A hacker has gained access to the hot wallet of Singapore-based crypto exchange BingX, resulting in a significant loss of funds.
According to analysts at PeckShield, the attacker has stolen around $43 million worth of cryptocurrencies in multiple transactions.
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Vivien Lin, head of product at BingX, has reported her technical team discovered the breach on September 20 at 4:00 a.m. Singapore time and immediately took steps to limit the damage.
As part of its contingency plan, withdrawals have been suspended and assets have been transferred.
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The exchange plans to reopen withdrawals within 24 hours and offer compensation to affected users.