Withdrawals have been suspended on BingX
On-chain analysis after the breach Look on Chain BingX has confirmed that it has been compromised. The stolen assets, totaling over 360 altcoins, were quickly transferred to a wallet address labeled ‘0xF7e8’. The funds were then mostly converted to Ethereum (ETH) and BNB.
The stolen property included:
- 4.44 million USDT (4.44 million dollars)
- 1 million WUSD (1 million dollars)
- 608,660 USDC ($608,660)
- Additional tokens that make up the rest
BingX responded by suspending all withdrawals to prevent further losses. Chief Product Officer Vivian Lin confirmed that the exchange would cover the entire amount using its own reserves. Lin also promised that withdrawals would be resumed within 24 hours to restore user confidence.
Part of a larger hacking trend
The attack on BingX is just one in a series of recent attacks on crypto platforms. Hacking. Earlier this week, DeFi protocol DeltaPrime lost $5.9 million in a security breach. Last week, Indonesia-based exchange Indodax suffered a similar attack, losing $20 million.
These frequent incidents have raised concerns about the overall security of the cryptocurrency industry, with experts urging exchanges and protocols to strengthen their defenses as hackers become more sophisticated in their tactics.