Crypto Exchange BingX Hit by Hack That Drained at Least $27m (1)

The Singapore-based BingX exchange said in a post on X that it suspected a security incident on Friday after detecting abnormal access to a hot wallet.

• The exchange said it initiated an emergency response, including asset transfers and pausing withdrawals
• The platform also plans to fully compensate for losses with its own capital
• Blockchain analysts at PeckShield estimated that about $27 million worth of crypto was siphoned off
• Cyvers, which provides security services for crypto firms, estimated that some $52 million was lost to the hackers, after discovering additional wallets that have been compromised
• BingX is listed as a Chelsea ...