Singapore-based Crypto Exchange BingX Loses $52 Million in Recent Hack: New Data from Cyvers

Singapore-based crypto exchange BingX has fallen victim to a massive hack, losing a staggering $52 million in stolen assets. According to new data from blockchain security firm Cyvers, the exchange’s hot wallet was exploited, affecting multiple blockchains including Ethereum, Avalanche, BNB, Optimism, and Polygon.

Cyvers reported that suspicious transactions linked to BingX have been flagged, with estimated losses exceeding $52 million. Cybersecurity firm Peckshield revealed that the hacker made off with approximately $43 million worth of stolen crypto assets and has already begun swapping them.

Vivien Lee, the chief product officer of BingX, took to social media to explain the exchange’s asset management protocol, stating that the majority of assets are stored in cold wallets for security. Customer withdrawals have been temporarily suspended as BingX conducts an emergency inspection and strengthens wallet services.

The hack serves as a stark reminder of the risks associated with investing in cryptocurrencies. Investors are urged to do their due diligence before making any high-risk investments in the volatile crypto market. The Daily Hodl does not recommend buying or selling any cryptocurrencies or digital assets, and advises caution when engaging in transfers and trades.