#Research and Analysis
#Basics of on-chain analysis
Hacked the Bingx exchange
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Thus, on the morning of September 20, 2024, unknown hackers stole $43 million from BingX based on preliminary estimates. The Singapore-based cryptocurrency exchange BingX was subjected to a security breach of its hot wallet system, leading to a significant loss of funds. The hacker attack resulted in losses for BingX of at least $43 million.
The hot wallet of the centralized exchange BingX was subjected to a hacker attack:
According to Product Director Vivien Lin, at approximately 4 a.m. Singapore time, the technical team detected suspicious network activity indicative of a possible hacker attack on BingX's hot wallet. In response, an emergency plan was promptly activated, including the transfer of assets and the suspension of withdrawals.
The amount of damage from the BingX hack
According to statements from the top executives of the centralized platform, the stolen funds were "insignificant and will be compensated."
According to data from ArbitrageScanner.io from the hot wallet:
The withdrawals to the alleged hacker's wallet have been recorded:
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