Cryptocurrency Exchange BingX Hacked, Loses Over $52 Million

- Singapore-based cryptocurrency exchange BingX has confirmed that its hot wallet was hacked, causing losses of over $52 million.

- Blockchain security firm PeckShield detected an unusual flow of $26.7 million from the exchange. Cyvers Alerts later updated the loss to over $52 million.

- Vivien Lin, BingX's product manager, said the technical team detected unusual network access at around 4 a.m. Singapore time and immediately implemented an emergency plan.

- BingX has suspended withdrawals and moved assets to cold wallets to protect users. Lin asserted that the majority of assets are safe and the losses are "minimal and manageable."

- However, the crypto community remains concerned about BingX's transparency following the incident. 🌐🔒