Blockchain data reveals that hackers executed the BingX attack in two phases. In the first phase, approximately $26 million was stolen, including $13.25 million in Ether (ETH), $2.3 million in Binance Coin (BNB), and $4.4 million in USDT. Just hours later, an additional $16.5 million was withdrawn from BingX’s hot wallet. In total, more than $43 million worth of assets were stolen, encompassing over 360 different cryptocurrencies.
Exchange #BingX seems to have been attacked, with more than 360 altcoins (worth more than $26M) being transferred to wallet “0xF7e8” and then swapped for $ETH and $BNB.
Including:
4.44M $USDT
1.04M $WUSD
608.7K $USDC
9.38 $BTCB($590K)
86,545 $ZRO($369K)
…… pic.twitter.com/YIVurrY0se— Lookonchain (@lookonchain) September 20, 2024
The majority of the stolen assets were quickly converted into ETH and BNB via decentralized exchanges such as Uniswap and KyberSwap. As of now, the wallet associated with the hack still holds over 1,000 ETH and tokens valued at around $5 million.
Upon discovering the breach, BingX immediately halted all withdrawal activities and implemented an emergency plan to safeguard user assets. BingX’s Chief Product Officer, Vivien Lin, noticed:
“The total loss is minimal and manageable. This incident will not affect our ongoing business operations”
The exchange committed to restoring deposit and withdrawal services within 24 hours and guaranteed that users would not bear any financial losses.
“We immediately started our emergency plan, including the urgent transfer of assets and withdrawal suspension,” Lin added.
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