Singapore-based cryptocurrency exchange BingX has reported a “minor asset loss” after suspicious activity was detected in one of its hot wallets, causing a stir among users. BingX’s Chief Product Officer, Vivien Lin, revealed in a Sept. 20 post on X (formerly Twitter) that the technical team discovered abnormal network access at around 4 a.m. Singapore time. The exchange suspects a hacker may have targeted its hot wallet.
In response, BingX activated its emergency protocols, which included suspending withdrawals and transferring assets to more secure storage. Lin reassured users that the amount lost was small, though it is still being calculated.
Blockchain security firm PeckShield had earlier reported over $13.5 million in suspicious outflows, while Lookonchain, a blockchain analytics platform, claimed the losses could be as high as $26 million.
To mitigate further risk, BingX temporarily halted all withdrawals and began a full inspection of its wallet services. Lin assured customers that the exchange would fully compensate for the losses and emphasized that user assets were safe. She reiterated that the losses would not affect BingX’s business operations.
Despite these reassurances, critics, including Harrison Leggio of crypto startup g8keep, questioned BingX’s transparency, suggesting the exchange was downplaying a possible exploit.
The wallet in question, labeled “BingX 15,” showed multiple transactions moving funds across blockchains, with some assets reportedly laundered through decentralized exchanges like Kyberswap.
BingX is expected to release further details once the losses are fully calculated.