BingX Hack Update: $43 Million Worth USDT, USDC Stolen in Exchange Breach

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As a seasoned researcher with years of experience in the volatile world of cryptocurrencies, I can’t help but feel a sense of deja vu when reading about yet another major exchange hack. The BingX breach, resulting in a staggering loss of over $43 million in altcoins, is just the latest in a string of high-profile crypto heists that have become all too common these days.

According to recent reports on cryptocurrency security incidents, the BingX trading platform has suffered a significant theft worth over $43 million. This incident resulted in the loss of investors’ altcoins, with stablecoins being the hardest hit. It is said that the hacker converted the majority of the stolen assets into Ethereum (ETH) and Binance Coin (BNB) following the exchange’s breach.

BingX News: 396 Altcoins Stolen in Latest Breach

According to recent blockchain information, a cybercriminal has managed to steal approximately $43 million worth of various altcoins, which they have moved to wallets labeled “0x940” and “0xF7e8”. Subsequently, the hacker converted these coins into Ethereum (ETH) and Binance Coin (BNB). The Data Nerd’s analysis indicates that the thief made off with around 17 million Tether (USDT) tokens, as well as nearly 3.35 million US Dollar Coin (USDC) and over 1.04 million WUSD coins.

5 hours ago, 2 Hot Wallets of #BingX were exploited
Approximately 396 units, valued at around $43.3 million, were moved from the BINGX wallet to two other wallets, identified as 0x940 and 0xF7E.
– 17.08M $USDT– 3.35M $USDC– 1.04M $WUSD– 13.64 $BTCB ~ $858k
Exploiter turned those tokens into $ETH, $BNB, $MATIC
— The Data Nerd (@OnchainDataNerd) September 20, 2024

As a data analyst, I’ve noticed that the frequency of crypto hacks appears to be on the rise lately. Yesterday, for instance, the Banana Gun hack resulted in a significant loss of approximately $1.4 million worth of Ethereum.

Vivien Lin, leader at BingX Labs, admitted a security breach on BingX, stating that their technical staff discovered unusual behavior which led to discovering that BingX’s hot wallets had been compromised. In response, the exchange swiftly activated its crisis management plan, transferring assets immediately and temporarily suspending withdrawals.

Vivien Lin referred to the incident as a “moderate setback,” indicating that they’re still assessing the amount of funds stolen. In relation to the BingX hack news, the platform mentioned using a multi-tiered system for asset storage, with most assets kept in offline cold wallets and a few in online hot wallets for withdrawals. Lin emphasized that users’ assets are secure and safeguarded within their multi-layered asset management structure.

Victims of BingX Hack to Get Full Compensation

The leader of Bingx additionally declared that they will reimburse all affected parties from their own resources. To maintain safety, BingX has temporarily halted withdrawals so they can perform an emergency review and enhance their wallet services.

Lin stated, “BingX and our developers express their apologies for the inconvenience caused. We remain committed to delivering a smooth and reliable trading experience.

Besides the news circulating on BingX, there’s been an alarming increase in cryptocurrency hacks over the past few weeks, affecting various players across different platforms. Most recently, a victim who was a creditor of Genesis, suffered a massive loss of approximately $243 million in a highly advanced crypto scam involving social engineering.

In a similar fashion, hackers spread rumors about the Solana meme coin being “HACKED” following their successful hacks on various high-profile accounts globally.

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2024-09-20 10:39