BingX cryptocurrency exchange product manager Vivien Lin has confirmed there was a hack and a “small asset loss” is still being calculated.
Singapore-based cryptocurrency exchange BingX has confirmed it suffered “minor asset losses” after the crypto community noticed a large amount of “suspicious” outflows from one of its hot wallets.
BingX product manager Vivien Lin said in a September 20 X post that the BingX engineering team “detected unusual network access” at around 4 a.m. Singapore time and suspected “a hacker attack on BingX’s hot wallet.”
“We immediately initiated our contingency plan, including emergency asset transfers and withdrawal suspensions,” Lin added. “There have been minor asset losses, but the amount is small and is still being calculated.”
BingX stores a minimal amount of cryptocurrency in its hot wallet for withdrawals, she said, but the exchange has temporarily suspended withdrawals while it conducts “urgent checks and [enhancement] of wallet services,” with withdrawals expected to be restored within 24 hours.
Earlier on September 20, blockchain security firm PeckShield posted on X that it observed “suspicious Capital outflows” from BingX totaling more than $13.5 million.
EtherScan data Chia by PeckShield shows an address that received millions of dollars worth of various Token across multiple blockchains from a wallet labeled “BingX 15,” one of the exchange’s hot wallets.
Web3 antivirus firm De.Fi reported that an estimated $20 million was lost across multiple chain – the wallet was holding over $13.1 million worth of cryptocurrency across nine blockchain addresses at the time of writing.
The latest transactions show the address moved some of the funds through the decentralized exchange Kyberswap, a common tactic used by hackers to obscure the origin of the funds.
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