BingX has faced a significant cybersecurity incident, reporting losses exceeding $52 million following a suspected hack targeting its hot wallet.
Incident Details
The breach was identified by the technical team at approximately 4 AM on September 20 (Singapore time). The affected chains include Ethereum (ETH), Binance Smart Chain (BNB), Base (BASE), Optimism (OP), Polygon (POLYGON), Arbitrum (ARB), and Avalanche (Avalanche).
Response Measures
In response, the exchange quickly activated its emergency protocols, which included suspending withdrawals and transferring assets to safety.
Current Actions
BingX reported that while there was some asset loss, the majority of funds are secure. Most of their assets are stored in cold wallets, with only a small amount kept in hot wallets for daily transactions. To further protect user assets, withdrawals will remain suspended for about 24 hours while the team conducts a thorough inspection and enhances security measures.
This is a developing story. Stay tuned with The Crypto Times for the latest updates.
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