BingX Pledges User Compensation After a $43M Hack on Its Hot Wallet

• BingX has been hacked for tens of millions.
• The hacker stole over 360 altcoins from the exchange’s hot wallet.
• The exchange said it was keen to compensate users with its own capital.

Crypto exchange BingX’s product chief Vivien Lin announced Friday that the trading platform would compensate for the loss of a multimillion-dollar hack with its “own capital.”

BingX was compromised on September 20 at around 4 a.m. Singapore time when the exchange’s technical team detected “abnormal network access,” suspecting a hacker had breached its hot wallet. While the platform initiated its emergency plan “immediately,” security experts flagged a significant loss from the attack.

BingX Hacked for $43 Million

On Friday, blockchain security firm PeckShield flagged a suspicious $13.6 million fund outflow from BingX. The firm confirmed four hours later that the exchange had been hacked for $26.68 million in assorted cryptos, which Lookonchain reported included over 360 altcoins.

While Lookonchain cited nearly the same loss as PeckShield, estimating it at over $26 million, the latter revised its estimate to over $43 million an hour later.

“Another $16.5M worth of cryptos has been drained from #BingX,” PeckShield wrote on X. “We estimate the total loss to be over $43M.”

Amid the development, BingX’s Vivien Lin appeared to confirm the security breach and announced the temporary suspension of withdrawals to mitigate further risks while the exchange inspected and strengthened its wallet services.

Noting that withdrawals would be restored within a day “at the latest,” Lin assured users that the exchange would compensate for the total loss, which she termed “minimal and manageable.”

“While the loss is still under calculation, we confirm BingX will fully compensate for the loss with our own capital,” Lin wrote on X. “Users’ assets are safe and well-protected under our layered asset management architecture.”

BingX has yet to confirm the hack’s impact and total loss.

Stay updated on the recent crypto hack on Delta Prime:
Delta Prime Loses $5.98M to Ongoing Attack on Admin Keys

Read how 9B SHIB was recently stolen from a major CEX:
9B SHIB Stolen from Major CEX as Exchange Reserve Hits Bottom