The crypto exchange BingX has been hacked, resulting in the theft of over $43 million. The company’s CEO announced that while the amount stolen is significant, it is considered manageable, and they plan to compensate users for their losses.
The hack occurred in multiple stages, initially resulting in a loss of around $26 million, followed by an additional $16.5 million soon after.
BingX is a cryptocurrency exchange platform where users can buy, sell, and trade a variety of cryptocurrencies like Bitcoin and Ethereum. It offers features such as spot trading, where assets are bought and sold immediately, and futures trading, which allows users to speculate on the future prices of cryptocurrencies.
BingX also provides tools for both beginners and experienced traders, including copy trading, enabling users to follow and replicate the trades of successful traders. The platform aims to make cryptocurrency trading more accessible to a wide range of users.
PeckShield, a blockchain security firm, reported that around 4:54 am WAT on September 20, 2024, the stolen funds were primarily taken from Ethereum and BNB Chain. The hacker had converted most of the stolen assets into approximately 4,526 ETH and 7,864.7 BNB.
Seven hours later, security tweeted that “$16.5M worth of cryptocurrencies has been drained from #BingX by 0x940362B46faf7DF48Af1c8989d809F50466B5fCA.” They explained that the stolen funds are located in the wallet address 0x1Dd7dAf089C16856155FeFd7e2170966bb6b3AEE, “totaling 5.3K $ETH, 4.1K $BNB, and 1.65M $MATIC.”
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The stolen assets included various cryptocurrencies: $13.25 million in ether, $2.3 million in BNB, and $4.4 million in USDT. After the attack, the hackers moved the funds to decentralized exchanges to convert them into other cryptocurrencies.
While trading on BingX will continue as usual, withdrawals and deposits have been temporarily paused, with plans to restore these services within 24 hours.
The CEO reassured users that the incident would not disrupt ongoing business activities and emphasized their commitment to reimbursing customers for any losses incurred during the hack.
