BingX: the crypto-exchange under hack attack slows down operations

The crypto exchange BingX has announced that it has suffered a hack to its hot wallet and is now in a state of maintenance. At the moment, the situation seems to be under the control of BingX, but users might experience delays in deposit and withdrawal operations. 

BingX: the crypto-exchange suffers a hack, but does not reveal the losses

BingX has notified its users of having suffered a hacker attack on its hot wallet which would have caused “minimal losses”.

“Security update. At 4 AM (SGT) on September 20, our team detected an unusual access to the BingX hot wallet, suspecting a hacker attack. We immediately initiated an emergency response, including the transfer of assets and the suspension of withdrawals. So far, there have been only minor losses and we have everything under control. Most of the assets are safe in cold wallets and only a small portion was affected in the hot wallet. To protect user funds, we are extending the recharge and withdrawal times while simultaneously strengthening security. The coins will be processed within 24 hours. We apologize for the inconvenience and appreciate your understanding!”

At the moment, the amount of the loss has not yet been disclosed as it is still being calculated. In this regard, however, the account PeckShieldAlert has released its analysis on X, estimating that the updated loss is over 43 million dollars in crypto. 

The terms “bull” and “bear” are often used in the financial world to describe market trends. A “bull” market is characterized by rising prices, while a “bear” market is marked by falling prices. Understanding these concepts is crucial for investors.

“#PeckShieldAlert #BingX has been breached with a loss of cryptocurrencies amounting to ~26.68 million dollars. The stolen funds mainly come from #Ethereum and #BNBChain. The hacker has already exchanged most of the stolen assets for ~4,526 $ETH and 7,864.7 $BNB.

Another 16.5 million dollars in cryptocurrencies have been stolen from #BingX by 0x940362B46faf7DF48Af1c8989d809F50466B5fCA about 7 hours ago. The stolen funds are currently parked at 0x1Dd7dAf089C16856155FeFd7e2170966bb6b3AEE, totaling 5.3K $ETH, 4.1K $BNB, and 1.65M $MATIC. We estimate that the total loss is over 43 million dollars.”

BingX: il CEO del crypto-exchange sotto attacco risponde alle domande

For security reasons, BingX has initiated emergency measures and, at this moment, is in a temporary maintenance phase. 

This means that all users of the crypto-exchange could see their deposit and withdrawal operations slowed down. 

Vivien Lin, CEO of BingX, shared the answers to the most frequently asked questions received by the customer support team of the crypto-exchange. 

In his series of tweets, Lin responded that the processing of user transactions on the platform is experiencing delays, but they will be executed within 24 hours. 

Not only that, Lin explained that on the crypto-exchange it is possible to continue trading and using all the strategies and services offered. The only one under maintenance for updating is the BingX Wallet. 

In the world of finance, the terms “bull” and “bear” are often used to describe market trends. A “bull” market is characterized by rising prices, while a “bear” market is marked by falling prices. Understanding these concepts is crucial for investors.

“Q2: It is said that you have been hacked. Is it true? Is my money still safe? 

Response: Around 4:00 on September 20 (UTC+8), our system detected a hacker attempting to access the hot wallet. Our team responded immediately. At the same time, we have always adopted a layered asset system where most of the assets are stored in the cold wallet and only a minimal portion of the funds is kept in the hot wallet for withdrawals. Therefore, this attack will not have a substantial impact on the assets. To avoid further risks, we are updating our wallet security system, which requires temporary maintenance of the wallet. Your funds are safe and we thank you for your patience. If you have not received your funds within 24 hours, contact us at any time.

Participation in Token2049 as a sponsor

The hacker attack on BingX’s hot wallet comes right after the Token2049 event in Singapore, which the platform attended as main sponsor. 

The Token2049 is a leading global conference for the crypto ecosystem and BingX was present with its own stand at the venue. In this way, BingX was able to offer participants an immersive and engaging experience, presenting cutting-edge demonstrations and opportunities to connect with the crypto-exchange community. 

Besides BingX, Token2049 also saw the participation of other well-known figures in the crypto sector. Among others, Vitalik Buterin, co-founder of Ethereum, who made his debut by singing a crypto-themed song in public before adding his speech.