Crypto Exchange BingX Hacked, Onchain Data Shows Over $43M Drained

Election 2024 coverage presented by
Crypto exchange BingX has been hacked for a “minor” amount of assets and the exchange plans to compensate users for any loss, the firm’s chief product officer (CPO) said in a message on X.
On-chain data suggests nearly $43 million was stolen from the exchange in multiple tranches, with $13.25 million ether, $2.3 million BNB, $4.4 million USDT, among other being drained.
The first hack was for approximately $26 million, while a few hours afterward, hackers took an additional $16.5 million from the exchange.
“The total loss is minimal and manageable. This incident will not affect our ongoing business operations,” BingX CPO Vivien Lien said on X. “Trading services continue as usual. Withdrawals and deposits are temporarily delayed and are expected to be restored within 24 hours at the latest.”
Aside from stablecoins, hackers took more than 360 different types of altcoins.
Data from Etherscan shows most of the stolen crypto was swapped for ETH and BNB at DEXs like Uniswap and Kyberswap.
As of press time the wallet tied to the hack, which Etherscan says received most of its funds from the BingX hot wallet, has over 1,000 ether in it and tokens worth $5 million.
CORRECTION (Sept. 20, 08:08 UTC): Corrects Vivien Lien’s title to chief product officer.
Edited by Parikshit Mishra.
Disclosure
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.