BingX Crypto Exchange- Overview of the Incident
BingX Crypto Exchange– On September 20, 2023, the Singapore-based crypto exchange BingX experienced a security breach involving its hot wallet. This incident has raised concerns in the cryptocurrency community, especially regarding the exchange’s security measures.
Estimated Losses and Expert Analysis
Security analysts from PeckShield reported that the hack resulted in an estimated loss of $43 million in various cryptocurrencies. Despite the substantial amount, BingX has labeled the breach as minor and manageable.
Timeline of Events
The breach was identified at approximately 4:00 a.m. Singapore time when BingX’s technical team noticed unusual network activity. This prompted immediate investigations, leading to the suspicion of a hacker attack on the hot wallet.
Emergency Response Measures
In response to the breach, BingX implemented an emergency plan that included suspending all withdrawals to mitigate further losses. Vivien Lin, the exchange’s chief product officer, emphasized the urgency of the situation and confirmed that the technical team was actively working to secure assets.
Future Withdrawals and Compensation
BingX has announced that withdrawals will reopen within the next 24 hours and is preparing a compensation plan for affected users. The exchange reassured customers that most of their assets remain safe in cold wallets, with only a minor portion impacted.
FAQs
What happened to BingX?
BingX experienced a security breach on September 20, 2023, involving its hot wallet, resulting in an estimated loss of $43 million in cryptocurrencies.
How did BingX identify the hack?
The breach was detected by BingX’s technical team around 4:00 a.m. Singapore time when they noticed unusual network access, leading them to suspect a hacker attack.
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