BingX Hot Wallet Hack Causes Over $52 Million in Losses

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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.

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