BingX’s Hot Wallet Hacked; Withdrawals Temporarily Suspended

BingX, a Singapore-based crypto exchange, confirmed that one of its hot wallets was hacked on Friday morning. Over 360 altcoins worth about $26.68 have been hacked. The hacker is said to have transferred the stolen funds to Ethereum and Binance.

According to an official announcement on their X profile, the exchange stated that the team detected abnormal access to the hot wallet and suspected a hacker attack. Following the breach, withdrawals were paused, and assets were transferred. The exchange stated that only minor losses have been detected. It added that most of the assets were safe in cold wallets, and only a small portion was affected in the hot wallet.

🚨 Security Update 🚨

At 4 AM (SGT) on Sept 20, our team detected abnormal access to the BingX hot wallet, suspecting a hacker attack. We immediately initiated an emergency response, including asset transfers and pausing withdrawals.

🔒 Only minor losses so far, and we’ve got… https://t.co/7CFsqF5W20

— BingX (@BingXOfficial) September 20, 2024

The chief product officer, Vivien Lin, stated in her X platform that the technical team detected suspicious activity around 4 AM SGT. Following the breach, an emergency plan was executed, which implied transferring assets and suspending withdrawals. 

She added that the user assets are safe and protected under a layered asset management system. Further, she stated that the withdrawals would be restored within 24 hours. Lin reinforced that the exchange’s mission to provide a seamless and trusted trading environment remains firm.

Answering the queries from concerned users, Lin stated that the platform is operating normally and only the wallet is under maintenance. She stated that trading and financial services can be resumed. Lin added that the systems are being optimized, and security measures are being strengthened. Furthermore, she added that the exchange would “fully compensate” for the loss. The exchange announced that a notice would be posted after the completion of the maintenance.

Q3: Is the platform still safe?
Answer: The platform is operating normally, and you can continue trading, using grid strategies, and financial services as usual. Only the wallet is currently under maintenance. Your funds are safe, so please be patient while the wallet…

— Vivien Lin @ BingX (@Vivien_BingX) September 20, 2024

Although the exchange has not confirmed the amount of the lost funds, many speculated that nearly $27 million could have been lost. PeckShield, a blockchain security firm, announced that nearly 360 different altcoins worth $26.68M were stolen. Further, these funds were transferred to a wallet named “0xF7e8.” The hacker later swapped it for other coins, including Ethereum (ETH) and Binance (BNB).