Singapore-based exchange BingX’s suspected hack loss has risen to over $52 million, up from initial reports of $26 million.
The estimated loss of BingX, a cryptocurrency exchange situated in Singapore, has surpassed $52 million due to a suspected hack on September 20. This figure is double the previously reported $26 million.
In previous reports, the blockchain security firm PeckShield identified a single Ethereum wallet that was associated with the assault. This wallet received $26.7 million in assets from BingX.
Further investigations revealed substantial damages across multiple blockchain networks, resulting in a rise in the total loss.
“The total loss increases as more wallets are identified.” Hakan Unal, senior security operations lead at Cyvers Alerts, stated to Cointelegraph that the initial estimates, such as $13M, were likely incomplete. However, the updated figures from forensics firms, which now report figures such as $43M, provide a more accurate picture.
“Our threat intelligence system has summed the total loss across all chains, leading to a more comprehensive estimate of $52M,” Unal said.
BingX downplayed the incident, describing the cyberattack as causing only “minor” losses.
Lin also stated that security firms had contributed to the freezing of approximately $1 million of the misappropriated funds at the time of writing. BingX is currently determining its total loss.
Increase in the number of cyberattacks directed at Asian cryptocurrency exchanges
BingX’s intrusion occurred in the context of increased cyberattacks directed at centralized cryptocurrency exchanges in Asia.
On September 10, Indodax, an Indonesian exchange, experienced a $20.58 million breach.
On July 18, the Indian exchange WazirX was also the target of a significant breach, resulting in a loss of $234.9 million.
On May 31, hackers stole $305 million in assets from Japan’s DMM Bitcoin, the highest attack of the year thus far.
Security specialists have attributed the attacks on Indodax, WazirX, and DMM to North Korea’s state-backed Lazarus Group.
