Key Takeaways:
- BingX reports losses over $52 million from a suspected hack, with $1 million of stolen funds frozen.
- Initial loss estimates were revised upward after further investigations by PeckShield and Cyvers Alerts.
- The breach is part of a growing wave of cyberattacks on Asian cryptocurrency exchanges in 2024.
Singapore-based cryptocurrency exchange BingX has reported losses exceeding $52 million from a suspected hack on September 20, 2024.
Initially estimated at $26 million, the loss figure grew after further investigations by blockchain security firm PeckShield and Cyvers Alerts, revealing additional damages across multiple blockchain networks.
UPDATE: BINGX EXCHANGE EXPLOIT LOSSES NOW EXCEEDED $52M ~ CYVERS ALERTS https://t.co/reHDLCDpUv
— BSCN Headlines (@BSCNheadlines) September 20, 2024
BingX’s product chief, Vivien Lin, assured users that all losses will be covered by the exchange’s capital and noted that security partners have managed to freeze $1 million of the stolen funds.
Despite the rising figures, BingX downplayed the breach’s impact.
🚨 Singapore-based crypto exchange BingX's estimated losses in the Sept. 20 hack have soared past $52M, up from $26M initially reported.
— Satoshi Club (@esatoshiclub) September 20, 2024
Source: @CyversAlerts pic.twitter.com/pLlOxiRRRw
This hack is part of a broader trend of increased cyberattacks targeting Asian cryptocurrency exchanges, with similar incidents affecting platforms like Indodax, WazirX, and DMM Bitcoin, which suffered a massive $305 million loss in May 2024.
BingX has promised to restore withdrawals within 24 hours following the incident.
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