Hey crypto enthusiasts! We've got some hot-off-the-press news about BingX, the Singapore-based crypto exchange, and it's a bit of a rollercoaster.
BingX recently faced a cyberattack targeting its hot wallets, and boy, it was a big one! Cyvers Alerts estimates the damage at over $52 million. Yikes! The drama unfolded when blockchain security firm PeckShield first noticed a suspicious fund outflow of $13.5 million, which later ballooned to $26.7 million. Talk about a plot twist!
Vivien Lin, BingX's chief product officer, spilled the beans on what went down. Around 4 AM Singapore time, their tech team spotted some fishy network activity and suspected an attack. In a flash, BingX activated their emergency plan, halting withdrawals and moving assets to keep your funds safe.
Lin assured users that their layered management system, which mostly relies on cold wallets, kept the majority of assets out of the hacker's reach. Withdrawals are paused for now, but they're hustling to get everything back on track within 24 hours.
BingX's official statement downplayed the loss, calling it “minor” and emphasizing that most assets are secure in cold wallets. But hold your horses—on-chain security platforms tell a different story. PeckShield reported another $16.5 million drained hours later, pushing the total loss over $43 million, and Cyvers Alerts later bumped that figure to a jaw-dropping $52 million.
The stolen assets were swapped across various blockchains, including Ethereum, BNBChain, BASE, Optimism, Polygon, Arbitrum, and Avalanche. EtherScan data showed a wallet named “BingX 15” was involved in the transfers. Earlier that day, BingX had warned users about temporary wallet maintenance, which now seems more like a smoke screen.
Crypto community member Harrison Leggio wasn't buying BingX's transparency, questioning their “wallet maintenance” story and advising users to opt for more secure platforms.
So, what's the takeaway? While BingX is scrambling to manage the situation, this incident highlights the importance of robust security measures in the ever-evolving world of crypto. Stay safe out there, folks!
