Singapore-based crypto exchange BingX suffered a security hack on its hot wallet, resulting in a “minor” loss; PeckShield: the loss was $43M in cryptocurrencies
- BingX suffered an apparent security exploit on its hot wallet. — Security analysts at PeckShield estimated …
The BlockVishal Chawla
Context & Ripple Effects
The incident fits a recurring exchange-security pattern: Singapore-based KuCoin previously disclosed that attackers had emptied its hot wallets in a major hot-wallet breach, while Binance reported an attack involving compromised account-security data and bitcoin withdrawals in its 2019 exchange breach.
What distinguishes this report is the gap between BingX’s characterization of the loss as minor and PeckShield’s $43 million estimate. That makes independent on-chain security analysis central to how the event is understood.
First-order effects
BingX faces immediate containment, wallet-security review, and reconciliation of the assets affected by the hot-wallet exploit.
PeckShield’s estimate gives customers and market observers an external benchmark against BingX’s limited description of the loss.
Second-order effects
Other centralized exchanges are likely to reassess hot-wallet exposure and incident-disclosure practices, particularly because earlier breaches at KuCoin and Binance show the same custody layer can be a high-value target.
Independent blockchain-security firms gain influence in incident response as their tracking can shape the public assessment before an exchange provides full detail.
Third-order effects
If such incidents persist, exchange competition will increasingly turn on verifiable custody controls, transparency, and the ability to limit online-wallet exposure rather than on trading features alone.
The recurring mismatch between initial company framing and external estimates could strengthen pressure for more standardized, auditable disclosure of exchange security incidents.
The trend: Crypto exchanges are being pushed toward more resilient custody architectures and more credible security disclosures as hot-wallet exploits remain a recurring operational risk.
@BingXOfficial 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 conti…
@peckshield
@peckshield on x
Hi @BingXOfficial you may want to take a look —we observe suspicious significant fund outflow (>$13.6m) to this address: https://etherscan.io/...
@peckshieldalert
@peckshieldalert on x
#PeckShieldAlert Another $16.5M worth of cryptos has been drained from #BingX by 0x940362B46faf7DF48Af1c8989d809F50466B5 fCA about 7 hours ago. The stolen funds are currently parked at 0x1Dd7dAf089C16856155FeFd7e2170966bb6b3 AEE, totaling 5.3K $ETH, 4.1K $BNB & 1.65M $MATIC. We
@vivien_bingx
@vivien_bingx on x
@BingXOfficial At around 4am 20 Sep Singapore time, our technical team detected abnormal network access, suspecting a hacker attack on BingX's hot wallet. We immediately started our emergency plan, including the urgent transfer of assets and withdraw suspension. There has been mi…
@peckshieldalert
@peckshieldalert on x
#PeckShieldAlert #BingX has been hacked with loss of ~$26.68M worth of cryptos. The stolen funds mainly outflowed from #Ethereum & #BNBChain. The hacker has already swapped most of the stolen assets for ~4,526 $ETH & 7,864.7 $BNB. Check the details of stolen assets here: [image]
@bingxofficial
@bingxofficial on x
[🛠️ Temporary Wallet Maintenance Notice] ■ Schedule: ~24 hours ■ When maintenance is done, we will announce it through a notice. We sincerely apologize for any inconvenience this may cause and appreciate your patience. Learn more: https://support.bingx.com/...
@farcanaofficial
@farcanaofficial on x
Dear Farcana Community, BingX, as many of you know, suffered a devastating hack, with an approximate total loss of $43 million in USDT, USDC, and WUSD. We regret to inform you that in this security breach on the BingX exchange, 3,401,438.62 $FAR tokens were stolen as well.
@appbreadcrumbs
@appbreadcrumbs on x
🚨 @BingXOfficial Exploit Alert Two hot wallets of #BingX were compromised, leading to the theft of approximately 396 tokens/coins worth ~$43.3M. Attackers are swiftly exchanging stolen funds for ETH, BNB, and other coins. Affected chains include #ETH, #BNB, #BASE, #OP, [image]
@crypto_jargon
Neel on x
Another crypto Exchange Hacked! #BingX suffers a $26 mil hack suspected to be from the North Korean Hacker group. BingX has paused withdrawals for 24h for security reasons but they have enough funds to cover the deficit. Always remember to self custody, pinky keep trading
r/ethtrader
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BingX Exchange Suspected of Hack, Assets Worth $20 Million at Risk
r/CryptoCurrency
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Crypto Exchange BingX Hacked, Onchain Data Shows Over $43M Drained