How 360 Altcoins Were Targeted in This Major Attack!

The latest cryptocurrency exchange hit by hacking was confirmed to be BingX based in Singapore where it initially lost $26 million due to hacking. More than 360 altcoins which include some of the biggest coins such as 4. 44 million USDT, 1. 04 million WUSD, and 9. 38 BTCB ($590,000) were also moved from the exchange’s hot wallet to the address “0xF7e8” where all the funds were immediately exchanged for Ethereum (ETH) and Binance Coin (BNB).

The attack was initially observed by blockchain security firm PeckShield, and the stolen ETH was worth $13. 6 million. Yet, more extensive research by a popular on-chain analytics platform called Lookonchain said that the actual loss is around $26 million.

As per the latest report by Peckshield, another $16.5M worth of cryptos was drained from BingX about 7 hours ago at the time of writing despite a pause of withdrawals.

The stolen funds are currently stationed at “0x1D…AEE”, totaling 5.3K $ETH, 4.1K $BNB & 1.65M $MATIC. So with all the additional transfers, the estimated loss is over $43M.

Bing’s CPO, Promises Full Compensation

BingX’s Chief Product Officer Vivien Lin, in a statement on X (formerly Twitter), said that it is true that the firm had suffered a breach, but this was detected by the technical team soon after abnormal network access on the morning of Sept. 20. 

The exchange immediately initiated an emergency response plan, according to which the remaining amount was sent to secure wallets and withdrawals were stopped.

Lin admitted that BingX has few hot wallets with a limited amount of funds and the exchange is trying to cover all the losses. “The lost is limited and is still under estimation,” Lin added.

Nevertheless, due to the recent hack, they suffered major losses in funds, but they aim at compensating for the stolen assets from their balance and, therefore, allow users to make withdrawals within the next 24 hours. The above response seeks to bring stability in operations in an effort to regain consumers’ trust after the hack.

EtherScan data revealed that the hacker wallet got millions of altcoins from one of the BingX hot wallets called ‘BingX 15. ’ These coins were reportedly washed across various blockchains.

The management of BingX has increased security measures after the attack and stated that the exact details will be available once it’s assessed the extent of the loss. This has however come as an emergency inspection, assuring the users to be patient as the full services are expected in shortly.

Also Check Out: How a $243 Million Crypto Hack Shook the Community