On September 20, crypto exchange BingX announced a major hot wallet breach resulting in the loss of around $20 million. The technical team responded promptly to the security incident.
BingX Exchange Hack
The hack was detected by the technical team at around 4 a.m. Singapore Time. The attackers managed to sell several altcoins and transferred the assets to other addresses. The platform immediately activated its emergency response plan, suspending all withdrawals and transferring remaining assets to a safer location. BingX assured users that all losses would be fully covered.
Growing Number of Crypto Industry Hacks
The BingX exchange hack follows a series of recent crypto exchange breaches. In July, Indian exchange WazirX was robbed of over $100 million in Shiba Inu (SHIB) and $52 million in Ether. The attack was suspected to involve the North Korean hacking group Lazarus. Just a day before the BingX hack, the Telegram trading bot Banana Gun suffered a security compromise, losing over 500 ETH ($1.9 million).
BingX's Security Measures and Assurances
BingX announced temporary maintenance of its wallet system in light of emergency inspections and security upgrades. The exchange emphasized that most assets are held in cold wallets, minimizing further risk of compromise. However, users are cautioned about possible delays in deposits and withdrawals, with withdrawals expected to resume within 24 hours.
BingX is working to restore normal operations and strengthen its defenses following the breach. The crypto market is becoming increasingly susceptible to attacks, highlighting the need for enhanced security measures.
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