Singapore-based cryptocurrency exchange BingX lost $52 million in a cyberattack, according to new data from blockchain security firm Cyvers.
Loss in Multiple Blockchains
BingX’s hot wallet, Ethereum $2,550Avalanche 
$27BNB has been exploited on many blockchains including Optimism, Polygon, Base, and Arbitrum.
“Our system detected multiple suspicious transactions linked to BingX. Estimated losses exceed $52 million and most of the stolen assets are now being exchanged,” Cyvers said.
Details of the Attack
Cybersecurity firm Peckshield said the attacker had seized approximately $43 million worth of crypto assets and began trading them.
Peckshield: “BingX was hacked with $26.68 million worth of crypto lost. The stolen funds were mainly moved from Ethereum and BNB Chain. The attacker converted most of the stolen assets into approximately 4,526 ETH and 7,864.7 BNB… Additionally, another $16.5 million worth of crypto was withdrawn from BingX a few hours ago… A total of 5,300 ETH, 4,100 BNB, and 1.65 million MATIC.”
BingX’s Precautions
BingX product manager Vivien Lee announced on social media platform X that user withdrawals have been temporarily suspended, explaining the exchange’s asset management protocol.
Vivien Lee: “To protect user assets, we use a layered management system that keeps the majority of assets in cold wallets and a minimum amount for withdrawals in hot wallets. To ensure security, withdrawals have been temporarily suspended while we conduct an urgent review and strengthen wallet services.”
This incident has once again shown the importance of security protocols for cryptocurrency exchanges. Exchanges need to pay more attention to cold wallet usage and security measures to protect users’ assets.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
