BingX Major Hot Wallet Breach Highlights Rising Threat to Crypto ExchangesBingX, a Singapore-based cryptocurrency exchange, has faced a substantial loss following a cyberattack that drained ~$45 million worth of assets from its hot wallets across 11 different blockchains, as per SlowMist. Blockchain security firm PeckShield first identified an Ethereum wallet tied to the attack, receiving $26.7 million in assets from the platform. As the investigation progressed, it became evident that the total loss spanned multiple blockchain networks, intensifying the financial hit, with Cyvers Alerts suggesting total losses to exceed $52 million.ALERTOur system has flagged multiple suspicious transactions linked to @BingXOfficial across several blockchains.Estimated losses have now exceeded $52M, with most of the stolen assets currently being swapped. Affected chains include #ETH, #BNB, #BASE, #OP, #POLYGON, #ARB,… pic.twitter.com/gQkWVBtdVC— Cyvers Alerts (@CyversAlerts) September 20, 2024 Initially, BingX remained quiet about the breach, notifying users via a post on X (formerly Twitter) about "Temporary Wallet Maintenance," with no mention of any security breach. Users were simply told to hold off on deposits and withdrawals until the issue was resolved. However, Vivien Lin, Chief Product Officer at BingX, later responded to user concerns, acknowledging the company had detected "abnormal network access" linked to a suspected hacker attack on their hot wallet. Lin downplayed the incident, labeling it as a "minor asset loss," assuring customers that the majority of funds remained secure in cold wallets, with only a small portion exposed to risk.The full extent of the breach became clearer when SlowMist, a cybersecurity firm collaborating with BingX, provided a more detailed analysis. The firm estimated total damages at approximately $44.7 million, with $1 million of the stolen funds successfully frozen. 2/ Below are the details of the losses compiled by the SlowMist Team.(Note: Please refer to the official announcement of @BingXOfficial for the exact amount of losses and further details.)https://t.co/33BnzASSpi pic.twitter.com/1qZsn3d9N5— SlowMist (@SlowMist_Team) September 20, 2024 According to Lin, BingX has committed to covering all losses through its own reserves, adding that deposit and withdrawal services should resume within 24 hours of the breach.While the loss is still under calculation, we confirm the following:1) BingX will fully compensate for the loss with our own capital.2) The total loss is minimal and manageable. This incident will not affect our ongoing business operations. Trading services continue as usual.…— Vivien Lin @ BingX (@Vivien_BingX) September 20, 2024 The hack occurred shortly after Singapore's crypto conference Token2049 ended, where Lin had spoken the day before. This incident adds to a growing list of centralized cryptocurrency exchanges in Asia being targeted by cybercriminals. Indonesian exchange Indodax was recently hit by a $20.58 million hack, while India’s WazirX lost an estimated $234.9 million in a breach earlier this year. Japan’s DMM Bitcoin suffered the largest attack in 2024, losing a staggering $305 million in May. Experts have pointed fingers at North Korea’s notorious Lazarus Group, suspected of orchestrating these high-profile attacks across the region.This article has been refined and enhanced by ChatGPT.