BingX Exchange Confirms $26M Hack, Promises Full Compensation

The latest cryptocurrency exchange hit by hacking was confirmed to be BingX based in Singapore where it initially lost $26 million due to hacking.

Singapore-based cryptocurrency exchange BingX has confirmed that it was the latest victim of a crypto hack, with an initial loss of $26 million.

According to blockchain security firm PeckShield, the exchange’s hot wallet was drained on Sept. 20, with over 360 altcoins being moved to the address “0xF7e8.” The stolen coins included 4.44 million USDT, 1.04 million WUSD, and 9.38 BTCB ($590,000), which were then quickly exchanged for Ethereum (ETH) and Binance Coin (BNB).

The stolen ETH was valued at $13.6 million at the time of the hack, according to PeckShield. However, further analysis by on-chain analytics platform Lookonchain revealed that the total loss was closer to $26 million.

“Another $16.5M cryptos drained from BingX,” Peckshield reported in a later update. “Despite pausing withdrawals, the cryptos were still drained 7 hours ago.”

According to the report, the stolen funds were sent to the address “0x1D…AEE,” which currently holds 5.3K $ETH, 4.1K $BNB, and 1.65M $MATIC. Together with the earlier transfers, Peckshield estimated the total loss at over $43 million.

BingX CPO Promises Full Compensation

In a statement posted on X (formerly Twitter), BingX Chief Product Officer Vivien Lin confirmed the hack, stating that it was detected by the technical team on the morning of Sept. 20 after they noticed abnormal network access.

The exchange immediately activated its emergency response plan, which involved shifting the remaining assets to secure wallets and halting withdrawals, according to Lin.

“We have a few hot wallets with a limited amount of funds, and the exchange will cover all the losses,” Lin stated. “The lost is limited and is still under estimation.”

Lin added that the exchange will be fully operational within 24 hours, with users being compensated for the stolen assets from BingX's balance.

“We aim at fully compensating for the stolen assets from our balance and enabling users to make withdrawals within the next 24 hours,” the CPO stated in the response, which appears to be an attempt to stabilize operations and regain consumer trust following the hack.

According to Etherscan data, the hacker wallet received billions of altcoins from one of the BingX hot wallets, labeled “BingX 15.” The coins were then allegedly laundered across multiple blockchains.

BingX management has stated that they have increased security measures following the attack and will provide specific details once they have assessed the full extent of the loss.

“An emergency inspection is underway,” the exchange stated. “Please be patient as we fully restore services shortly.”