Key Points
- Crypto exchange BingX suffered a significant hack, with on-chain data indicating approximately $43 million in assets stolen.
- BingX’s Chief Product Officer stated the loss was “minor and manageable,” promising to compensate affected users and restore services within 24 hour.
Hack Details and Initial Response
On September 20, 2024, cryptocurrency exchange BingX fell victim to a substantial security breach, resulting in the theft of assets valued at nearly $43 million. The attack occurred in multiple phases, with hackers initially draining about $26 million, followed by an additional $16.5 million a few hours later.
Vivien Lien, BingX’s Chief Product Officer (CPO), addressed the incident on social media platform X, stating, “The total loss is minimal and manageable. This incident will not affect our ongoing business operations.” Lien assured users that trading services would continue as usual, though withdrawals and deposits were temporarily suspended, with an expected restoration within 24 hours.
Stolen Assets and Hacker’s Actions
The hackers targeted a diverse range of cryptocurrencies, including:
- $13.25 million in Ether (ETH)
- $2.3 million in Binance Coin (BNB)
- $4.4 million in Tether (USDT)
- Over 360 different types of altcoins
On-chain data reveals that the perpetrators swiftly moved to convert much of the stolen crypto into ETH and BNB using decentralized exchanges (DEXs) such as Uniswap and Kyberswap. As of the latest update, the wallet associated with the hack, which Etherscan identifies as having received most of its funds from the BingX hot wallet, contains over 1,000 ETH and tokens valued at approximately $5 million.
Impact and Exchange’s Response
Despite the significant sum involved, BingX has characterized the stolen assets as “minor” relative to their overall holdings. The exchange has committed to compensating users for any losses incurred due to the hack, aiming to minimize the impact on its customer base.
BingX’s response highlights the growing importance of robust security measures in the cryptocurrency industry, as exchanges continue to be prime targets for cybercriminals. The incident serves as a reminder for users to remain vigilant and for platforms to continuously enhance their security protocols to protect against increasingly sophisticated attacks.
As the situation develops, the cryptocurrency community will be watching closely to see how BingX handles the aftermath of this security breach and implements measures to prevent future incidents.
