BingX Cryptocurrency Exchange Hacked, Losses Exceed $43 Million

On the morning of September 20, hackers breached the hot wallet of the cryptocurrency exchange BingX. According to analysts from PeckShield, potential losses exceed $43 million. Withdrawals have been halted, and users are urged to revoke approvals for active smart contracts.

? 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

Researchers report that the majority of the funds were siphoned from Ethereum ($17.9 million) and BNB Chain ($9.3 million). Other networks affected include Optimism, Arbitrum, Polygon, Base, Avalanche, Fantom, and others. The stolen assets are being exchanged for ETH and BNB by the hackers.

#PeckShieldAlert #BingX has been hacked with loss of ~$26.68M worth of cryptos. The stolen funds mainly outflowed from #Ethereum & #BNBChain.
The hacker has already swapped most of the stolen assets for ~4,526 $ETH & 7,864.7 $BNB.
Check the details of stolen assets here:… pic.twitter.com/4m2OfxTpsV

— PeckShieldAlert (@PeckShieldAlert) September 20, 2024

Preliminary estimates suggest total losses exceed $43 million.

BingX has suspended withdrawals and promises to resume them within 24 hours. 

“We employ a multi-tier management system where most assets are stored in cold wallets, with only a minimal portion kept in hot wallets for withdrawals,” said BingX’s Chief Product Officer, Vivien Lin, on X.

According to her, the loss amount is being calculated, but it is “minor.” The team is already working on a compensation plan.

In the latest announcement, BingX urged all users to immediately revoke approvals for active smart contracts to prevent further losses. 

Earlier, on September 19, developers of the trading Telegram bot Banana Gun confirmed “unauthorized transfers” from the wallets of a limited number of users.