BingX, a Singapore-based crypto exchange, has suffered a hack targeting its hot wallets.
The attack affected several blockchains, with Cyvers Alerts estimating a total loss of over $52 million.
<h2 id="bingx-confirms-hot-wallet-hack">BingX Confirms Hot Wallet Hack</h2>
The incident was initially <a href="https://x.com/peckshield/status/1836927530449916132" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">detected</a> by blockchain security firm PeckShield, which reported a “suspicious significant fund outflow” from the exchange totaling over $13.5 million in a September 20 post on X. This figure was later <a href="https://x.com/PeckShieldAlert/status/1836977299746381854" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">revised</a> to $26.7 million as the extent of the exploit became clearer.
The company’s chief product officer, Vivien Lin, <a href="https://x.com/Vivien_BingX/status/1836940851873992845" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">addressed</a> the breach in a separate post, stating that at approximately 4 AM Singapore time, their technical team identified abnormal network access, suspecting an attack on their hot wallet.
In response, the Singapore-based exchange initiated an emergency plan, which included the urgent transfer of assets and the suspension of withdrawals.
“To protect user assets, we utilize a layered management system, with the majority stored in cold wallets and only a minimal amount kept in hot wallets for withdrawals,” Lin explained. She reassured users that while withdrawals have been temporarily halted for an emergency inspection, they aim to restore services within 24 hours.
BingX’s official X account <a href="https://x.com/BingXOfficial/status/1836951737317609534" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">added</a>, “Only minor losses so far, and we’ve got it covered,” explaining that most assets remained secure in cold wallets, with only a limited amount impacted in the hot wallet.
Lin reiterated this by<a href="https://x.com/Vivien_BingX/status/1836960372303220905" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external"> stating</a> that the overall loss was “minimal and manageable,” stressing that users’ assets were secure and well-protected under their layered asset management system.
<h2 id="transparency-concerns">Transparency Concerns</h2>
However, the figures coming from on-chain security platforms paint a different picture. PeckShield <a href="https://x.com/PeckShieldAlert/status/1836998485364650161" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">revealed</a> that in addition to the $26.7 million initially siphoned, another $16.5 million was drained hours later, raising the total estimated losses to over $43 million.
Cyvers Alerts later <a href="https://x.com/CyversAlerts/status/1837004902049927248" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">updated</a> the loss figure, indicating that the total now exceeds $52 million, with most of the stolen assets being swapped. The affected chains include Ethereum, BNBChain, BASE, Optimism, Polygon, Arbitrum, and Avalanche.
According to EtherScan <a href="https://etherscan.io/address/0xf7e8033366166f92eb477b7b38e0d47d47b43326#analytics" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">data</a>, an address shared by PeckShield received millions of dollars worth of various tokens from multiple blockchains. The source of these transfers was a wallet labeled “BingX 15,” one of the exchange’s hot wallets.
Earlier on the same day, BingX had <a href="https://bingx.com/en/support/articles/37913349630361/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">issued</a> a notice regarding temporary maintenance of its wallet system, warning users that deposits and withdrawals could be delayed.
However, this notice received criticism from the crypto community. Harrison Leggio, a co-founder of crypto startup g8keep,<a href="https://x.com/PopPunkOnChain/status/1836946978632073395" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external"> commented</a> on their transparency, questioning if the situation was just “wallet maintenance,” then why is there a “minor asset loss?”
He urged users to consider more secure platforms, stating, “If you’re going to use a [centralized exchange], please use a real one that doesn’t play off exploits like this.”
The post <a href="https://cryptopotato.com/singapore-crypto-exchange-bingx-suffers-hot-wallet-exploit-over-52m-reportedly-stolen/" rel="noopener noreferrer nofollow">Singapore Crypto Exchange BingX Suffers Hot Wallet Exploit, Over $52M Reportedly Stolen</a> appeared first on <a href="https://cryptopotato.com/" rel="noopener noreferrer nofollow">CryptoPotato</a>.

Singapore Crypto Exchange BingX Suffers Hot Wallet Exploit, Over $52M Reportedly Stolen

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