More than 360 altcoins worth over $26M were transferred to a suspicious wallet.
Key tokens affected include 4.44M USDT, 608.7K USDC, and 9.38 BTCB.
Hackers swapped stolen assets for ETH and BNB.
BingX reassures users, stating most funds are safe in cold storage.
Major Crypto Hack Targets BingX Exchange
In the early hours of September 20, Singapore Time (SGT), cryptocurrency exchange BingX suffered a security breach, leading to the loss of over $26 million worth of various altcoins. The assets were transferred to a suspicious wallet, identified as “0xF7e8,” before being swiftly swapped for Ethereum (ETH) and Binance Coin (BNB). This alarming attack has raised concerns over the safety of user funds, despite BingX’s efforts to reassure its users.
$26 Million in Assets Moved to Hacker Wallet
According to BingX, the breach was detected around 4 AM SGT on September 20. An abnormal pattern of access to the exchange’s hot wallet triggered alarms within the BingX security team. The exchange suspects this was the result of a coordinated hacker attack. A total of 360 different altcoins were transferred to a wallet labeled “0xF7e8.” Key stolen assets included:
4.44M USDT
1.04M WUSD
608.7K USDC
9.38 BTCB (worth approximately $590K)
86,545 ZRO (worth around $369K)
After transferring these assets, the attacker quickly exchanged them for ETH and BNB, likely attempting to obfuscate their trail and increase the difficulty of asset recovery.
BingX Response and Security Measures
Shortly after detecting the breach, BingX initiated an emergency protocol to mitigate further losses. This included transferring most user funds to cold wallets, which remain secure, and temporarily halting all withdrawals. The exchange assured its users that the majority of assets were unaffected, and only a minor portion, held in hot wallets, was compromised.
BingX made the following statement:
“At 4 AM (SGT) on Sept 20, our team detected abnormal access to the BingX hot wallet, suspecting a hacker attack. We immediately initiated an emergency response, including asset transfers and pausing withdrawals.”
The exchange also mentioned that recharge and withdrawal processes will be delayed as they strengthen their security measures, but they expect to process these within 24 hours. They apologized for the inconvenience and emphasized that the majority of user assets remain safe.
🔒 “Only minor losses so far, and we’ve got it covered,” BingX reassured users, explaining that the majority of assets are stored securely in cold wallets.
This hack highlights the ongoing vulnerabilities faced by centralized exchanges, even those that implement robust security protocols. Despite the relatively minor losses, users are naturally concerned about the safety of their assets on the platform. The crypto community is closely monitoring BingX’s response to see how it manages the fallout from this attack and whether it can prevent further breaches in the future.
