BingX took a $42 million hit after a hacking incident, continuing the week's streak of crypto thefts. BingX's Chief Product Officer, Vivien Lin, confirmed the breach, calling the loss 'minor.' Yeah, just $42 million — a pocket change. Next time, they might not even notice.

More: Binance's to Pay $4.3 Billion to U.S.

Caught Red-Handed

Singaporean crypto exchange BingX confirmed it suffered a "minor loss of assets" after "suspicious" outflows were spotted from one of its hot wallets.

In a September 20 statement, BingX's Chief Product Officer, Vivien Lin, said the exchange’s technical team "detected unusual network access" around 4:00 AM Singapore time and suspected a "hack targeting BingX's hot wallet."

Lin reassured everyone that BingX kept a minimal amount of cryptocurrency in its hot wallets, and while there was a "small loss of assets," the exact amount is still being calculated. 

Blockchain security company PeckShield first identified a "notable suspicious outflow" of more than $13.5 million from BingX, but later updated the figure to $26.7 million.

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Source: PeckShield

Blockchain analytics firm Lookonchain detailed the stolen assets, which included more than 360 different altcoins. The funds were quickly moved to the wallet address "0xF7e8" and mostly swapped for Ethereum (ETH) and BNB.

A Breakdown of the Loot

A detailed breakdown of the stolen assets includes (along with a host of other tokens making up the remaining stash):

- 4.44M USDT ($4.44M),

- 1M WUSD ($1M),

- 608,660 USDC ($608,660),

- 9.38 BTCB ($590,000).

According to PeckShield’s latest update, the total outflows from BingX exceeded $43 million.

Despite the eye-popping losses, Lin reassured users that BingX would cover the entire amount from its capital reserves. She also promised that withdrawals would resume within 24 hours. Lin reiterated that the losses were "minimal and manageable" and wouldn’t affect the exchange’s business operations.

Another Week, Another Hack

The BingX hack this week is just part of a growing trend of attacks on crypto platforms. Earlier this week, DeltaPrime, a decentralized finance (DeFi) protocol on the Arbitrum chain, reported losses of $5.9 million due to suspicious transactions.

In each case, blockchain security firms identified the hacks after funds were illegally transferred and converted across multiple networks. These repeated incidents have sparked calls for stronger security measures in the crypto industry. Or, as one frustrated user, Harrison Leggio, co-founder of crypto startup g8keep (better known by his alias "Pop Punk"), said:

Lesson of the day, folks: if you’re using a centralized exchange, try to pick one that doesn’t accidentally donate millions to random hackers. That’s not the kind of philanthropy you want to be part of.

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