Cryptocurrency exchange BingX has been the victim of a cyberattack that resulted in the theft of $42 million worth of assets, including over 360 cryptocurrencies. The stolen assets were converted to Ethereum and Binance Coin. The breach was discovered by blockchain security firm PeckShield.
Vivien Lin, Chief Product Officer at BingX, confirmed the incident and reported that the exchangeâs hot wallet was compromised, leading to the temporary suspension of withdrawals as an emergency measure. Lin assured that the company is taking all necessary actions to contain the damage and promised to fully refund affected users from the companyâs reserves, in addition to reinstating withdrawals within 24 hours.
This attack highlights the growing security threats faced by cryptocurrency platforms, underlining the importance of strengthening protection in the sector.$BNB $ETH #BinanceTurns7 #MarketDownturn
