BingX Hot Wallet Hack Causes Over $52 Million in Losses

user avatar

by Giorgi Kostiuk

2 years ago

Made with AI


  1. BingX Confirms Hot Wallet Hack
  2. Transparency Concerns
  3. Community Reaction

  4. Singapore-based crypto exchange BingX has announced a hack targeting its hot wallets, resulting in significant financial losses.

    BingX Confirms Hot Wallet Hack

    Blockchain security firm PeckShield was the first to detect the incident, reporting a 'suspicious significant fund outflow' amounting to over $13.5 million, later revised to $26.7 million. BingX's Chief Product Officer, Vivien Lin, confirmed the hack, explaining that their technical team suspected the attack around 4 AM Singapore time. The exchange responded by initiating an emergency plan, temporarily halting withdrawals.

    To protect user assets, we utilize a layered management system, with the majority stored in cold wallets and only a minimal amount kept in hot wallets for withdrawals.Vivien Lin

    Transparency Concerns

    PeckShield clarified that in addition to the $26.7 million initially siphoned, another $16.5 million was drained hours later, raising the total estimated losses to over $43 million. Cyvers Alerts updated this figure, reporting that total losses now exceed $52 million. The affected chains include Ethereum, BNBChain, BASE, Optimism, Polygon, Arbitrum, and Avalanche.

    Community Reaction

    Despite BingX's official statement, the community has expressed concerns over the transparency of the situation. Harrison Leggio, co-founder of crypto startup g8keep, criticized the exchange for not being open enough, suggesting users consider more secure platforms.

    If you’re going to use a centralized exchange, please use a real one that doesn’t play off exploits like this.Harrison Leggio

    The attack on BingX's hot wallets has caused a stir in the crypto community, highlighting the need for improved security measures and transparency in cryptocurrency exchange platforms.

Tier I

Sector: #18291

Sealed Cache Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, caches will be stored in your inventory and can be opened with Keys.

Other news

OpenAI Launches New Agentic Browser Feature for ChatGPT Work

chest

OpenAI has launched a new agentic browser feature in ChatGPT Work, allowing the AI to manage tasks on login-protected sites while maintaining session persistence.

user avatarAyman Ben Youssef

Surge in AI-Generated Vulnerabilities Threatens Bitcoin Security

chest

The Bitcoin Red Team reports a surge in AI-assisted vulnerability findings across Bitcoin projects, highlighting the urgency of addressing security flaws.

user avatarTando Nkube

Core Lightning Developers Issue Urgent Warning on Vulnerabilities

chest

Core Lightning developers issue critical warning to node operators about vulnerabilities in AI-generated security reports, urging prompt updates or offline operation to secure payment channels.

user avatarKofi Adjeman

Experts Warn Against Short-Term Predictions for Bitcoin Prices

chest

Experts warn against over-reliance on single-day ETF flows for predicting Bitcoin prices, emphasizing long-term trends.

user avatarNguyen Van Long

Dormant Bitcoin Wallets Come to Life

chest

Six dormant Bitcoin wallets have moved a total of 55,359 BTC, worth approximately $40.15 million, between August 16 and August 26.

user avatarSatoshi Nakamura

SEC Proposes New Rules for Crypto Custody Regulations

chest

The SEC has proposed new rules to modernize crypto custody regulations for investment advisers and companies.

user avatarJesper Sørensen

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.