Crypto exchange BingX confirms the suspected hack on its hot wallet and has announced an emergency plan to tackle it.
Confirming the attack, Chief Product Officer and Head of BingX Labs, Vivien Lin said, “At around 4am 20 Sep Singapore time, our technical team detected abnormal network access, suspecting a hacker attack on BingX’s hot wallet.”
Lin added that in order to protect users, BingX uses a layered management system, with the majority of assets stored in cold wallets and only a minimal stored in hot wallets for withdrawals.
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Lin has informed users about initiating an emergency plan, which includes the urgent transfer of assets and withdrawal suspension. She has clarified that there has been minor asset loss, but the ‘amount is small’ and still being calculated.
🚨 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
BingX has also extended recharge and withdrawal times while reinforcing security, and assured users that their funds will be processed within 24 hours.
As reported by CryptonewsZ, many crypto users had pointed out suspicious transactions from BingX, early today. As a part of its investigation, De.Fi Antivisrus Web3 claimed that more than $20,000,000 were lost over different chains. But as soon as the news starting spreading like wildfire, other users on X tried dispelling the panic, saying that the exchange was undergoing ‘Temporary Wallet Maintenance’ and stopped the withdrawals. The suspicious draining was a possible result of withdrawals having been suddenly reopened.
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Also Read: WazirX Hacker Begins Laundering $11.6M ETH via Tornado Cash
