BingX Suspends Withdrawals Following Suspected Hacker Attack on Hot Wallet

Singapore-based cryptocurrency exchange BingX has temporarily halted withdrawals due to a suspected hacker attack on its hot wallet. Blockchain analysts estimate the losses to exceed $40 million.

Details of the Incident

On September 20, BingX’s Chief Product Officer, Vivien Lin, disclosed that the breach occurred at around 4 a.m. Singapore time. The company immediately initiated an emergency plan to address the situation.

“At around 4 a.m. on September 20, 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 withdrawal suspension.”

Asset Security Measures

Lin confirmed that the exchange promptly secured its assets by transferring them to safer locations. Although the total loss is still being calculated, Lin assured users that most assets are stored in cold wallets, which remain unaffected by the attack.

“There has been minor asset loss, but the amount is small and still being calculated.”

Analysts’ Findings

Blockchain forensic firm PeckShield provided a more detailed analysis, suggesting that the breach might be more substantial. They estimate that approximately $26.68 million in assets, including Ethereum and Binance Coin (BNB), had already been relocated by the hacker. Additionally, another $16.5 million was reportedly drained from the platform shortly after.

Analysts have traced the stolen funds to two wallet addresses, estimating the total loss to be over $43 million.

Company Response and Assurance

Lin emphasized that BingX would fully compensate for any losses using its own capital. The company expects withdrawals to resume within 24 hours. Despite the incident, trading services continue to function normally, and user funds remain secure under BingX’s layered asset management system.

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