This week brought turmoil and development across the crypto space. A $42 million hack at BingX rattled the market, raising questions about security vulnerabilities in major exchanges. Meanwhile, Hamster Kombatâs controversial airdrop sparked outrage after millions of players were disqualified from receiving tokens.
These developments highlight the industryâs promise and perils as it continues to evolve and capture the attention of regulators and innovators.
BingX Restores Services After $42 Million Crypto Hack:-
On September 20, crypto exchange BingX suffered a hack. This incident resulted in an over $42 million loss in digital assets.
The breach initially revealed suspicious transactions totaling $13.6 million. As further investigation unfolded, the losses escalated to over $26 million, eventually totaling $42 million.
The stolen assets included a wide range of cryptocurrencies, notably 4.44 million USDT ($4.4 million), 1 million WUSD ($1 million), 608,660 USDC ($608,660), and 9.38 BTCB ($590,000). PeckShield and other security experts confirmed that the attackers transferred the funds to a wallet address identified as â0xF7e8.â On-chain data also revealed that these bad actors quickly exchanged the stolen assets for Ethereum (ETH) and BNB.
Despite the heavy losses, BingX Chief Product Officer Vivien Lin assured users that the firm would cover the full amount with its capital reserves.
Hamster Kombatâs HMSTR Airdrop: Controversy Unfolds:-
Hamster Kombat, a popular tap-to-earn game on Telegram, faced a massive backlash this week after disqualifying over 63% of its players from the highly anticipated HMSTR token airdrop. Set to launch on September 26, the airdrop aimed to distribute 60 billion tokens to 131 million qualified players from the gameâs first season.
However, the controversy began when Hamster Kombat implemented last-minute anti-cheat measures. This new approach resulted in the ban of 2.3 million accounts for allegedly exploiting the gameâs reward system.
Kamala Harris Supports Crypto and AI in Campaign Speech:-
Vice President Kamala Harris shook up the tech and crypto industries this week with her first direct endorsement of cryptocurrencies as part of her presidential campaign. Speaking at a fundraising event in New York, Harris emphasized the importance of fostering innovation in AI and digital assets, positioning them as crucial to maintaining Americaâs global competitiveness.
âWe will partner together to invest in Americaâs competitiveness, to invest in Americaâs future. We will encourage innovative technologies like AI and digital assets while protecting our consumers and investors,â she stated.
This statement marks a significant shift in Harrisâ policy platform, aligning her with key figures in the crypto industry, such as Ripple co-founder Chris Larsen, who has publicly endorsed her campaign. Larsen, a proponent of blockchain regulation, believes Harrisâ stance could help push forward much-needed regulatory clarity in the digital assets space.
Binance Denies Alleged Data Breach Involving 13 Million Users:-
This week, rumors swirled around Binance, one of the largest global crypto exchanges, regarding a potential data breach affecting 13 million users. Reports surfaced on dark web forums claiming a group of cybercriminals, known as âGreavys,â has access to sensitive user information. This information includes names, email addresses, phone numbers, and residential details.
The alleged data was offered for sale via Telegram channels, fueling concern within the Binance community. However, Binance swiftly responded to these claims, denying any data breach.
âOur security team has thoroughly investigated the matter, and there is no evidence of a data leak. We remain committed to protecting our usersâ information,â a Binance spokesperson explained in a statement to BeInCrypto.
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