BingX Exchange Hit by $43M Hack, Promises Quick Recovery and Compensation
The Singapore-based crypto exchange BingX recently experienced a security breach in its hot wallet, leading to a substantial loss of funds.
According to security firm PeckShield, the hack resulted in the theft of around $43 million in cryptocurrencies, though BingX downplayed the incident as “manageable.”
PeckShield reported that the stolen funds were moved in several transactions.
BingX’s chief product officer, Vivien Lin, said the breach was detected on September 20 at around 4:00 a.m. Singapore time.
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In response, withdrawals were temporarily halted, and the exchange activated an emergency plan to safeguard assets.
BingX assured users that most funds were secured in cold wallets, and withdrawals are expected to resume within 24 hours, with a compensation plan in place for affected users.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
