BREAKING: BingX Hacked: $20M Stolen, Exchange in Emergency Mode

• BingX has suffered an exploit with hot wallets being compromised.
• The hacker has stolen around $27 million in various digital assets.
• BingX has suspended withdrawals and is under a 24-hour maintenance period.

BingX, the Singapore-based crypto exchange offering spot, derivatives, and copy trading services, has experienced an exploit and is currently undergoing a 24-hour maintenance period to find the root cause and improve its security.

Reports on social media indicate the platform lost over $20 million in various digital assets.

Hacker Swaps Stolen Funds for ETH

In a post on X (formerly Twitter), Spot On Chain verified that the hacker moved $27 million worth of different crypto assets from BingX’s hot wallets and is exchanging them for Ether (ETH). The hacker’s addresses already contain 7,172 ETH ($17.58 million) and 11,467 BNB ($6.44 million).

BingX’s chief product officer, Vivien Lin, addressed the situation and talked about the next possible steps to protect funds. Lin explained that once the exchange learned of the hacker’s plans, they immediately implemented their “emergency plan,” which involved transferring digital assets and suspending …

The post BREAKING: BingX Hacked: $20M Stolen, Exchange in Emergency Mode appeared first on Coin Edition.