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BingX Exchange Suffers Hack Attack and Loses $50 Million in Cryptocurrencies
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Singapore-based cryptocurrency exchange BingX has suffered a hack that resulted in the loss of approximately $50 million worth of digital assets.
The company itself confirmed the attack and announced that the breach occurred on September 20, 2024, during the early morning hours local time. The security breach allowed hackers to make unauthorized withdrawals from one of its hot wallets (online cryptocurrency wallets). The attack in question led to significant losses.
Upon detecting an anomalous connection on its network at around 4 a.m., BingX’s technical team acted quickly to minimize the damage. In a statement, the exchange’s chief product officer, Vivien Lin, said the company activated an emergency plan, which included immediately suspending all withdrawals and moving assets to safer locations.
Additionally, BingX ensured that most of its customers’ funds were stored in cold wallets, which offer greater security against cyberattacks. This is because they are offline wallets, meaning they are not connected to the Internet.
Cryptocurrency exchange BingX suffers hack attack
Lin also confirmed that despite the gravity of the situation, the lost assets represent only a small portion of the exchange’s total reserves.
However, the exact amount stolen is still being assessed. Initially, blockchain analytics firms such as PeckShield and Lookonchain identified fraudulent withdrawals exceeding $260,000, but further investigation revealed that the financial impact was much higher.
In response to the incident, BingX has assured that all affected users will be fully compensated by the company. The exchange, concerned about the safety of its customers and maintaining its reputation, has stated that it will use its own financial resources to cover the losses. This commitment is seen as an effort to maintain user trust in a sector that is constantly vulnerable to cyberattacks.
Vivien Lin also mentioned that withdrawals should be reactivated within 24 hours after a full security review is completed. The company is beefing up its security measures to ensure that breaches like this do not happen again.
BingX Exchange Suffers Hack Attack and Loses $50 Million in Cryptocurrencies
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BingX Exchange Suffers Hack Attack and Loses $50 Million in Cryptocurrencies
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BingX Exchange Suffers Hack Attack and Loses $50 Million in Cryptocurrencies
