Market Data 
BingX, the Singapore-based crypto exchange offering spot, derivatives, and copy trading services, has experienced an exploit and is currently undergoing a 24-hour maintenance period to find the root cause and improve its security.
Reports on social media indicate the platform lost over $20 million in various digital assets.
Hacker Swaps Stolen Funds for ETH
In a post on X (formerly Twitter), Spot On Chain verified that the hacker moved $27 million worth of different crypto assets from BingX’s hot wallets and is exchanging them for Ether (ETH). The hacker’s addresses already contain 7,172 ETH ($17.58 million) and 11,467 BNB ($6.44 million).
BingX’s chief product officer, Vivien Lin, addressed the situation and talked about the next possible steps to protect funds. Lin explained that once the exchange learned of the hacker’s plans, they immediately implemented their “emergency plan,” which involved transferring digital assets and suspending withdrawals.
Lin acknowledged that “there has been some asset loss” and the exact amount is being determined by the exchange. According to the BingX executive, the exchange uses a layered security and asset management system, meaning that most assets are stored in cold wallets, while a small portion of crypto is kept in hot wallets for withdrawals.
Temporary Maintenance
BingX issued a notice announcing that the BingX Web platform is currently under temporary maintenance of the wallet system, during which withdrawals and other services are unavailable.
⚠️⚠️⚠️ JUST IN: BingX under maintenance amid hacking concerns
Deposits & withdrawals are temporarily paused. Services expected to resume within 24 hours. #Crypto community raises red flags after potential hacking activity was reported.#BingX #Exchange #Security pic.twitter.com/p1WTzlrk79
— Coin Edition: Your Crypto News Edge ️ (@CoinEdition) September 20, 2024
Lin apologized for the incident and said that the services will be restored soon. During this maintenance period, the exchange will “conduct an emergency inspection and strengthen wallet services,” said Lin, adding that the exchange is also working on a compensation plan to reimburse those affected by the hack.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
