Ethereum

Singapore-based cryptocurrency exchange BingX suffered a security breach with over $26 million worth of cryptocurrency assets being transferred to a hacker's address, according to&nbsp;<a style="text-decoration:none" href="https://x.com/lookonchain/status/1836949863608807915">Lookonchain</a>.&nbsp;
<div>
 <blockquote class="twitter-tweet">
 Exchange <a href="https://twitter.com/hashtag/BingX?src=hash&amp;ref_src=twsrc%5Etfw">#BingX</a> seems to have been attacked, with more than 360 altcoins (worth more than $26M) being transferred to wallet "0xF7e8" and then swapped for <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> and <a href="https://twitter.com/search?q=%24BNB&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BNB</a>. Including: 4.44M <a href="https://twitter.com/search?q=%24USDT&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$USDT</a> 1.04M <a href="https://twitter.com/search?q=%24WUSD&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$WUSD</a> 608.7K <a href="https://twitter.com/search?q=%24USDC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$USDC</a> 9.38 <a href="https://twitter.com/search?q=%24BTCB&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTCB</a>($590K) 86,545 <a href="https://twitter.com/search?q=%24ZRO&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ZRO</a>($369K) ...… <a href="https://t.co/YIVurrY0se">pic.twitter.com/YIVurrY0se</a>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1836949863608807915?ref_src=twsrc%5Etfw">September 20, 2024</a>
 </blockquote> 
</div>
The affected assets include cryptocurrencies such as USDT, BTC, and USDC. While the full extent of the breach is still under investigation, BingX has responded with emergency measures to mitigate the situation.
<h2 dir="ltr" id="span-span-hacker-s-activity-on-the-blockchain-span-span">Hacker’s Activity on the Blockchain</h2>
The hacker behind the breach reportedly transferred over 360 different altcoins to a wallet address identified as “0xF7e8,” where many of the stolen assets were swapped for Ethereum (ETH) and Binance Coin (BNB).&nbsp;
&nbsp;
Lookonchain reports that the attacker liquidated assets across multiple blockchain networks, including Ethereum and BNB Chain.
&nbsp;
Details of the stolen assets include:
<ul>
 <li>4.44M USDT</li>
 <li>1.04M WUSD</li>
 <li>608.7K USDC</li>
 <li>9.38 BTCB (~$590K)</li>
 <li>86,545 ZRO (~$369K)</li>
</ul>
PeckShield, a blockchain security firm, also&nbsp;<a style="text-decoration:none" href="https://x.com/PeckShieldAlert/status/1836977299746381854">confirmed</a> that the hacker managed to swap the stolen assets into roughly 4,526 ETH and 7,864.7 BNB. The Ethereum blockchain address linked to the breach shows millions of dollars in tokens flowing from BingX's hot wallet.
<h2 dir="ltr" id="span-span-hacker-s-tactics-span-span">Hacker’s Tactics</h2>
In the wake of the breach, blockchain forensics revealed that the hacker employed tactics commonly seen in similar attacks.&nbsp;
&nbsp;
Small amounts of cryptocurrency were&nbsp;<a style="text-decoration:none" href="https://x.com/martypartymusic/status/1836927892187394063?ref_src=twsrc%5Etfw">transferred</a> through Kyberswap, a decentralized exchange, likely as an attempt to conceal the origin of the stolen funds. This is a well-known technique used by hackers to evade tracking by mixing or swapping assets on decentralized platforms.
&nbsp;
BingX is now reportedly collaborating with security experts to track down the stolen funds and prevent further exploitation of the compromised wallet.
<h2 dir="ltr" id="span-span-bingx-issues-response-span-span">BingX Issues Response</h2>
BingX&nbsp;<a style="text-decoration:none" href="https://x.com/BingXOfficial/status/1836951737317609534">confirmed</a> the security breach in a statement, noting a “minor asset loss” but refrained from providing full details of the incident.&nbsp;
&nbsp;
According to Vivien Lin, Chief Product Officer at BingX, the exchange’s technical team detected unusual network activity early in the morning on September 20, 2024. This led to suspicions of an attack on one of the exchange’s hot wallets.
&nbsp;
Lin&nbsp;<a style="text-decoration:none" href="https://x.com/Vivien_BingX/status/1836940851873992845">added</a> that BingX quickly activated its emergency response plan, which included transferring remaining assets from the compromised wallet and halting withdrawals to prevent further damage. Withdrawals remain suspended as of now, with BingX assuring users that they will be restored within 24 hours once wallet services are thoroughly inspected.
<blockquote>
 “We sincerely apologize for the inconvenience and are working diligently to resolve the issue,” Lin stated in a post on X (formerly Twitter).
</blockquote>
BingX stated that the majority of user assets are stored in cold wallets, which are more secure and offline. Only a small portion of funds is kept in hot wallets, which are connected to the internet and used for daily withdrawal purposes. The exchange clarified that the breach affected only the hot wallet, where less critical funds are kept.
&nbsp;
The crypto exchange has promised a full investigation and compensation plan for any users affected by the breach. According to a spokesperson from the exchange, BingX is still calculating the exact amount of losses and will issue an official update once more information becomes available.
&nbsp;
BingX urged its users to refrain from depositing or withdrawing until the situation is resolved.

BingX Exchange Hit by $26M Crypto Theft: Report

Table of Contents

BSCN

Other articles published on Sep 26, 2024

WazirX Gets Reprieve From Singapore Court After $234 Million Crypto Hack

Celestia Foundation Raises $100M to Expand Modular Blockchain Ecosystem

Venture Capitalists Raise $2.2 Billion For Crypto Startups: Now Is The Time To Move To Crypto Inn...

Kazakh Authorities Seize 1,300 Illegal Crypto Mining Devices in Astana

Coinpedia Fintech News

Worldcoin Fined $830K Over Privacy Breaches in South Korea

Join our free newsletter for daily crypto updates!