BingX Hack For $43M || BingX Crypto Exchange

BingX Hack For $43M || BingX Crypto Exchange

Singapore-based cryptocurrency exchange BingX’s estimated loss from a suspected hack on Sept. 20 has surpassed $52 million, double the earlier reported $26 million.

In earlier reports, blockchain security firm PeckShield identified one Ethereum wallet linked to the attack, which received $26.7 million in assets from BingX.

The total loss climbed after further investigations revealed substantial damages across multiple blockchain networks.
“As more wallets are identified, the total loss grows. Initial estimates, like $13 million, were likely incomplete, but updates from forensics firms, now reporting figures like $43 million, show a clearer picture,” Hakan Unal, senior security operations lead at Cyvers Alerts, told Cointelegraph.
“Our threat intelligence system has summed the total loss across all chains, leading to a more comprehensive estimate of $52 million,” Unal said.

The loss estimate from Cyvers is at the higher end among security experts. Beosin provided Cointelegraph with a lower estimate of $45 million stolen across three funding lines.
BingX downplayed the incident, describing the cyberattack as causing only “minor” losses.

“All user losses from this hack will be fully covered by BingX’s own capital,” Vivien Lin, product chief at BingX, said in a statement to Cointelegraph.
Lin added that security firms had assisted in freezing approximately $1 million of the stolen funds at the time of writing. BingX is still calculating its total losses.

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[Flexi]

After carefully following up the incident and the manner in which the BingX team have approached the situation it's unprecedented and a benchmark for other CEXs to follow.

[SOLQueen]

Glad that the exchange acted quickly to secure funds and has since resumed withdrawals. They’ve also reassured users that their funds are safe, and compensation is being arranged for those affected.