BingX, a prominent crypto exchange, has suffered a $42 million attack, leading to the theft of more than 360 cryptocurrencies, which were subsequently exchanged for Ethereum and Binance Coin.
The breach was initially identified by the blockchain security company PeckShield. The total misappropriated assets comprised stablecoins such as USDT, USDC, WUSD, Bitcoin, and several other tokens.
Vivien Lin, Chief Product Officer of BingX, confirmed the breach and assured users that the company has promptly implemented measures to prevent more harm. She underscored that the exchange’s hot wallet had been compromised and that withdrawals were suspended as part of the emergency measures.
BingX pledged to reimburse the entire sum of the misappropriated money from company reserves and to reinstate withdrawals within 24 hours to restore user trust.
This event exemplifies a broader trend of escalating breaches on crypto platforms, underscoring security weaknesses inside the sector.
