$50 million stolen from BingX Crypto exchange by Hackers.

BingX, by a cryptocurrency exchange, has fallen victim to a significant security breach resulting in losses estimated at over $52 million. The suspected hack, which targeted the exchange’s hot wallet, was detected by BingX’s technical team around 9 PM on September 19, Lagos time.

Several blockchain networks were impacted by the breach, including Ethereum (ETH), Binance Smart Chain (BNB), Base (BASE), Optimism (OP), Polygon (MATIC), Arbitrum (ARB), and Avalanche (AVAX). In response to the attack, BingX swiftly implemented its emergency protocols, temporarily halting withdrawals and securing assets by moving them to safer locations.

While some assets were compromised, BingX has assured its users that the bulk of their funds remain safe, as the majority of assets are held in cold wallets—offline storage methods that are less vulnerable to cyberattacks. Only a small portion of assets kept in hot wallets for routine transactions was affected.

Vivien Lin, Chief Product Officer at BingX, addressed the incident on social media, confirming key points:

• Full Compensation: BingX will cover the losses using its own funds.
• Limited Impact: The losses are considered manageable, and ongoing business operations remain unaffected. While deposits and withdrawals have been temporarily suspended, they are expected to resume within 24 hours.
• User Safety: User assets remain secure under BingX’s multi-layered asset management structure.

Additionally, cybersecurity firm Peckshield released a detailed report on the stolen assets and the specific blockchain networks that were compromised.