BingX agrees to refund users after security breach

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BingX, a Singapore-based cryptocurrency exchange, said it suffered a security breach that led to “minor” losses to its live wallet on Sept. 20 (Singapore time). The platform pledged to fully reimburse users for any losses incurred due to the hack that used their capital.

According to a statement shared by BingX product manager Vivien Lin, the company’s engineering team detected unusual network access at around 4:00 a.m. Singapore time, suggesting a possible attack.

“We immediately began our emergency plan, including urgent asset transfer and suspension (of withdrawal),” Lin said. fixed.

BingX has temporarily suspended withdrawals to conduct urgent verifications and improve wallet services. Withdrawals are expected to resume within 24 hours after the wallet service improvements are completed.

The exchange has assured customers that most assets are safe in cold wallets and only a small portion is affected.

“There was a minor asset loss, but the amount is small and is still being calculated,” Lin said. adding that the exchange will cover all losses incurred due to the hack using its own funds.

The breach was initially detected by blockchain security firm PeckShield, which reported suspicious withdrawals exceeding $13 million. Web3 security firm De.Fi later estimated total losses at around $20 million.

According to EtherScan data, millions of dollars worth of various tokens were transferred from a BingX hot wallet dubbed “BingX 15” to another address.

At the time of reporting, the compromised wallet still contained over $13 million worth of crypto assets. Other researchers revealed that the funds were moved through the decentralized exchange Kyberswap, suggesting that the hackers are attempting to launder the stolen funds.

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