BingX Details

    Organization Logo

    BingX

    Singapore • 200 employees • Financial Services

    https://www.bingx.com
    Singapore

    Industry

    Financial Services

    Security Incidents

    1

    BingX is a cryptocurrency exchange platform that provides users with the ability to trade digital assets such as Bitcoin, Ethereum, and other cryptocurrencies. It was founded in 2018 and has since become known for its social trading features, allowing users to follow and copy the trades of experienced traders. This feature aims to make cryptocurrency trading more accessible to beginners.

    The platform supports a wide range of cryptocurrencies and offers various trading pairs, along with advanced trading tools and analytics. BingX places a strong emphasis on security, implementing measures such...
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    Security Incidents

    BingX Breach of Sep 2024
    Severity Score
    Significant to High

    Type

    Data Breach

    Summary

    On September 20, 2024, at approximately 04:00 (UTC+8), Singaporean crypto platform BingX detected abnormal network activity indicative of a potential hack targeting their hot wallet. The company swiftly implemented emergency measures to safeguard assets, including transferring funds to a cold wallet and temporarily suspending withdrawals. Initial assessments indicated a loss exceeding $44 million worth of cryptocurrency.

    BingX's investigative efforts, in collaboration with blockchain security firm SlowMist, later determined the total stolen amount at over $47 million. Despite the breach, Bing...
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    Severity

    The cyberattack on the Singaporean crypto platform BingX resulted in the theft of over $44 million worth of cryptocurrency, which was later recalculated to over $47 million. The attack targeted BingX's hot wallet, prompting the company to urgently transfer assets to cold wallets and suspend withdrawals temporarily. Despite the incident, BingX covered the losses with its reserves, and the event did not disrupt overall operations.

    Given the substantial financial loss, the targeting of a significant crypto platform, and the broader trend of increasing crypto thefts in 2024, this incident scores ...
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    Impact

    BingX, a Singaporean cryptocurrency platform, suffered from a significant cyberattack in September 2024. Cybercriminals managed to steal over $47 million worth of cryptocurrency from the platform's hot wallet. The incident was detected on September 20, 2024, following abnormal network activity, which prompted immediate emergency measures, including the transfer of assets to cold wallets and temporarily suspending withdrawals.

    No customer data was reported to be compromised, and the platform's overall operations remained undisturbed, thanks to an effective tiered asset management system. The l...
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