BingX Suffers $43M Security Hack, Halts Withdrawals Temporarily

Singapore-based crypto exchange BingX has reportedly suffered a security hack on its hot wallet.

Security analytics at PeckShield suggest that a breach on the exchange's wallet has led to a $43 million loss in cryptocurrencies including 4526 ETH and 7865 BNB.

BingX responded by describing the incident as "minor" and manageable and that the team immediately started their "emergency plan" which included the transfer of assets and withdrawal suspension.

"To protect user assets, we use a layered management system, with the majority of assets stored in cold wallets and only a minimal stored in hot wallets for withdrawals," said BingX’s chief product officer, Vivien Lin.

"To ensure security, withdrawals have been temporarily suspended while we conduct an emergency inspection and strengthen wallet services. We sincerely apologize for the inconvenience. Withdrawals will be restored within 24 hours at the latest."

In a separate tweet, Lin said that withdrawals have been halted but that it was only a temporary measure. "The withdrawal suspension is temporary. Once our wallet services are restored, you will be able to withdraw freely," she said.

On BingX's X account, the exchange said there were "only minor losses so far, and we’ve got it covered. Most assets are safe in cold wallets, with only a small portion affected in the hot wallet."