Singapore-based cryptocurrency exchange BingX has found itself in the crosshairs of a significant security breach, with estimated losses from the suspected hack surpassing $52 million as of September 20, 2024. This amount is double the initially reported loss of $26 million, causing a wave of concern across the crypto community.

Blockchain security firm PeckShield initially identified one Ethereum wallet associated with the attack, which alone had received $26.7 million in assets from BingX. However, further investigations have uncovered that the breach extended beyond Ethereum, impacting multiple blockchain networks, leading to greater losses. As more compromised wallets come to light, the total amount stolen continues to climb.

Hakan Unal, senior security operations lead at Cyvers Alerts, explained to Cointelegraph that initial estimates were incomplete due to the complexity of tracing assets across different chains. "As more wallets are identified, the total loss grows. Initial estimates, like $13 million, were likely incomplete, but updates from forensics firms, now reporting figures like $43 million, show a clearer picture," Unal stated. Cyvers’ comprehensive threat intelligence system eventually pegged the total loss at $52 million, putting it at the higher end of the scale compared to other expert estimates.

Blockchain security firm Beosin also provided its own analysis, placing the total stolen assets at a more conservative $45 million, spread across three major funding lines. Regardless of the precise figure, it’s clear that the breach represents a substantial financial hit to BingX.

In response to the hack, BingX assured its users that deposits and withdrawals will be restored within 24 hours, aiming to quickly regain user trust amid the turmoil. The exchange's handling of the crisis will be closely watched, as both investors and the wider cryptocurrency market assess the fallout from yet another high-profile security breach in the industry.

As investigations continue, the full extent of the damage is yet to be fully understood, with ongoing efforts to identify compromised wallets and assess vulnerabilities in BingX’s security infrastructure. This incident is a stark reminder of the risks associated with digital assets and the importance of robust security measures in protecting against increasingly sophisticated cyber threats.

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