Crypto heist against BingX leads to theft of over $44M

More than $44 million has been exfiltrated from Singaporean cryptocurrency platform BingX following a heist on Thursday evening, according to The Record, a news site by cybersecurity firm Recorded Future.

Investigation conducted alongside blockchain security firm SlowMist noted the theft of nearly $44.7 million as a result of the incident although calculations are still ongoing, said BingX, which emphasized its immediate implementation of urgent asset transfers and other emergency procedures following the identification of atypical network access. BingX will also use its capital to cover for the "minimal" losses stemming from the attack, noted BingX Chief Product Officer Vivien Lin. "This incident will not affect our ongoing business operations. Trading services continue as usual. Withdrawals and deposits are temporarily delayed and are expected to be restored within 24 hours at the latest," said Lin. Such an incident comes weeks after major Indonesian crypto platform Indodax and Singaporean decentralized finance protocol Penpie reported losses from separate crypto heists.