Fri Sep 20 08:45:05 UTC 2024: ## BingX Suffers $43 Million Crypto Heist, Exchange Suspends Withdrawals
**Singapore-based cryptocurrency exchange BingX has been hit by a security breach, resulting in the theft of $43 million from its hot wallet.** The exploit was first reported by blockchain security firm PeckShield early Friday.
According to Etherscan data, over $13.2 million in ETH, $2.3 million in BNB, and $4.4 million in USDT were stolen. The hacker also drained BingX’s hot wallet of 360 other cryptocurrencies, which were subsequently swapped for ETH and BNB at decentralized exchanges like Uniswap and KyberSwap.
BingX CEO Vivien Lin confirmed the incident on X, stating that the exchange’s technical team detected “abnormal network access” around 4:00 am on September 20th. The platform immediately initiated emergency plans, including transferring assets from the hot wallet and halting withdrawals.
“To ensure security, withdrawals have been temporarily suspended while we conduct an emergency inspection and strengthen wallet services,” Lin explained. “We sincerely apologize for the inconvenience. Withdrawals will be restored within 24 hours at the latest.”
Lin assured users that the exchange remains safe, stating that the platform is operating normally and users can continue trading and using financial services as usual.
BingX maintains that the losses are “only minor” and that the majority of users’ funds are securely stored in cold wallets.
This incident follows the July theft of over $230 million from India-based cryptocurrency exchange WazirX, highlighting the ongoing vulnerability of crypto exchanges to hacks.
First Piper 