Key Points
BingX, a crypto exchange based in Singapore, has temporarily halted withdrawals.
This follows a suspected hacker attack on its hot wallet.
Blockchain analysts estimate the losses to be in the tens of millions of dollars.
The Breach and its Impact
On September 20, BingX’s Chief Product Officer, Vivien Lin, announced the breach.
It reportedly occurred around 4 a.m. Singapore time.
In response, the company initiated an emergency plan.
According to Lin, the exchange moved its assets to secure locations.
She reassured users that most assets, stored in cold wallets, were not affected by the attack.
The exact scale of the hack was not disclosed, but Lin referred to it as a “minor asset loss.”
However, PeckShield, a blockchain forensic firm, suggested that the breach might be more substantial.
They estimate about $26.68 million in assets, including Ethereum (ETH) and Binance Coin (BNB), were moved by the hacker.
An additional $16.5 million was reportedly drained from the platform shortly after.
Analysts traced the stolen funds to two wallet addresses and estimate the total loss to be over $43 million.
Despite the incident, BingX assured users that it would fully compensate any losses from its own capital.
The company expects to resume withdrawals within 24 hours.
BingX also emphasized that trading services are still operational.
User funds, it stated, remain secure under its layered asset management system.