BingX Suffers Crypto Attack Losing Funds Estimated Over $43M

• BingX has incurred a crypto hack to its hot wallet in the Asian early morning hours. 
• The crypto exchange has not announced the total amount of funds lost yet concerning users.

Singapore-based cryptocurrency exchange BingX reported a hack in the Asian morning hours of September 20. H2 2024 has seen increasing reports of cryptocurrency hacks to various institutions. While WazirX remains the major scam narrative this year, other firms have also reported hacks. 

According to BingX Chief Product Officer Vivian Lin’s  X announcement, the attack was detected at 4 a.m. Singapore time. She stated that the hack occurred on BingX’s hot wallet immediately after which the team initiated its emergency plan. This plan included urgent asset transfers and withdrawal suspensions.  

Vivian Lin stated in her X post:

“There has been minor asset loss, but the amount is small and still being calculated.”

Meanwhile, Onchain sleuth LookOnchain reported the assets and funds lost in the last two hours. Additionally, it identified the attacker’s wallet address—“0xF7e8”—and tracked it on Arkham Intelligence.  

The funds lost over the BingX hack included more than 360 altcoins such as – USDT, WUSD, USDC, BTCB and ZRO which were then swapped for ETH and BNB tokens. According to LookOnchain, the crypto exchange has suffered loss of funds worth more than $26 million. 

On the other hand, the hacker’s wallet with the address “0xF7e8” has been showing rapid movement activities over the past hours. The wallet is moving various altcoin tokens to different anonymous wallets. It currently holds 834.002 ETH worth $2.11 million. 

Recently, PeckShield Alert stated that an additional $16.5 million worth of funds were lost by BingX to the hack. The Onchain detective has calculated an estimated loss of assets worth over $43 million.

How is BingX Planning to Recover from the Attack? 

In her X post, Vivian Lin stated that along with withdrawal suspensions, an emergency inspection to strengthen wallet services. Following this, the BingX platform made an official announcement stating temporary wallet maintenance. 

The crypto exchange has not commented on the hack, as the announcement only discussed temporary wallet maintenance. However, the suspension in withdrawals has caused confusions among users, who have expressed their concerns on X. 

Additionally, in the last 24 hours, Telegram trading bot, Banana Gun also reported a hack on user wallets. The hackers withdrew 563 ETH from 36 different wallets according to reports. 

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