Blockchain security firm Cyvers has reported that the Singapore-based crypto exchange BingX has suffered a significant hack, resulting in a loss of $52 million. The exploit targeted BingX’s hot wallet and affected multiple blockchains, including Ethereum (ETH), Avalanche (AVAX), BNB, Optimism (OP), Polygon (POL), Base, and Arbitrum (ARB).
According to Cyvers, the hacker swiftly moved across several blockchains, swapping most of the stolen assets, which have now reached an estimated value exceeding $52 million.
Cybersecurity firm Peckshield provided further details, indicating that the hacker made away with approximately $43 million worth of crypto assets. The hacker has already swapped the majority of these assets for around 4,526 ETH and 7,864.7 BNB. Peckshield also revealed an additional loss of $16.5 million in assets from BingX, totaling 5,300 ETH, 4,100 BNB, and 1.65 million MATIC.
Vivien Lee, BingX’s Chief Product Officer, explained the exchange’s asset management protocol in a post on social media platform X. BingX employs a layered management system, keeping most assets in cold wallets and only a minimal amount in hot wallets for user withdrawals. Following the hack, the exchange has temporarily suspended withdrawals to conduct an emergency inspection and bolster wallet security to protect user assets.
