Pepe

Million

Security

Singapore-based crypto exchange BingX has been hacked for approximately $43 million, forcing the platform to suspend withdrawals as it investigates the attack.
Security analysts from <a href="https://x.com/PeckShieldAlert/status/1836998485364650161?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1836998485364650161%7Ctwgr%5Eb6377f9a4982d5639303e1de4e651eda1d13479e%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fwww.coindesk.com%2Ftech%2F2024%2F09%2F20%2Fcrypto-exchange-bingx-hacked-onchain-data-shows-over-43m-drained%2F" rel="noopener noreferrer nofollow">PeckShield</a> say that the funds were drained in multiple tranches. The stolen funds include $13.25 million in <a href="https://insidebitcoins.com/news/hong-kong-spot-ethereum-etfs-could-receive-approval-for-staking-feature-this-year-blockdaemon-says" rel="noopener noreferrer nofollow">Ethereum</a>, $2.3 million worth of Binance Coin (BNB), and $4.4 million in Tether (USDT).
<img decoding="async" src="https://img.decrypt.co/insecure/rs:fit:3840:0:0:0/plain/https://cdn.decrypt.co/wp-content/uploads/2020/07/coinbase-neutrino-hackers-gID_6.jpg@webp" alt="Hackers Launch Third 51% Attack on Ethereum Classic This Month - Decrypt">
<h2 id="span-style-font-weight-400-hacker-used-popular-dexs-to-swap-the-funds-for-mostly-eth-and-bnb-span">Hacker Used Popular DEXs To Swap The Funds For Mostly ETH And BNB</h2>
The first hack saw around $26 million exit the exchange’s hot wallet. Just a few hours later, the hackers took an additional $16.5 million. A <a href="https://t.co/lJai3xeJ9a" rel="noopener noreferrer nofollow">Google Doc</a> shared on X by PeckShield shows that more than 360 different altcoins were drained from BingX.
Most of the crypto was swapped for mostly ETH and <a href="https://insidebitcoins.com/news/best-crypto-to-buy-right-now-september-17-pendle-bnb-litecoin" rel="noopener noreferrer nofollow">BNB</a> through decentralized swap platforms such as Uniswap and Kyberswap, according to <a href="https://etherscan.io/address/0xf7e8033366166f92eb477b7b38e0d47d47b43326" rel="noopener noreferrer nofollow">Etherscan data</a>. 
As of 2:48 a.m. EST, the wallet linked to the hackers holds over $2 million ETH valued at $5,205,221.39. The wallet also holds 136 tokens with a collective dollar value of $2,901,654.63.
<h2 id="span-style-font-weight-400-bingx-product-officer-says-the-hack-was-minor-span">BingX Product Officer Says The Hack Was ”Minor”</h2>
BingX’s chief product officer Vivien Lin downplayed the severity of the incident, labelling it as “minor” in a Sept. 20 post on X and said the exchange is “working on a compensation plan, which will be announced soon.”
Lin said that the exchange’s technical team detected “abnormal network access” at 4 a.m. Singapore time today. Shortly after identifying the unusual activity, BingX’s team initiated their “emergency plan.”
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 At around 4am 20 Sep Singapore time, our technical team detected abnormal network access, suspecting a hacker attack on BingX's hot wallet. We immediately started our emergency plan, including the urgent transfer of assets and withdraw suspension. There has been minor asset loss,…
 — Vivien Lin @ BingX (@Vivien_BingX) <a href="https://twitter.com/Vivien_BingX/status/1836940851873992845?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">September 20, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Lin added that users will be able to resume withdrawals within the next 24 hours “at the latest.”
BingX is the world’s 15th largest crypto exchange with 24-hour trading volume of about $421 million, according to CoinMarketCap.
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Singapore’s BingX Exchange Suspends Withdrawals After $43 Million Hack

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