Key Points
- BingX hack losses jump to over $52M after new investigations.
- $43M in crypto stolen; full compensation for users promised.
- Hackers targeted ETH, BNB, USDT, and over 360 different altcoins.
- Cyberattacks on Asian crypto exchanges are on the rise.
The BingX hack has shaken the cryptocurrency world, with new estimates revealing losses totaling $52 million.
Originally thought to be around $26 million, ongoing investigations have identified additional wallets impacted by the breach, drastically increasing the damage across multiple blockchain networks.
BingX, a Singapore-based cryptocurrency exchange, confirmed the hack and stated that approximately $43 million worth of digital assets were stolen in multiple tranches.
The losses include $13.25 million in Ether (ETH), $2.3 million in Binance Coin (BNB), and $4.4 million in Tether (USDT). Hackers also drained over 360 different types of altcoins during the attack.
Despite the severity of the incident, BingX has reassured users that they will be fully compensated for any losses incurred.
According to the firm’s Chief Product Officer (CPO), Vivien Lien, the overall loss is “manageable,” and steps are being taken to restore the platform’s normal functions.
Withdrawals and deposits have been temporarily suspended but are expected to resume within 24 hours, while trading services continue to operate as usual.
Security firms involved in the investigation managed to freeze approximately $1 million worth of stolen assets, but the broader loss remains substantial.
BingX was hacked today, $52M has been lost forever
Hacker dumped $IVfun but community saved it and won
Here’s a 🧵 happened and how IVfun was saved pic.twitter.com/JEs5DdT7eC
— Defileo🔮 (@0xDefiLeo)
Growing Cyber Threats to Crypto: BingX Hack a Warning
The BingX hack is the latest in a string of cyberattacks targeting centralized cryptocurrency exchanges, particularly in Asia.
Cyvers Alerts, a leading cybersecurity firm, has tracked the total losses from the BingX hack to over $52 million, based on their comprehensive analysis of all affected blockchain networks.
Hakan Unal, Senior Security Operations Lead at Cyvers, explained that earlier estimates were incomplete because additional wallets had not been accounted for.
As more affected wallets were discovered, the true scope of the BingX hack came into focus, leading to the updated figure of $52 million.
Data from Etherscan revealed that the stolen funds were swiftly converted into ETH and BNB through decentralized exchanges like Uniswap and Kyberswap. As of now, the hacker’s wallet still contains over 1,000 ETH and tokens worth around $5 million.
The BingX hack mirrors a troubling trend in which major cryptocurrency exchanges in Asia have been targeted.
Notable incidents include the $20.58 million hack of the Indonesian exchange Indodax on September 10, 2024, and the $234.9 million breach at WazirX in India, which occurred on July 18, 2024.
The most significant attack of 2024 occurred on May 31, when Japan’s DMM Bitcoin lost a staggering $305 million in digital assets.
These hacks have prompted security experts to suggest that North Korea’s Lazarus Group, a notorious state-sponsored hacking team, could be responsible for the attacks on Indodax, WazirX, and DMM Bitcoin.
BingX Hack: A Growing Concern for Exchanges
The BingX hack has raised serious concerns about the security measures in place at centralized cryptocurrency exchanges.
As the total loss continues to grow, with $52 million already confirmed, exchanges are under pressure to bolster their defenses against increasingly sophisticated attacks.
The BingX hack is one of several incidents in 2024 that highlight the vulnerabilities of even the most established exchanges.
Experts are urging exchanges to adopt more advanced cybersecurity measures to protect their users’ assets and prevent future breaches.
While BingX has promised full compensation for affected users, the reputational damage caused by the breach could have long-term consequences.
For the broader crypto community, the BingX hack serves as a stark reminder of the risks associated with centralized exchanges and the importance of security in the fast-evolving digital asset landscape.
