BingX Faces Hot Wallet Hack, Assures Users Of Asset Safety And Full Compensation

At around 4 AM on September 20 (Singapore time), BingX’s technical team detected unusual network activity, suggesting a potential hacker attack targeting the platform’s hot wallet.

In response, an emergency plan was swiftly implemented, which included suspending withdrawals and urgently transferring assets to protect user funds. While some assets have been lost, the amount is relatively small and is still being calculated.

To safeguard user funds, BingX employs a layered asset management system. The majority of assets are stored in cold wallets, with only a small portion kept in hot wallets to facilitate withdrawals. As a precaution, all withdrawals have been temporarily paused while the team conducts an emergency review and strengthens wallet security measures.

At around 4am 20 Sep Singapore time, our technical team detected abnormal network access, suspecting a hacker attack on BingX's hot wallet. We immediately started our emergency plan, including the urgent transfer of assets and withdraw suspension. There has been minor asset loss,…

— Vivien Lin @ BingX (@Vivien_BingX) September 20, 2024

According to blockchain analysis platform Lookonchain, over 360 altcoins valued at more than $26 million were transferred to wallet address “0xF7e8” and then swapped for $ETH and $BNB. These included:

– 4.44 million $USDT
– 1.04 million $WUSD
– 608,700 $USDC
– 9.38 $BTCB (valued at $590,000)
– 86,545 $ZRO (valued at $369,000)

Exchange #BingX seems to have been attacked, with more than 360 altcoins (worth more than $26M) being transferred to wallet "0xF7e8" and then swapped for $ETH and $BNB.

Including:
4.44M $USDT
1.04M $WUSD
608.7K $USDC
9.38 $BTCB($590K)
86,545 $ZRO($369K)
…… pic.twitter.com/YIVurrY0se

— Lookonchain (@lookonchain) September 20, 2024

While the exact loss is still under assessment, BingX has confirmed the following key points:

1) The platform will fully compensate any losses using its own funds.

2) The total loss is minimal and will not impact BingX’s ongoing operations. Trading services remain unaffected, and withdrawals and deposits are expected to resume within 24 hours.

3) Users’ assets remain secure under the company’s robust layered asset management system.

BingX assures its users that their funds are safe, and the platform is taking all necessary steps to resolve the issue swiftly.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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