Bitcoin exchange BingX was hacked. Losses exceeded $43 million.

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On the morning of September 20, hackers hacked the hot wallet of the BingX cryptocurrency exchange. Potential losses, according to PeckShield analysts, exceed $43 million.

Security Update

At 4 AM (SGT) on Sept 20, our team detected abnormal access to the BingX hot wallet, suspecting a hacker attack. We immediately initiated an emergency response, including asset transfers and pausing withdrawals.

Only minor losses so far, and we’ve got… https://t.co/7CFsqF5W20
— BingX (@BingXOfficial) September 20, 2024

https://twitter.com/x/status/1836951737317609534

According to researchers, the attackers withdrew the bulk of the funds from the Ethereum ($17.9 million) and BNB Chain ($9.3 million) networks. Optimism, Arbitrum, Polygon, Base, Avalanche, Fantom, and others are also affected. Hackers exchange stolen assets for ETH and BNB.

#PeckShieldAlert #BingX has been hacked with loss of ~$26.68M worth of cryptos. The stolen funds mainly outflowed from #Ethereum & #BNBChain.
The hacker has already swapped most of the stolen assets for ~4,526 $ETH & 7,864.7 $BNB.
Check the details of stolen assets here:… pic.twitter.com/4m2OfxTpsV
— PeckShieldAlert (@PeckShieldAlert) September 20, 2024

https://twitter.com/x/status/1836977299746381854

Previously, the total losses exceeded $43 million.

BingX has suspended withdrawals and promises to restore them in 24 hours at the latest.

"We use a multi-level management system, in which most of the assets are stored in cold wallets, and only a minimal part is stored in hot wallets for withdrawal," Vivien Lin, the exchange's product director, said in X.

According to her, the amount of loss is being calculated, but it is "small." The team is already working on a compensation plan.

In the latest post, the BingX administration urged all users to immediately revoke the approval of active smart contracts to prevent further losses.