Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Crypto Exchanges => Topic started by: Rikafip on September 20, 2024, 08:51:10 AM
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As the title says, BingX was hacked earlier today with at least $43 million stolen and that amout may increase to even bigger number.
So yeah, what to say other than its yet another warninmg not to store your crypto on centralized (not that it will reach those who need to hear it, but still).
The Singapore-based crypto exchange BingX suffered a security hack on its hot wallet, resulting in a significant loss of funds.
Security analysts at PeckShield noted that the incident resulted in an estimated loss of $43 million in cryptocurrencies, though the exchange describes it as "minor" and manageable.
PeckShield added that most stolen funds were transferred in multiple tranches.
Amid the exploit, BingX’s chief product officer, Vivien Lin, said the incident was identified on September 20 at around 4:00 a.m. Singapore time when BingX’s technical team detected what is described as “unusual network access, suspecting a hacker attack” on the exchange’s hot wallet.
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It is a good warning not to store coins on exchanges. But as we are saying it, some people just do not care. Are they not hearing news and know about these hack incidents or they just feel like not to listen?
But there are times I think of traders. What will they do to minimize or avoid such incidents like this when they are trading daily on the exchange?
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I read a statement about the hack, but the platform commented that the amount is considered a small part of the hot wallet. If that were the case, I believe that customer deposits would not be affected, but 43 million is not a small amount, so it is better to withdraw the money after removing the account restrictions until the allegations are confirmed.
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According to Coinmarketcap the total assets of Bingx is:
(https://i.ibb.co/WgM9rr2/bingx.png) (https://ibb.co/Gc8wZZ5)
Source (https://coinmarketcap.com/exchanges/bingx/)
43 million is a huge amount of money, I hope they get back (pretty hard), but more important, I hope they recover and continue to run, Bingx is a good exchange and I use regularly
Some are blaming Lazarus group...
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But there are times I think of traders. What will they do to minimize or avoid such incidents like this when they are trading daily on the exchange?
I guess they just have to accept the risk and hope for the best. And of course try to use only the most reputable exchanges.
I read a statement about the hack, but the platform commented that the amount is considered a small part of the hot wallet.
If $43 million is small part of their wallet, then they are much bigger than I thought. Or they are just saying that in order to calm their users so they don't rush and start withdrawing money en masse.
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If $43 million is small part of their wallet, then they are much bigger than I thought. Or they are just saying that in order to calm their users so they don't rush and start withdrawing money en masse.
It's probably to calm down all the users and prevent mass withdraws, but I hope it's true
From what I posted above, their reserve would be almost 400 million, so it's a pretty significant amount
The fact that the exchange is still firmly operating shows that the money is just a small part of their wallet. Actually if this happen to an exchange that is not strong it will badly affect them, so far everything is under control with BingX and i love the fact that they are quick to action.
the website is working, the trades are too, but I'm going to test the withdrawal in a few hours, I have a bit of BTC and USDT there
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Didn't BingX recently changed their policy and switched to asking mandatory KYC verification for all their customers?
Interesting how things like this keep happening with crypto exchanges and people still continue to use them and send their personal information and documents to them.
Just imagine what would happen if bunch of banks got hacked and lost money all the time.
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Didn't BingX recently changed their policy and switched to asking mandatory KYC verification for all their customers?
Interesting how things like this keep happening with crypto exchanges and people still continue to use them and send their personal information and documents to them.
Just imagine what would happen if bunch of banks got hacked and lost money all the time.
I'm using without KYC and I hope to continue like that :D
A few hours ago I was able to withdraw USDT on the BSC network (it was the one that came back first), and everything went well, I received my withdrawal within a few minutes
It looks like everything is going to be fine
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A few hours ago I was able to withdraw USDT on the BSC network (it was the one that came back first), and everything went well, I received my withdrawal within a few minutes
It looks like everything is going to be fine
I'm glad you were able to withdraw. If they can get over the initial shock, such a hack has a long-term effect of lower liquidity and increased withdrawal problems. Let's just hope the claims are true and that 43 million is a small part of their reserves.
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Actually if this happen to an exchange that is not strong it will badly affect them, so far everything is under control with BingX and i love the fact that they are quick to action.
This will badly affect them. Not badly ernough though, as many will keep hodling their money at BingX.
Just imagine what would happen if bunch of banks got hacked and lost money all the time.
Owners of crypto exchanges are lucky that they users have a memoty of a gold fish, and on top of that there is a constant influx of new users that have no idea about the dangers of storing their money on CEX.
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I'm glad you were able to withdraw. If they can get over the initial shock, such a hack has a long-term effect of lower liquidity and increased withdrawal problems.
I guess you're right, he was lucky to have his withdraw and the long term impact of the hack will remain on BIngX but I guess they'll try to sort out the issue. I'm also registered on that platform and do trading at it and I guess now deposits are going to get restored for some cryptocurrencies as well.
One can learn more by visiting their official statement: BingX Will Gradually Reopen Deposit Service from 2024-09-22
(https://bingx.com/en/support/articles/37965909546777/)
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As the title says, BingX was hacked earlier today with at least $43 million stolen and that amout may increase to even bigger number.
So yeah, what to say other than its yet another warninmg not to store your crypto on centralized (not that it will reach those who need to hear it, but still).
i understand traders who might choose to use centralized exchanges for easier trading but the lesson here should be that you should not store ALL of your money into one place and into an exchange no less hold your money especially if its a big amount in different trusted platforms and only put the amount you need for trading in an exchange
this comes to a shock to me because i was considering on using this exchange a few months back so i am kinda glad i didn’t end up using this
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i understand traders who might choose to use centralized exchanges for easier trading but the lesson here should be that you should not store ALL of your money into one place and into an exchange no less hold your money especially if its a big amount in different trusted platforms and only put the amount you need for trading in an exchange
this comes to a shock to me because i was considering on using this exchange a few months back so i am kinda glad i didn’t end up using this
Hacks of centralized exchanges happen almost every year, and you're right that this case with Bingx is another clear proof that exchanges are not the best place to hold assets. However, if a user still wants to trade on exchanges, then it should be done only with assets that are not afraid to lose.
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I'm using without KYC and I hope to continue like that :D
You know that you are taking a big risk with them.
They officially changed the rule and added mandatory KYC, so they can freeze your account and confiscate coins at anytime.
I would not use them after this latest hack.
Owners of crypto exchanges are lucky that they users have a memoty of a gold fish, and on top of that there is a constant influx of new users that have no idea about the dangers of storing their money on CEX.
Tiktoker gold fish attention spam 8)
That is why wise man once said that repetition is the mother of all learning.
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not a very popular exchange, most of the victims i guess are from Singapore also? this is no big news that legacy media is trying to flash on national TV anymore.
hacked exchange in crypto is already expects every year, its not surprising anymore whenever i hear news of exchange being hacked. even the popular exchanges gets hacked and then guaranteed the funds are intact. i could be wrong but its almost like a marketing strategy already.
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not a very popular exchange, most of the victims i guess are from Singapore also? this is no big news that legacy media is trying to flash on national TV anymore.
I don't know Bingx exact location, but it's probably related with China one way or another.
They became popular when they allowed registration and trading crypto without kyc verification and with big limits.
Recently they introduced mandatory KYC and soon after they got ''hacked''.
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I don't know Bingx exact location, but it's probably related with China one way or another.
They became popular when they allowed registration and trading crypto without kyc verification and with big limits.
Recently they introduced mandatory KYC and soon after they got ''hacked''.
The reason I was using bingx is precisely because I didn't need kyc
after the incident, I withdrew all my usdt and btc balances that I had there, so I don't know if they're forcing kyc now
I'll check
about the location, I found it a bit confusing, some places mention Singapore, others talk about Canada, the European Union and Australia
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about the location, I found it a bit confusing, some places mention Singapore, others talk about Canada, the European Union and Australia
BingX exchange certainly has nothing to do with Canada, Australia or European Union :)
According to information from CoinGecko website BingX is registered in British Virgin Islands during 2018, but they could have licenses in other countries.
Owner is Josh Lu and he is clearly Asian, probably from Taiwan.
https://www.coingecko.com/en/exchanges/bingx
https://tw.linkedin.com/in/josh-lu-tw
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The transparency and communication exhibited by the exchange during this incident sets a positive example for other exchanges to follow. However, the exchange focus on transparency and user security during this challenging time demonstrates their commitment to maintaining trust within the crypto community.
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The transparency and communication exhibited by the exchange during this incident sets a positive example for other exchanges to follow. However, the exchange focus on transparency and user security during this challenging time demonstrates their commitment to maintaining trust within the crypto community.
CEX should also focus on improving their security, not just publishing transparency reports. You know what I mean.. Also, Dex is always better as they say. ButI use both CEX and DEX.. CEX should be only for trading and profiting quickly to cash out that's it.
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Hacking of exchanges seems to be something we hear quite often nowadays. So we should all have learned from all these incidents. This is where it is important to keep assets in our cold wallets and not store them on centralized exchanges. BingX is quite popular among future traders. Because it is quite comfortable there to use. And now with this incident, of course all users will start to be careful again. But because every Cex is currently required to attach a proof of reserve, users do feel a little calmer. Like Indodax, which also experienced the same thing for some time, fortunately they stated that user assets remained safe and a few days later everything was working well again.
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As far as i know bingx is not a trusted broker as it is not regulated by a financial authority with strict criteria. Most of the money lost in scams is gone forever. So before storing funds in any exchange save all your account information elsewhere. Be very careful of recovery scams so as not to be scammed twice in a row. These are fraudulent schemes where fraudsters pretend to be individuals or companies claiming to help recover money lost in previous fraud. I think 43 million is too big so till all allegations are confirmed something should be restricted and money should go towards withdrawal.
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It is a good warning not to store coins on exchanges. But as we are saying it, some people just do not care. Are they not hearing news and know about these hack incidents or they just feel like not to listen?
They don’t want to listen because they are already used to it and don’t want to stress themselves keeping some private keys safe or even paying for transaction fees before they can move their coins from one plane to another. Until it has happened, they don’t feel it can ever happen to them.
But there are times I think of traders. What will they do to minimize or avoid such incidents like this when they are trading daily on the exchange?
This is another important reason why people still keep their money in exchange. You can’t convince a trader to always send in money to exchange only when they want to trade. They will miss out on some trades due to time it might take for their funds to arrive in the exchange from their external wallet.
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I was about to use them, their non-strict KYC policy is the main reason. I will carefully look at the negative reviews after September 20 before using them until I find a better alternative.
I completely forgot this topic.
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I was about to use them, their non-strict KYC policy is the main reason. I will carefully look at the negative reviews after September 20 before using them until I find a better alternative.
I completely forgot this topic.
Why do you not use MEXC? They also have non-strict KYC policy. Or have you tried it and your country is not supported on the exchange? If you are looking for exchanges that are centralized with high trading volume, you will like the exchange.
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I was about to use them, their non-strict KYC policy is the main reason. I will carefully look at the negative reviews after September 20 before using them until I find a better alternative.
I completely forgot this topic.
Why do you not use MEXC? They also have non-strict KYC policy. Or have you tried it and your country is not supported on the exchange? If you are looking for exchanges that are centralized with high trading volume, you will like the exchange.
I'm using both, BingX and Mexc hehe
Even with the problem of BingX being “hacked”, no client lost their coins and the exchange acted correctly in my opinion
Both exchanges are good and are helping me with what I need, both have good withdrawal fees, no mandatory KYC and are still working 100%
Compare the two for what you need, but I generally recommend opening an account with both and using it when it suits you best
MEXC has great fees for withdrawing ETH from L2s, in some cases they even have zero fees
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MEXC has great fees for withdrawing ETH from L2s, in some cases they even have zero fees
How about the withdrawal fee for other coins like bitcoin? The only exchange that has low fee like Mexc that I knew of was OKX. But I do not know as of now as the exchange has stopped people from my country to accessing the exchange through disabled deposit.
Also in all exchanges that I have seen before, I have not seen any that has lower trading fee like Mexc.
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MEXC has great fees for withdrawing ETH from L2s, in some cases they even have zero fees
How about the withdrawal fee for other coins like bitcoin? The only exchange that has low fee like Mexc that I knew of was OKX. But I do not know as of now as the exchange has stopped people from my country to accessing the exchange through disabled deposit.
Also in all exchanges that I have seen before, I have not seen any that has lower trading fee like Mexc.
BTC is probably the more expensive way to withdraw along with ETH hehe
MEXC: 0.0001 btc withdraw fee
BingX: 0.00008 btc withdraw fee
BingX is a little more cheaper
Here you see all the withdraw fees for both:
https://bingx.com/en/support/costs/
https://www.mexc.com/pt-PT/fee
;)
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BTC is probably the more expensive way to withdraw along with ETH hehe
MEXC: 0.0001 btc withdraw fee
BingX: 0.00008 btc withdraw fee
BingX is a little more cheaper
Here you see all the withdraw fees for both:
https://bingx.com/en/support/costs/
https://www.mexc.com/pt-PT/fee
;)
Very surprising to see the fee to have gone up on Mexc. It was around 0.00002 BTC before. I may not be accurately right, but I am right that it was less than $2 before but now over $7.
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Very surprising to see the fee to have gone up on Mexc. It was around 0.00002 BTC before. I may not be accurately right, but I am right that it was less than $2 before but now over $7.
Maybe they have variable withdrawal fee now, or they are trying to earn more money from fees to recover from recent hack ;)
Transaction fees was low for days during this jump in Bitcoin price, but today we can see more transactions in mempool with 31 sat/vB or around $4.
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Maybe they have variable withdrawal fee now, or they are trying to earn more money from fees to recover from recent hack ;)
Transaction fees was low for days during this jump in Bitcoin price, but today we can see more transactions in mempool with 31 sat/vB or around $4.
I think the reason would be the increase in the transaction fee as a result of mempool congestion. It was BingX that was hacked and not Mexc. I guess you thought I was referring to BingX.