BingX suspected of being hacked, losses rise to $52 million
Singapore-based cryptocurrency exchange BingX was allegedly hacked on September 20, with losses increasing from an initially reported $26 million to $52 million, showing the severity of the incident. An investigation by blockchain security firm PeckShield found that Ethereum wallets associated with the attack had gained access to approximately $26.7 million in assets, while further analysis revealed significant losses across multiple blockchain networks.
Hakan Unal, senior director of security operations at Cyvers Alerts, said the total amount of losses is rising as more stolen wallets are identified. He noted that the initial estimates of losses may not be comprehensive, with the latest reports showing total losses reaching $52 million.
Nonetheless, BingX downplayed the significance of the incident. Head of product Vesper Lin told Cointelegraph that all user losses resulting from the hack would be fully borne by BingX’s own funds, and that approximately $1 million of the stolen funds had been frozen. The platform is still calculating its total losses.
It is worth noting that the BingX hack comes at a time when cyberattacks against centralized cryptocurrency exchanges in Asia are on the rise. This series of events has raised widespread concerns about security within and outside the industry.
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