Crypto exchange BingX hacked for $43 million

• BingX’s hot wallet was hacked resulting in the theft of $43 million in cryptocurrencies
• Funds stolen included ETH, BNB, USDT, and over 300 other coins and tokens
• On-chain data shows the attacker quickly swapped most of the assets for Ethereum and BNB

BingX has been hacked, with the security breach resulting in the draining of $43 million from the Singapore-based cryptocurrency exchange’s hot wallet.

Blockchain security firm PeckShield reported on the exploit early Friday.

Etherscan data indicates that of the $43 million stolen, over $13.2 million was ETH, more than $2.3 million was BNB, and more than $4.4 million was USDT. The hacker also drained BingX’s hot wallet of 360 other coins – with these swapped into ETH and BNB at decentralized exchanges including Uniswap and KyberSwap.

Digital Forensics: BingX suspends withdrawals

Vivien Lin, CEO of BingX, confirmed the incident via an update posted on X.

Lin noted that the exchange’s technical team detected the breach around 4:00 am on September 20, identifying an “abnormal network access.” The BingX security team immediately initiated the platform’s emergency plans, including urgently transferring assets from the hot wallet and halting withdrawals, Lin noted.

“To ensure security, withdrawals have been temporarily suspended while we conduct an emergency inspection and strengthen wallet services,” Lin added. “We sincerely apologize for the inconvenience. Withdrawals will be restored within 24 hours at the latest.”

The BingX CEO also assured users that the exchange is safe.

Q3: Is the platform still safe?
Answer: The platform is operating normally, and you can continue trading, using grid strategies, and financial services as usual. Only the wallet is currently under maintenance. Your funds are safe, so please be patient while the wallet…

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

According to BingX, the losses are “only minor” and that most of the users’ funds are in cold storage.

One of the biggest exploits on a crypto exchange in 2024 happened in July when hackers stole over $230 million from India-based cryptocurrency exchange WazirX. The attacker has managed to launder most of the funds, the latest being $6.5 million sent to Tornado Cash.