BingX Loses Millions in Crypto Theft Across 11 Blockchains

BingX Major Hot Wallet Breach Highlights Rising Threat to Crypto Exchanges

BingX, a Singapore-based cryptocurrency exchange, has faced a substantial loss following a cyberattack that drained ~$45 million worth of assets from its hot wallets across 11 different blockchains, as per SlowMist. 

Blockchain security firm PeckShield first identified an Ethereum wallet tied to the attack, receiving $26.7 million in assets from the platform. As the investigation progressed, it became evident that the total loss spanned multiple blockchain networks, intensifying the financial hit, with Cyvers Alerts suggesting total losses to exceed $52 million.

Initially, BingX remained quiet about the breach, notifying users via a post on X (formerly Twitter) about "Temporary Wallet Maintenance," with no mention of any security breach. Users were simply told to hold off on deposits and withdrawals until the issue was resolved. 

However, Vivien Lin, Chief Product Officer at BingX, later responded to user concerns, acknowledging the company had detected "abnormal network access" linked to a suspected hacker attack on their hot wallet. Lin downplayed the incident, labeling it as a "minor asset loss," assuring customers that the majority of funds remained secure in cold wallets, with only a small portion exposed to risk.

The full extent of the breach became clearer when SlowMist, a cybersecurity firm collaborating with BingX, provided a more detailed analysis. The firm estimated total damages at approximately $44.7 million, with $1 million of the stolen funds successfully frozen. 

According to Lin, BingX has committed to covering all losses through its own reserves, adding that deposit and withdrawal services should resume within 24 hours of the breach.

The hack occurred shortly after Singapore's crypto conference Token2049 ended, where Lin had spoken the day before.  

This incident adds to a growing list of centralized cryptocurrency exchanges in Asia being targeted by cybercriminals. Indonesian exchange Indodax was recently hit by a $20.58 million hack, while India’s WazirX lost an estimated $234.9 million in a breach earlier this year. Japan’s DMM Bitcoin suffered the largest attack in 2024, losing a staggering $305 million in May. Experts have pointed fingers at North Korea’s notorious Lazarus Group, suspected of orchestrating these high-profile attacks across the region.

This article has been refined and enhanced by ChatGPT.