BingX hacked, $43 million stolen

[Rikafip]

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.

[_act_]

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?

[hugeblack]

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.

[rdluffy]

According to Coinmarketcap the total assets of Bingx is:


Source

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...

[Rikafip]

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.

[rdluffy]

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

[dkbit98]

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.

[rdluffy]

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 

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

[hugeblack]

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.

[Rikafip]

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.

[SamReomo]

a
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

[bitterguy28]

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

[dwyane36]

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.

[dkbit98]

I'm using without KYC and I hope to continue like that 

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 
That is why wise man once said that repetition is the mother of all learning.

[electronicash]

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.