BingX Hack: Exchange Loses $43 Million in Altcoins, Promises Full Compensation to Victims

In the latest cryptocurrency hack news, the BingX exchange has lost more than $43 million in a major theft leading to losses of investors’ altcoins

BingX exchange lost more than $43 million in a crypto hack on Wednesday, with the stolen funds being swiftly moved into ETH and BNB.

According to on-chain data, the hacker stole a total of 396 altcoins worth over $43 million and transferred them to wallet addresses "0x940" and "0xF7e8". The hacker then swapped the altcoins for ETH and BNB.

As per Data Nerd, the hacker stole 17 million in Tether’s USDT coins, another 3.35 million of USDC stablecoin, and 1.04 million of WUSD.

“5 hours ago, 2 Hot Wallets of #BingX were exploited

Totally 396 tokens / coins (worth ~$43.3M) were transferred from #BINGX to 2 other wallets 0x940 and 0xF7E

– 17.08M $USDT

– 3.35M $USDC

– 1.04M $WUSD

– 13.64 $BTCB ~ $858k

Exploiter turned those tokens into $ETH, $BNB, $MATIC pic.twitter.com/1FT6UgZfb6

— The Data Nerd (@OnchainDataNerd) September 20, 2024“

Crypto hacks have been on the rise in recent days, with a Banana Gun hack leading to a loss of $1.4 million in Ethereum a day prior.

BingX Labs head Vivien Lin confirmed the BingX hack, stating that the technical team noticed some abnormal activity and discovered the compromised BingX hot wallets.

The exchange quickly initiated its emergency plan by urgently transferring assets and suspending withdrawals. Notably, Lin described the loss as “minor,” and the team is still tallying the stolen funds.

Following the BingX news on the hack, the exchange highlighted that it utilizes a layered management system, where the majority of assets are stored in a cold wallet, while only a small portion is allocated to hot wallets to facilitate withdrawals.

“Under our layered asset management architecture, users’ assets are safe and well-protected,” Lin added.

Victims of BingX Hack to Receive Full Compensation

The BingX chief also mentioned that the exchange will fully compensate the victims from its own funds. To ensure security, BingX has temporarily suspended withdrawals for an urgent inspection and to bolster wallet services.

“BingX and the development team apologize for the disruption. Our mission to provide a seamless and trusted trading environment remains firm,” Lin added.

Apart from the BingX news, crypto hacks have been targeting industry players through multiple channels in recent weeks. A Genesis creditor lost an astonishing $243 million in a crypto social engineering scam.

Meanwhile, hackers promoted the Solana meme coin HACKED after hacking the X accounts of several top global personalities and organizations.

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