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Who is behind another major cryptocurrency theft?
Singapore-based cryptocurrency platform BingX has reported the theft of more than $44 million in a cyberattack. Last week, blockchain security specialists began to record the withdrawal of large sums from the platform, after which the company announced the suspension of work related to "wallet maintenance". BingX later explained that the suspension was caused by the detection of "anomalous network access," which could be indicative of a hacker attack on the platform's hot wallet.
The company immediately took emergency measures, including the transfer of assets and the temporary suspension of withdrawals. Representatives of the platform assured that the losses are minimal and are in the process of evaluation. It was also highlighted that the platform holds only a small portion of the assets needed to secure withdrawals.
BingX, in conjunction with blockchain security company SlowMist, conducted an audit that revealed a loss of $44.7 million. Some experts suggest that the total amount stolen could reach $48 million. However, the exact data is still being clarified.
A representative of BingX assured users that the platform will fully compensate for losses at its own expense. It is noted that the total damage is insignificant and will not affect the work of the company, and trading services continue to be provided as usual. The time delay in withdrawals and deposits will last no more than 24 hours.
BingX also managed to freeze about $10 million as part of recovery measures. However, no further information was provided on what such actions mean in practice. The gradual restoration of withdrawal services has already begun. In the future, BingX plans to hold an additional Q&A session to reveal the full picture of the incident once all casualty data is collected.
The incident with BingX comes amid a number of other cyberattacks that cryptocurrency platforms in Asia have faced this year. Indonesia's largest crypto exchange lost $20 million last week, and another Singaporean platform, Penpie, reported the theft of $27 million. In May 2024, the Japanese exchange DMM Bitcoin was also attacked, which resulted in the theft of more than $300 million. One of the first major cases of theft occurred in 2014, when the Mt. Gox exchange lost about $350 million in bitcoins.
The rise in popularity of Web3 has opened up new opportunities for cybercriminals, especially in the decentralized finance (DeFi) space, where the scale of theft has surpassed traditional bank robberies. According to Mandiant, hundreds of attacks on Web3 services have been recorded since 2020, resulting in the theft of more than $12 billion in digital assets.
Source
Singapore-based cryptocurrency platform BingX has reported the theft of more than $44 million in a cyberattack. Last week, blockchain security specialists began to record the withdrawal of large sums from the platform, after which the company announced the suspension of work related to "wallet maintenance". BingX later explained that the suspension was caused by the detection of "anomalous network access," which could be indicative of a hacker attack on the platform's hot wallet.
The company immediately took emergency measures, including the transfer of assets and the temporary suspension of withdrawals. Representatives of the platform assured that the losses are minimal and are in the process of evaluation. It was also highlighted that the platform holds only a small portion of the assets needed to secure withdrawals.
BingX, in conjunction with blockchain security company SlowMist, conducted an audit that revealed a loss of $44.7 million. Some experts suggest that the total amount stolen could reach $48 million. However, the exact data is still being clarified.
A representative of BingX assured users that the platform will fully compensate for losses at its own expense. It is noted that the total damage is insignificant and will not affect the work of the company, and trading services continue to be provided as usual. The time delay in withdrawals and deposits will last no more than 24 hours.
BingX also managed to freeze about $10 million as part of recovery measures. However, no further information was provided on what such actions mean in practice. The gradual restoration of withdrawal services has already begun. In the future, BingX plans to hold an additional Q&A session to reveal the full picture of the incident once all casualty data is collected.
The incident with BingX comes amid a number of other cyberattacks that cryptocurrency platforms in Asia have faced this year. Indonesia's largest crypto exchange lost $20 million last week, and another Singaporean platform, Penpie, reported the theft of $27 million. In May 2024, the Japanese exchange DMM Bitcoin was also attacked, which resulted in the theft of more than $300 million. One of the first major cases of theft occurred in 2014, when the Mt. Gox exchange lost about $350 million in bitcoins.
The rise in popularity of Web3 has opened up new opportunities for cybercriminals, especially in the decentralized finance (DeFi) space, where the scale of theft has surpassed traditional bank robberies. According to Mandiant, hundreds of attacks on Web3 services have been recorded since 2020, resulting in the theft of more than $12 billion in digital assets.
Source
