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 Hiding Place 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, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Proposed Lending System Could Transform XRP Ledger

The proposed lending system aims to introduce new financial capabilities directly into the XRP Ledger.

user avatarMaria Fernandez

Next Steps for XRP Ledger's Lending Amendments

The next milestone for the XRP Ledger is securing the remaining validator votes for the lending amendments.

user avatarKenji Takahashi

XRP Ledger Moves Closer to Native Lending Capabilities

The XRP Ledger is nearing the introduction of a lending protocol, with increasing validator support.

user avatarGustavo Mendoza

BotPsy Sets New Standards in AI Performance Benchmarks

Tether's QVAC BotPsy has achieved impressive scores in AI performance benchmarks, scoring 440 on BFCL v4 and 587 on ACEBench, surpassing larger models and demonstrating the potential of smaller AI models.

user avatarMiguel Rodriguez

Tether Launches Innovative AI Model QVAC BotPsy

Tether introduces QVAC BotPsy, an AI model with 800 million parameters that excels in performing everyday tasks on personal devices.

user avatarRajesh Kumar

CoreWeave's Strong Q3 Performance Boosts AI Sector Sentiment

CoreWeave's strong Q3 results have increased investor sentiment in the AI sector, reporting $366 million in revenue, a 168% year-over-year increase, and raised full-year guidance.

user avatarLuis Flores

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.