A prominent blockchain security firm, Cyvers, has reported that a Singapore-based crypto exchange lost $52 million in a recent hack.
Cyvers has disclosed in a recent post that BingX’s hot wallet was exploited, resulting in a significant loss across various blockchains, including Ethereum (ETH), Avalanche (AVAX), BNB, Optimism (OP), Polygon (POL), Base, and Arbitrum (ARB).
“Our system has identified suspicious transactions linked to BingX on multiple blockchains, leading to estimated losses exceeding $52 million. The stolen assets are currently being exchanged,”
According to cybersecurity firm Peckshield, the hacker managed to steal approximately $43 million worth of crypto assets and has already initiated swaps.
“BingX was breached with a loss of around $26.68 million in crypto assets. The majority of the stolen funds came from Ethereum and BNB Chain. The hacker has exchanged most of the stolen assets for approximately 4,526 ETH and 7,864.7 BNB…
Another $16.5 million in crypto assets was siphoned off from BingX by the hacker recently… totaling 5,300 ETH, 4,100 BNB, and 1.65 million MATIC.”
In a series of updates on the social media platform X, Vivien Lee, BingX’s chief product officer, explained the exchange’s asset management strategy and announced a temporary suspension of customer withdrawals.
“To safeguard user assets, we employ a multi-layered management system, with the majority stored in cold wallets and only a small portion in hot wallets for withdrawals. Withdrawals have been temporarily halted for security enhancement and emergency audits.”
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