New data from leading blockchain security firm Cyvers shows that a Singapore-based crypto exchange lost $52 million after being hacked.
In a new post, Cyvers say that BingX’s hot wallet suffered a multimillion-dollar exploit that affected multiple blockchains, including Ethereum (ETH), Avalanche (AVAX), BNB, Optimism (OP), and Polygon (POL), Base and Arbitrum (ARB).
“Our system has flagged multiple suspicious transactions linked to BingX on various blockchains. Estimated losses now exceed $52 million, with most of the stolen assets currently being exchanged.”
According to cybersecurity company Peckshield, it is about the hacker made away with approximately $43 million in stolen crypto assets and has already begun exchanging them.
“BingX was hacked, with ~$26.68 million worth of cryptos lost. The stolen money mainly flowed from Ethereum and BNB Chain. The hacker has already exchanged most of the stolen assets for ~4,526 ETH and 7,864.7 BNB…
Another $16.5 million worth of cryptos were withdrawn from BingX [the hacker] hours ago… Total [to] 5,300 ETH, 4,100 BNB and 1.65 million MATIC.”
In a new thread on the social media platform explains the crypto exchange’s layered asset management protocol, noting that customer withdrawals have been temporarily suspended.
“To protect user assets, we use a tiered management system, with the majority of assets stored in cold wallets and only a small portion stored in hot wallets for withdrawals. To ensure safety, admissions have been temporarily suspended while we conduct an emergency inspection and strengthen portfolio services.”
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