BingX Exchange Hacked: Over $43 Million in Altcoins Stolen

BingX Exchange Hacked: Over $43 Million in Altcoins Stolen

In a recent major cryptocurrency hack, BingX, a popular crypto exchange, has reportedly suffered a loss of more than $43 million. Investors’ holdings, particularly in altcoins and stablecoins, were targeted in the breach. According to reports, the hacker converted most of the stolen assets into Ethereum (ETH) and Binance Coin (BNB) after compromising the exchange’s security.

396 Altcoins Stolen in BingX Breach

On-chain data reveals that a total of 396 altcoins were taken during the breach, amounting to over $43 million. The stolen funds were transferred to wallet addresses starting with “0x940” and “0xF7e8” and later swapped for ETH and BNB. According to blockchain analyst Data Nerd, the hacker obtained $17 million worth of Tether’s USDT, $3.35 million in USDC stablecoins, and $1.04 million of WUSD.

The rise in crypto-related thefts is becoming a worrying trend. Just a day prior to the BingX breach, another exploit saw $1.4 million in Ethereum lost from the Banana Gun hack.

BingX Responds to the Incident

Vivien Lin, head of BingX Labs, confirmed the hack and shared that the exchange’s technical team noticed abnormal activities in the hot wallets. BingX immediately activated its emergency response plan, freezing withdrawals and transferring assets to safeguard the remaining funds.

Lin referred to the hack as a “minor loss,” noting that the team is still assessing the total amount stolen. She emphasized that BingX follows a layered asset management system, keeping most of its reserves in cold wallets while using hot wallets for transaction processing. “Our users’ assets remain safe and are protected under our layered management system,” Lin assured.

Full Compensation for Hack Victims

To reassure its users, BingX has promised full compensation to all those affected by the hack. Lin confirmed that BingX will cover the losses using the company’s own funds. In the meantime, the exchange has suspended withdrawals temporarily to conduct a comprehensive security review and enhance its wallet services.

Lin concluded by apologizing for the inconvenience, stating: “BingX and the development team deeply regret the disruption. Our commitment to providing a secure and trustworthy trading experience remains unwavering.”

Crypto Hacks on the Rise

This BingX hack is part of a growing wave of cyber attacks on cryptocurrency platforms. Recently, a Genesis creditor lost a staggering $243 million in a sophisticated social engineering attack.

In another incident, hackers promoted a Solana-based meme coin named HACKED after gaining control of the X accounts of several high-profile individuals and organizations, further fueling concerns over the security of the crypto space.