In a serious cybersecurity breach, Singapore-based BingX Exchange has revealed that it lost over $52 million due to a hack that targeted its hot wallet. The incident was detected by the exchange’s technical team around 4 AM on September 20, Singapore time.
The compromised blockchain networks include Ethereum (ETH), Binance Smart Chain (BNB), Base (BASE), Optimism (OP), Polygon (POLYGON), Arbitrum (ARB), and Avalanche.
In the wake of the attack, BingX swiftly implemented emergency measures, halting withdrawals and reallocating assets to secure locations.
While the exchange acknowledged some asset loss, it reassured users that the majority of its funds remain safe. Most of BingX’s assets are stored in cold wallets, with only a limited amount in hot wallets for everyday transactions.
To further safeguard user funds, the exchange will keep withdrawals suspended for approximately 24 hours, allowing time for a comprehensive security assessment and system enhancements.
This story is still unfolding. For ongoing updates, stay connected with The Crypto Times.
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