BingX, a cryptocurrency exchange, recently suffered a hack that resulted in the loss of nearly $43 million in digital assets. Despite the sizable theft, the company has reassured its users that their funds will be fully compensated.
Details of the Hack
On-chain data indicates that the hackers stole $43 million in multiple transactions, draining assets that included:
• $13.25 million in Ether (ETH)
• $2.3 million in Binance Coin (BNB)
• $4.4 million in Tether (USDT)
• Over 360 different types of altcoins
The first hack alone accounted for approximately $26 million, with an additional $16.5 million being siphoned off a few hours later. According to Etherscan, the majority of the stolen funds were swapped for ETH and BNB on decentralized exchanges such as Uniswap and Kyberswap.
Response from BingX
In a message shared on X (formerly Twitter), BingX’s Chief Product Officer (CPO) Vivien Lien downplayed the severity of the incident, stating, “The total loss is minimal and manageable. This incident will not affect our ongoing business operations.” Lien also reassured users that BingX will compensate any customer losses, with trading services continuing as normal. However, withdrawals and deposits have been temporarily delayed, with the expectation of resuming within 24 hours.
Also Read: India’s Top Crypto Exchange WazirX Hacked: $230 Million in Digital Assets Lost
Hacker Wallet Activity
Etherscan data shows that a wallet linked to the hack, which received most of its funds from BingX’s hot wallet, currently holds over 1,000 ETH and tokens valued at $5 million. As of now, no further updates have been provided regarding the identity of the attackers or potential recovery efforts.
Despite the scale of the attack, BingX remains optimistic about its ability to handle the situation without disrupting its services.
Although the hack represents a significant breach, BingX has promised to shield its users from financial loss. With the company’s commitment to full compensation and a swift return to normal operations, confidence in the platform is expected to remain intact.
