After hackers attacked one of its hot wallets, Singapore-based crypto exchange BingX experienced a “minor” asset loss.
BingX promised its users that withdrawals would recommence promptly and that any impacted funds would be reimbursed. In the meantime, hackers seized control of the Supreme Court of India’s YouTube channel in order to spread an XRP fraud.
They even broadcasted a forged livestream featuring Ripple CEO Brad Garlinghouse. The United States apprehended two individuals for committing a sophisticated social engineering attack that resulted in the theft of over 4,100 Bitcoin from a Genesis creditor. Additionally, Germany closed 47 crypto exchanges for failing to comply with anti-money laundering regulations, which facilitated criminal activities.
BingX, a Singapore-based cryptocurrency exchange, has acknowledged that it experienced a modest asset loss as a result of unusual payments from one of its hot wallets. The BingX team suspected a cyber attack on the wallet after unusual network access was detected at approximately 4:00 a.m. Singapore time. Consequently, the issue was identified.
BingX’s Chief Product Officer, Vivien Lin, stated in a post that the exchange initiated an emergency response by suspending withdrawals and transferring assets to prevent any additional losses. Although she clarified that the precise magnitude of the loss is still being determined, it is reported that the exchange maintains only a negligible quantity of cryptocurrency in its hot wallets. Lin characterized the asset loss as “minor” in the post.
PeckShield, a blockchain security firm, initially reported a suspicious discharge of $13.5 million. However, the estimate was subsequently revised to $26.7 million. Lookonchain, an analytics platform, also disclosed losses exceeding $26 million.
Lin continued to reassure users that the loss was manageable, despite this. Additionally, the exchange has declared that withdrawals will be reinstated within 24 hours and that it will provide complete compensation for any funds that have been impacted. A spokesperson for BingX stated that the exchange conducts routine reviews and maintenance of its wallets as a precautionary measure. They also pledged to provide additional information once the losses have been completely assessed.
Harrison Leggio, co-founder of crypto startup g8keep, expressed doubts regarding BingX’s statement that “wallet maintenance” was solely an attempt to minimize the situation. He criticized the exchange’s response to the incident. PeckShield released EtherScan data that indicated the transfer of millions of dollars’ worth of tokens across multiple blockchains from one of BingX’s hot wallets.
BingX is not the sole victim of a breach in the past few hours. Hackers have seized control of the official YouTube channel of the Supreme Court of India in order to conduct a Ripple and XRP fraud.
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