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Crypto Exchange BingX Hacked, Onchain Data Shows Over $43M Drained
Hacker have moved the stolen assets to decentralized exchanges.
Updated Sep 20, 2024, 8:08 a.m. Published Sep 20, 2024, 5:47 a.m.
- BingX was the victim of a hack for more than $43 million.
- The firms' chief product officer said on X that the assets stolen were minor and any customer losses would be compensated.
Crypto exchange BingX has been hacked for a "minor" amount of assets and the exchange plans to compensate users for any loss, the firm's chief product officer (CPO) said in a message on X.
On-chain data suggests nearly $43 million was stolen from the exchange in multiple tranches, with $13.25 million ether, $2.3 million BNB, $4.4 million USDT, among other being drained.
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#PeckShieldAlert Another $16.5M worth of cryptos has been drained from #BingX by 0x940362B46faf7DF48Af1c8989d809F50466B5fCA about 7 hours ago.
— PeckShieldAlert (@PeckShieldAlert) September 20, 2024
The stolen funds are currently parked at 0x1Dd7dAf089C16856155FeFd7e2170966bb6b3AEE, totaling 5.3K $ETH, 4.1K $BNB & 1.65M $MATIC.
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The first hack was for approximately $26 million, while a few hours afterward, hackers took an additional $16.5 million from the exchange.
"The total loss is minimal and manageable. This incident will not affect our ongoing business operations," BingX CPO Vivien Lien said on X. "Trading services continue as usual. Withdrawals and deposits are temporarily delayed and are expected to be restored within 24 hours at the latest."
Aside from stablecoins, hackers took more than 360 different types of altcoins.
Data from Etherscan shows most of the stolen crypto was swapped for ETH and BNB at DEXs like Uniswap and Kyberswap.
As of press time the wallet tied to the hack, which Etherscan says received most of its funds from the BingX hot wallet, has over 1,000 ether in it and tokens worth $5 million.
CORRECTION (Sept. 20, 08:08 UTC): Corrects Vivien Lien's title to chief product officer.
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