1. First Wave of Attack
2. BingX Management’s Response
3. Comparison with Indodax and the Role of Lazarus Group

Crypto exchange BingX suffered two consecutive hacking attacks, resulting in the loss of $42.5 million worth of cryptocurrency. Most of the stolen assets were transferred to Ethereum and BNBChain.

First Wave of Attack

The first attack resulted in a loss of approximately $26 million, confirmed by the analytical company PeckShield Alert on their social media account X. Analysts reported that most of the funds were transferred to Ethereum and BNBChain, and then converted to 4,526 ETH and 7,864.7 BNB.

BingX Management’s Response

Vice President and Chief Product Officer at BingX, Vivien Lin, explained that suspicious activity was detected around 4 am Singapore time on September 20, 2024. Emergency measures were taken, including the suspension of withdrawals and the transfer of assets to cold wallets. The company promised to reimburse all user losses, emphasizing that the situation is under control and does not threaten the financial stability of the company.

Comparison with Indodax and the Role of Lazarus Group

Previously, a similar attack occurred at the exchange Indodax, where it was suspected that the activities of the hackers were linked to the Lazarus Group, known for its connections with the North Korean government. This group has become well-known for its organized cyberattacks on various industries, initially in South Korea, and in recent years—the cryptocurrency and DeFi sectors.

Incidents of this scale highlight the need for enhanced security measures in the cryptocurrency space. BingX and other platforms must develop and implement more effective protection mechanisms to prevent such attacks in the future.