24/7 Cryptocurrency News

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

BingX exchange suffered a major hack losing millions in stablecoins like USDT, USDC, and WUSD, later swapped for altcoins like ETH and BNB.
Published by
BingX Hack Update: $43 Million Worth USDT, USDC Stolen in Exchange Breach

Highlights

  • The BingX hacker moved stolen funds to addresses "0x940" and "0xF7e8" and later swapped for ETH and BNB.
  • BingX detected the hack through abnormal activity in its hot wallets and immediately triggered its emergency response plan.
  • The exchange immediately suspended withdrawals and ensured that all victims would be fully compensated from company funds.

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.

Advertisement

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.

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.

Advertisement

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.

Advertisement

Share
Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • 24/7 Cryptocurrency News

Trump’s Thumzup Media Boost Dogecoin Mining Fleet, Pumps $2.5M Into DogeHash

Trump-backed Thumzup Media has invested $2.5 million in DogeHash Technologies. This is in a bid…

October 1, 2025
  • 24/7 Cryptocurrency News

BREAKING: 21Shares SUI and Polkadot ETFs Gain DTCC Listing

21Shares SUI and Polkadot ETFs were listed on the DTCC website. The listing indicates progress…

October 1, 2025
  • 24/7 Cryptocurrency News

SEC Issues Guidance Enabling Ripple, Coinbase, BitGo to Qualify as Custodians

The U.S. Securities and Exchange Commission (SEC) has issued a new guidance. This allows investment…

October 1, 2025
  • 24/7 Cryptocurrency News

Fed’s Goolsbee Cites Inflation Worries in Case Against Further Rate Cuts

Federal Reserve Bank of Chicago President Austan Goolsbee has warned that inflation risks could outweigh…

October 1, 2025
  • 24/7 Cryptocurrency News

David Schwartz To Step Down as Ripple CTO, Delivers Heartfelt Message to XRP Community

David Schwartz has announced plans to step down from his role as Ripple's Chief Technology…

October 1, 2025
  • Bitcoin News

Michael Saylor Reveals Strategy’s Endgame To Accumulate $1 Trillion Bitcoin For Its Treasury

According to Strategy executive chairman, Michael Saylor, the company has an ambitious vision for its…

October 1, 2025