Singapore-headquartered crypto exchange BingX has temporarily suspended withdrawals following a suspected hacker attack on its hot wallet. Blockchain analysts estimate losses exceeding $40 million.
Detection of the Attack
On September 20, BingX’s Chief Product Officer Vivien Lin reported on the social network X that the breach occurred around 4 a.m. Singapore time, prompting the company to launch an emergency plan. > "At around 4 am on September 20th Singapore time, our technical team detected abnormal network access, suspecting a hacker attack on BingX's hot wallet. We immediately started our emergency plan, including the urgent transfer of assets and withdrawal suspension. There has been minor asset loss...", - Vivien Lin, @Vivien_BingX.
Measures to Protect Assets
Lin reported that the exchange transferred its assets to secure locations, noting that the loss is still being calculated, with most assets stored in cold wallets that were not affected by the attack. While the exact scale of the hack was not disclosed, Lin claims there was "minor asset loss." > "There has been minor asset loss, but the amount is small and still being calculated." > Vivien Lin
Loss Assessment and Compensation
Blockchain forensic firm PeckShield suggested that the breach may be more significant, estimating that roughly $26.68 million in assets, including Ethereum (ETH) and Binance Coin (BNB), had already been moved by the hacker. An additional $16.5 million was reported to have been drained from the platform soon after. Analysts traced the stolen funds to two wallet addresses, estimating the total loss to be over $43 million. Lin emphasized that BingX would “fully compensate” for any losses using its own capital and expects withdrawals to resume within 24 hours. The company stressed that trading services are functioning as usual and that user funds remain secure under its layered asset management system.
BingX is taking all necessary measures to protect its users' funds and restore normal operations. Users can be assured of the security of their assets as the company promises full compensation for any losses.
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