BingX Hit by $26 Million Hack Amid Surge in Crypto Security Breaches

Crypto exchange BingX has fallen victim to a major hack, with over $26 million in digital assets stolen. The breach, which took place early Thursday, is part of a recent wave of security incidents affecting several platforms in the crypto space. 

PeckShield, a blockchain security firm, flagged suspicious transactions around 00:37 UTC, initially estimating a loss of $13.6 million. Further investigations revealed the theft was far larger. 

Withdrawals Suspended at BingX 

Following the breach, on-chain analysis by Lookonchain confirmed that BingX had been compromised. The stolen assets, totaling over 360 altcoins, were swiftly transferred to a wallet address labeled ‘0xF7e8.’ The funds were then mostly converted to Ethereum (ETH) and BNB. 

The stolen assets included: 

• 4.44 million USDT ($4.44 million) 

• 1 million WUSD ($1 million) 

• 608,660 USDC ($608,660) 

• 9.38 BTCB ($590,000) 

• Additional tokens making up the rest 

BingX responded by suspending all withdrawals to prevent further losses. Chief Product Officer Vivien Lin confirmed the exchange would cover the full amount using its own reserves. Lin also promised withdrawals would resume within 24 hours to restore user confidence. 

Part of a Larger Trend of Hacks 

The attack on BingX is just one in a series of recent crypto platform hacks. Earlier this week, DeltaPrime, a DeFi protocol, lost $5.9 million in a security breach. Last week, Indonesia-based exchange Indodax suffered a $20 million loss after a similar attack. 

These frequent incidents have raised concerns about the overall security of the crypto industry. Experts are urging exchanges and protocols to strengthen their defenses as hackers grow more sophisticated in their methods.