$43 Million Gone: BingX Crypto
Exchange Falls Victim
To Major Hack
$43 Million Gone: BingX Crypto Exchange Falls Victim To Major Hack
by Christian Encila
2 hours ago
in Crypto News
0
A serious security breach hit Singaporean bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin exchange BingX. Exchange hot
wallets lost almost $43 million on Friday, due to hacker activity. One of the
biggest crypto attacks this year , this event raises doubts about centralized
exchange security policies.
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BingX Hack: What Happened?
Blockchain• Информационные технологии » Информационно-коммуникационные технологии » Информационные технологии и телекоммуникации » Базы данных » Публичная база транзакций » Блокчейн
• Высокие технологии » Информационные технологии и телекоммуникации » Базы данных » Публичная база транзакций » Блокчейн security companies Peck Shield and De.Fi noticed odd activity
involving significant fund transfers from BingX s hot wallet. The
technical team of the exchange observed unusual access patterns suggestive of
a possible attack about 4 AM Singapore time.
Hi @BingXOfficial you may want to take a look we observe suspicious
significant fund outflow (>$13.6m) to this address: https://t.co/BEJAWWoouA
— PeckShield Inc. (@peckshield) September 20, 2024
BingX responded by turning on its emergency procedures, which included
temporarily blocking withdrawals for up to 24 hours and shifting assets to
cold storage.
Vivien Lin, who is also the Chief Product Officer for BingX said that “most of
the money however is safe in cold wallets” even though there are “meager
losses”.
At around 4am 20 Sep Singapore time, our technical team detected abnormal
network access, suspecting a hacker attack on BingX s hot wallet. We
immediately started our emergency plan, including the urgent transfer of
assets and withdraw suspension. There has been minor asset loss,…
— Vivien Lin @ BingX (@Vivien_BingX) September 20, 2024
However, few analysts have made conflicting estimates of overall thefts which
makes this claim not too accurate. Despite the fact that more study indicated
that hackers had stolen over $43 million worth of various cryptocurrencies• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта,
such as Ethereum (ETH• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Ethereum), Binance Coin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Binance (BNB), and Tether• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Tether (USDT), initial
assessment estimated losses of approximately $26 million.
User Payment And Reaction
In the aftermath of the breach, BingX has promised to make full compensation
for affected customers using its own funds. The exchange has emphasized its
commitment to user security and transparency. They are working on a
compensation plan; Lin said that they expect to restore withdrawal services
shortly after completing necessary security checks. Total crypto market• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта cap
currently at $2.1 trillion. Chart: TradingView
However, this reassurance didn t go well with cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта communities
who raised doubts about the exchange s initial communication regarding
the incident. Initially, the exchange described it as wallet
maintenance, which left users baffled and furious because they thought
they had been misled about how serious the breach was.
Critics have called for more transparency from centralized exchanges such as
BingX so that such things do not happen again.
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Increasing Exchange Hacking Trend
The attack on BingX fits a disturbing trend whereby thieves are progressively
focusing on centralized exchanges. Indonesian exchange Indodax suffered a
similar attack just last week, losing $22 million.
India s biggest exchange, WazirX, lost over $230 million under identical
conditions earlier last year. Many of these strikes have been connected to the
Lazarus Group of North Korea, distinguished by advanced hacking methods.
Featured image from Pexels, chart from TradingView