Singapore-based cryptocurrency exchange BingX confirmed the hack of one of its hot wallets on Friday morning. Over 360 altcoins worth approximately $26.68 were stolen in the attack.
Details of the Hack
According to an official statement on their X profile, the exchange's team detected abnormal access to the hot wallet and suspected a hacker attack. Following the incident, withdrawals were paused, and assets were transferred to a secure location. The statement also mentioned that only minor losses were detected as most assets were kept in cold wallets.
BingX Team's Response
Chief Product Officer, Vivien Lin, stated on her X platform that the technical team detected suspicious activity around 4 AM SGT. Following the breach, an emergency plan was executed, which involved transferring assets and suspending withdrawals.
User Asset Security
According to Vivien Lin, user assets are safe and protected under a layered asset management system. She also mentioned that withdrawals would be restored within 24 hours. Lin emphasized that the exchange's mission to provide a seamless and trusted trading environment remains firm.
Crypto exchange BingX quickly responded to the hot wallet hack by taking necessary measures to protect user assets and restore normal exchange operations. Withdrawals will be reinstated soon, and most assets remain secure thanks to the use of cold wallets.
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