Singapore’s BingX Exchange Suffers over $50 Million Hack

In a significant cybersecurity incident, BingX has reported estimated losses exceeding $52 million following a suspected hack targeting its hot wallet. The breach was identified by the technical team at approximately 4 AM on September 20 (Singapore time).

The affected chains include Ethereum (ETH), Binance Smart Chain (BNB), Base (BASE), Optimism (OP), Polygon (POLYGON), Arbitrum (ARB), and Avalanche (Avalanche).

In response, the exchange quickly activated its emergency protocols, which included suspending withdrawals and transferring assets to safety.

Source: Twitter

BingX reported that while there was some asset loss, the majority of funds are secure. Most of their assets are stored in cold wallets, with only a small amount kept in hot wallets for daily transactions. 

Vivien Lin, Chief Product Officer at BingX, addressed the situation on X, stating, “While the loss is still under calculation, we confirm the following:”

• Full Compensation: BingX will fully compensate for the losses using its own capital.
• Minimal Impact: The total loss is manageable, and this incident will not disrupt ongoing business operations. Trading services continue as usual, although withdrawals and deposits are temporarily delayed and expected to resume within 24 hours.
• User Asset Safety: Users’ assets are secure and protected under BingX’s layered asset management architecture.

BingX has also published a notice regarding wallet maintenance, which can be accessed in this file .

This is a developing story. Stay tuned with The Crypto Times for the latest updates.