BingX Hack Update: $43 Million Worth USDT, USDC Stolen in Exchange Breach

In the latest cryptocurrency hack news, the BingX exchange has lost more than $43 million in a major theft leading to losses of investors’ altcoins, particularly stablecoins. Reportedly, the hacker swapped most of the stolen funds into ETH and BNB after the exchange breach.

BingX News: 396 Altcoins Stolen in Latest Breach

As per the latest on-chain data, the hacker stole a total of 360 altcoins worth over $43 million and moved them to the wallet addresses “0x940” and “0xF7e8”. Later, the hacker swapped them for ETH and BNB. As per the Data Nerd, the hacker stole 17 million in Tether’s USDT coins, another 3.35 million of USDC stablecoin, and 1.04 million of WUSD.

5 hours ago, 2 Hot Wallets of #BingX were exploited

Totally 396 tokens / coins (worth ~$43.3M) were transferred from #BINGX to 2 other wallets 0x940 and 0xF7E

– 17.08M $USDT
– 3.35M $USDC
– 1.04M $WUSD
– 13.64 $BTCB ~ $858k

Exploiter turned those tokens into $ETH, $BNB, $MATIC pic.twitter.com/1FT6UgZfb6

— The Data Nerd (@OnchainDataNerd) September 20, 2024

Crypto hacks have been increasing every passing day recently. A day before, the Banana Gun hack led to a loss of $1.4 million in Ethereum.

Vivien Lin, the head of BingX Labs, acknowledged the BingX hack adding that the technical team detected some abnormal activity only to find out the compromised BingX hot wallets. The exchange quickly triggered its emergency plan of urgent transfer of assets and withdrawal suspension.

Vivien Lin called it a “minor loss” adding that the team is still calculating the stolen funds. Following the BingX news regarding the hack, the exchange said that it employs a layered management system wherein it stores a majority of the assets in a cold wallet and only some assets in hot wallets for withdrawals. “Users’ assets are safe and well-protected under our layered asset management architecture,” noted Lin.

Victims of BingX Hack to Get Full Compensation

The Bingx chief also stated that the exchange would fully compensate the victims through its own funds.  In order to ensure security, BingX has also suspended withdrawals for a temporary period in order to conduct an emergency inspection and strengthen wallet services.

Lin added: “BingX and the development team apologize for the disruption. Our mission to provide a seamless and trusted trading environment remains firm”.

Apart from the BingX news, crypto hacks have been rampant in recent weeks targeting industry players through multiple channels. A Genesis creditor recently lost a staggering $243 million in a sophisticated social engineering crypto heist.

Similarly, hackers promoted the Solana meme coin HACKED after hacking the X accounts of several top global personalities and organizations.