Security Breach Details

BingX, a Singapore-based cryptocurrency exchange, has suffered a major security breach in its hot wallet, leading to a loss of $43 million in digital assets.

Findings by PeckShield

PeckShield, a security analysis firm, reported that the breach led to multiple tranches of stolen assets. Despite the significant amount lost, BingX described the impact as "minor."

Response from BingX

According to Vivien Lin, Chief Product Officer of BingX, the breach was detected on September 20. The exchange responded quickly by suspending withdrawals and transferring assets to cold wallets to limit the damage.

Recovery and Compensation Plan

BingX assured users that withdrawals will resume within 24 hours and those affected will be compensated. Lin emphasized that most of the assets are safe in cold wallets, and the breach will not severely impact the exchange’s overall operations.

Ongoing Investigations

The exchange is cooperating with authorities and security experts to investigate the breach and strengthen security measures to prevent further incidents. Source
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