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

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 withdrawals.

Lin acknowledged that “there has been some asset loss” and the exact amount is being determined by the exchange. According to the BingX executive, the exchange uses a layered security and asset management system, meaning that most assets are stored in cold wallets, while a small portion of crypto is kept in hot wallets for withdrawals.

Temporary Maintenance

BingX issued a notice announcing that the BingX Web platform is currently under temporary maintenance of the wallet system, during which withdrawals and other services are unavailable.

Lin apologized for the incident and said that the services will be restored soon. During this maintenance period, the exchange will “conduct an emergency inspection and strengthen wallet services,” said Lin, adding that the exchange is also working on a compensation plan to reimburse those affected by the hack.