Crypto Exchange BingX Targeted by Hacker

Crypto exchange BingX, which is based in Singapore, has confirmed a security breach after noticing multiple withdrawals from one of its online hot wallets that seemed suspicious.

The exchange has promised to reimburse users for any losses incurred. The team published a post on X acknowledging the breach, suspecting it to be a hack.

They immediately took action by transferring assets and pausing withdrawals. While the team reassured users that most of their assets are safe in cold wallets, only a small percentage was affected in the hot wallet.

However, blockchain security firm PeckShield reported that the actual loss from the breach was $26.68m, primarily consisting of Ethereum and BNB Chain.

PeckShield also noted that the hacker quickly exchanged the majority of the stolen assets for 4,526 ETH and 7,864.7 BNB.