BingX’s head confirmed the incident and stated that the technical team had detected unusual activity leading to the compromise of hot wallets.
In the most recent news on cryptocurrency hacks, the BingX exchange suffered a massive theft that resulted in the loss of more than 43 million dollars. This theft has caused investors to lose their altcoins, notably their stablecoins.
Reports indicate that the hacker converted the majority of the stolen assets into ether and bitcoin following the compromise of the exchange.
BingX News: 396 Altcoins Stolen in Latest Breach
The hacker took a total of 360 alternative cryptocurrencies with a value of more than $43 million and transferred them to the wallet addresses “0x940” and “0xF7e8,” according to the most recent data that was on the blockchain.
After that, the hacker exchanged them for ether and bitcoin. The Data Nerd reported that the hacker took an additional 3.35 million USDC stablecoin, 1.04 million WUSD, and 17 million USDT coins belonging to Tether.
As of late, the number of crypto hacks has been steadily growing with each passing day. The Banana Gun hack a day earlier resulted in a loss of $1.4 million in Ethereum. Vivien Lin, the head of BingX Labs, acknowledged the compromise of the BingX platform.
She also revealed that the technical team had detected unusual activity, which prompted them to uncover the compromise of the BingX hot wallets. Instantaneously, the exchange put into action its contingency plan, which included the immediate transfer of assets and the stoppage of withdrawals.
Vivien Lin described it as a “minor loss,” adding that the team is currently assessing the stolen amount. The exchange stated that it has a layered management approach, which means that it maintains the majority of its assets in a cold wallet and only some in hot wallets for withdrawals.
The exchange made this statement in response to the rumor of a hack on exchange. Lin noted that our layered asset management system provides high-level safeguards and protection for user assets.
Victims of BingX Hack to Get Full Compensation
Additionally, Bingx’s chief executive officer announced that the exchange would provide full compensation to the victims using its own cash. In addition, BingX has temporarily halted withdrawals in order to reinforce wallet services and conduct an emergency inspection.
We are taking these precautions to guard against potential security breaches.Lin continued by saying, “BingX and the development team are appreciative of the distraction.” We continue to be committed to our aim of providing a trading environment that is simple and trustworthy.
In recent weeks, there has been a proliferation of crypto attacks targeting industry people through a variety of channels. This development coincides with the recent news about BingX.
Recently, a clever social engineering crypto theft victimized a Genesis creditor, resulting in a stunning loss of 243 million dollars.In a similar manner, hackers propagated the Solana meme coin HACKED after they had hacked the X accounts of a number of prominent persons and organizations from around the world.
