$43 million stolen from BingX exchange

On the morning of September 20, hackers broke into the hot wallet of the cryptocurrency exchange BingX. Potential losses, according to PeckShield analysts, exceed $43 million. Withdrawals have been stopped, and users are urged to revoke approval of active smart contracts.

🚨 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

According to the researchers, the attackers withdrew the bulk of the funds from the Ethereum ($17.9 million) and BNB Chain ($9.3 million) networks. Also affected Optimism, Arbitrum, Polygon, Base, Avalanche, Fantom and others. The hackers exchange the 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

Preliminary cumulative losses exceeded $43 million.

BingX has suspended withdrawals and promises to restore them within 24 hours.

The amount of the loss is being calculated, she said, but it is “small.” The team is already working on a compensation plan.

In the last one message BingX administration has called on all users to immediately revoke approval of active smart contracts to prevent further losses.

Stay up to date! Subscribe to World Stock Market on Telegram.