hacker has already swapped most of the stolen assets for ~4,526 ETH and 7,864.7 BNB…

Another $16.5 million worth of cryptos has been drained from BingX by [the hacker] hours ago… Totaling [to] 5,300 ETH, 4,100 BNB and 1.65 million MATIC.”

In a new thread on the social media platform X, Vivien Lee, the chief product officer of BingX, explains the crypto exchange’s layered asset management protocol and notes that customer withdrawals have been temporarily suspended.

“To protect user assets, we use a layered management system, with the majority of assets stored in cold wallets and only a minimal stored in hot wallets for withdrawals. To ensure security, withdrawals have been temporarily suspended while we conduct an emergency inspection and strengthen wallet services.”

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