BingX, a cryptocurrency exchange, has confirmed a security breach resulting in the theft of approximately $43 million in various assets. The firm’s CEO, Vivien Lien, announced on X that the exchange will compensate users for any losses incurred.
On-chain data reveals that the hackers executed the theft in multiple transactions, with notable amounts including $13.25 million in Ethereum, $2.3 million in BNB, and $4.4 million in USDT, among others. The first breach resulted in losses of around $26 million, followed by an additional $16.5 million taken a few hours later.
Lien reassured users, stating, “The total loss is minimal and manageable. This incident will not affect our ongoing business operations.” He also confirmed that while trading services continue without interruption, withdrawals and deposits have been temporarily delayed, with expectations to resume within 24 hours.
In addition to stablecoins, the hackers stole over 360 different types of altcoins. Data from Etherscan indicates that a significant portion of the stolen cryptocurrency has been exchanged for ETH and BNB on decentralized exchanges such as Uniswap and Kyberswap.
As of the latest updates, the wallet associated with the hack holds over 1,000 ether and tokens valued at approximately $5 million, having received most of its funds from the compromised BingX hot wallet.
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