Cryptocurrency exchange BingX hacked, emergency plan activated

Cryptocurrency exchange BingX has reported a potential security breach affecting its hot wallet. The incident has forced the platform to implement its emergency response protocols.

Vivien Lin, Product Director at BingX, confirmed the security incident in a post on X. According to Lin, the exchange's technical team identified an abnormal network access at around 4 a.m. Singapore time.

This raised suspicions of a potential security breach affecting BingX's hot wallet. In response to the threat, BingX immediately put its emergency plan in place.

At around 4 a.m. on September 20, Singapore time, our technical team detected an abnormal network access and suspected that it was a hacker attack on BingX's hot wallet. We immediately started our emergency plan, which included urgent asset transfer and suspension of withdrawals. Minor asset losses have occurred…

— Vivien Lin @ BingX (@Vivien_BingX) September 20, 2024

BingX moves funds and halts withdrawals

The emergency plan included urgent asset transfers and suspension of withdrawals. The exchange has reported a “small loss of assets,” but the full extent of the hack is still being calculated.

In the tweet, Lin shared details about its layered management system. She stated that most user funds are stored in cold wallets and only a minimal amount is kept in hot wallets for withdrawal purposes.

“To ensure security, withdrawals have been temporarily suspended while we conduct an emergency inspection and strengthen wallet services. We sincerely apologize for the inconvenience. Withdrawals will be restored within 24 hours at the latest,” Lin stated.

BingX is working on a compensation plan