BingX Loses $43M in Hot Wallet Hack, Promises Compensation to Users

On September 20, 2024, hackers breached the hot wallet of BingX, a cryptocurrency exchange based in Singapore, and stole approximately $43 million in digital assets. Security firm PeckShield confirmed the amount, emphasizing the seriousness of the attack. In response, BingX's technical team quickly transferred assets to safer cold wallets and paused all withdrawals to prevent further losses.

Despite the breach, BingX assured users that most of its assets remain secure in cold storage, with only a small portion affected. The exchange plans to compensate users impacted by the theft and expects to resume withdrawals within the next 24 hours. This incident underscores the ongoing security challenges facing crypto platforms, but BingX's swift action demonstrates its dedication to safeguarding user funds.