BingX Loses $43M in Hacker Attack

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BingX, a cryptocurrency exchange based in Singapore, has acknowledged that it experienced a loss of assets after noticing unusual outflows from its hot wallet on Sept. 20.

According to Vivien Lin, the chief product officer, the company detected abnormal network activity at 4am Singapore time and suspects a hacker attack on its hot wallet.

In response, BingX implemented its emergency plan, including transferring assets and suspending withdrawals.

However, Lin reassured users that the loss was minimal since only a small amount of crypto is stored in their hot wallets.

PeckShield, a blockchain security firm, reported a fund outflow of $13.5 million, which was later revised to $26.7 million.