BingX, a Singapore-based cryptocurrency exchange, recently experienced a major security breach, leading to the theft of over $43 million from its hot wallet. The breach was detected on September 20, 2024, when BingX's technical team noticed unusual network access and immediately activated their emergency protocols. This included transferring assets to cold wallets and temporarily halting withdrawals to prevent further damage.
Blockchain security firms such as PeckShield confirmed that hackers managed to drain approximately $43 million across multiple cryptocurrencies, including 17 million USDT and 5,300 ETH. BingX has reassured users that they will be fully compensated using the exchange's own capital, and withdrawals are expected to resume within 24 hoursă8â sourceăă9â sourceăă10â sourceă.
This incident highlights the ongoing vulnerability of hot wallets, which store funds online for immediate access but are more exposed to attacks compared to cold wallets, which are kept offline.#DODOEmpowersMemeIssuance #CATIonBinance #BTCReboundsAfterFOMC #FOMC #NeiroOnBinance
