At around 4 AM on September 20 (Singapore time), BingX’s technical team detected unusual network activity, suggesting a potential hacker attack targeting the platform’s hot wallet.

In response, an emergency plan was swiftly implemented, which included suspending withdrawals and urgently transferring assets to protect user funds. While some assets have been lost, the amount is relatively small and is still being calculated.

To safeguard user funds, BingX employs a layered asset management system. The majority of assets are stored in cold wallets, with only a small portion kept in hot wallets to facilitate withdrawals. As a precaution, all withdrawals have been temporarily paused while the team conducts an emergency review and strengthens wallet security measures.

According to blockchain analysis platform Lookonchain, over 360 altcoins valued at more than $26 million were transferred to wallet address “0xF7e8” and then swapped for $ETH and $BNB. These included:

– 4.44 million $USDT
– 1.04 million $WUSD
– 608,700 $USDC
– 9.38 $BTCB (valued at $590,000)
– 86,545 $ZRO (valued at $369,000)

While the exact loss is still under assessment, BingX has confirmed the following key points:

1) The platform will fully compensate any losses using its own funds.

2) The total loss is minimal and will not impact BingX’s ongoing operations. Trading services remain unaffected, and withdrawals and deposits are expected to resume within 24 hours.

3) Users’ assets remain secure under the company’s robust layered asset management system.

BingX assures its users that their funds are safe, and the platform is taking all necessary steps to resolve the issue swiftly.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: Max Bender/Unsplash // Image Effects by Colorcinch