Crypto Exchange BingX Suffers Over $50 Million Hack
In the early hours of September 20, crypto exchange BingX was the victim of a serious security breach. The exchange’s technical team observed suspicious network activity at approximately 4 AM in Singapore, sparking concerns of a potential hacker attack on the hot wallet.
In response, the exchange acted swiftly by implementing their emergency protocols, which included halting all withdrawals and moving assets to a secure location.
Despite some loss of assets, the majority of funds were not compromised as they are primarily stored in cold wallets, with a minimal amount kept in hot wallets for daily use.
As a precautionary measure, withdrawals will remain suspended for approximately 24 hours while the team conducts a thorough investigation and implements further security measures to ensure the safety of user assets.
