According to new data from blockchain security firm Cyvers, the Singapore-based cryptocurrency exchange BingX has lost $52 million due to a cyber attack. This incident raises serious concerns regarding the security measures employed by cryptocurrency exchanges.
Multiple Blockchain Exploits
BingX’s hot wallet was exploited across multiple blockchains, including Ethereum 
$2,328, Avalanche, BNB, Optimism, Polygon, Base, and Arbitrum.
Cyvers stated, “Our system detected multiple suspicious transactions linked to BingX. Estimated losses exceeded $52 million, and most of the stolen assets are currently being liquidated.”
Details of the Attack
Cybersecurity firm Peckshield confirmed that the attacker seized approximately $43 million in crypto assets and began liquidating them. They noted that BingX suffered a loss of $26.68 million, predominantly from Ethereum and BNB Chain.
Peckshield reported, “The attacker converted most stolen assets into about 4,526 ETH and 7,864.7 BNB. Additionally, $16.5 million worth of crypto was withdrawn from BingX a few hours prior, totaling 5,300 ETH, 4,100 BNB, and 1.65 million MATIC.”
BingX’s Countermeasures
Vivien Lee, BingX’s product manager, announced on social media platform X that user withdrawals have been temporarily suspended as the exchange reassesses its asset management protocol. She emphasized the use of a layered management system to protect user assets, mainly keeping them in cold wallets.
Vivien Lee stated, “To safeguard user assets, we maintain most funds in cold wallets and only a minimum for withdrawals in hot wallets. Withdrawals have been temporarily halted while we conduct an emergency review and strengthen wallet services.”
This incident highlights the critical importance of security protocols for cryptocurrency exchanges. It underscores the necessity for exchanges to enhance their cold wallet usage and security measures to protect user assets.
