BingX Security Hack Leads to $43 Million Crypto Loss: PeckShield

Key points:

• BingX suffered an apparent security exploit on its hot wallet.
• Security analysts at PeckShield estimated the loss to be $43 million in cryptocurrencies.

BingX security hack led to a $43M loss from its hot wallet. The exchange paused withdrawals and initiated an emergency plan, assuring most funds were secure in cold wallets.

BingX Security Hack Results in $43 Million Crypto Loss

BingX suffered a security breach in its hot wallet, resulting in the loss of $43 million in cryptocurrency. PeckShield analysts confirmed that the stolen funds were transferred in multiple transactions. BingX’s team discovered the attack early on September 20 and immediately enacted an emergency plan, including suspending withdrawals to prevent further losses.

The exchange assured users that most of the assets were safely stored in cold wallets, with only a small portion affected. Withdrawals are expected to reopen within 24 hours, and BingX has promised to have a compensation plan in place for affected users.

Read more: BingX Exchange Hack Causes $20 Million Loss Of Users

BingX Pauses Withdrawals Amid Security Hack on Hot Wallet

Following the BingX security breach, the exchange temporarily suspended withdrawals to protect user funds. The technical team identified the unusual activity and acted quickly to protect assets by suspending withdrawals and moving funds to safer locations.

BingX has reassured users that most funds are safe in cold wallets and that losses are described as manageable. The exchange is working to reopen withdrawals within 24 hours and plans to compensate affected users.