After Indodax was hacked, now the BingX Exchange is experiencing the same thing with losses 2 times greater

The hack that occurred at BingX is indeed quite worrying. In the early hours of Thursday, the BingX crypto asset exchange lost more than US$26 million due to a hacker attack. Let's discuss this incident further.

What Happened at BingX?

• Initially, a blockchain security company called PeckShield detected a suspicious transaction at around 00:37 UTC. Initial reports showed an outflow of around US$13.6 million.

• After further investigation, BingX was confirmed to have been hacked. More than 360 different altcoins were stolen by hackers.

• The stolen funds were then transferred to wallet address ‘0xF7e8’ before being largely exchanged for Ethereum (ETH) and Binance Coin (BNB)

Stolen Assets: Some of the stolen assets include:

• 4.44 million USDT (Tether)

• 1 million WUSD (Wrapped USD)

• 608,660 USDC (USD Coin)

• 9.38 BTCB (Binance pegged Bitcoin)

• Along with many other tokens that make up the remaining significant amount.

BingX Response: BingX Chief Product Officer Vivien Lin confirmed the hack and announced the suspension of all withdrawals to mitigate further risk. Despite the significant amount lost, Lin assured users that BingX would cover the full amount of stolen assets with its own capital reserves. BingX further committed to resuming withdrawals within 24 hours to restore user confidence.

The hack is also part of a larger trend where crypto platforms are increasingly facing security threats. Hopefully BingX can resolve this situation soon and strengthen its security system.