Blockchain security firm PeckShield revealed that BingX suffered a security breach, leading to a loss of $43 million, with most assets quickly converted to ETH and BNB.

On Friday, Singapore-based BingX confirmed the breach after spotting suspicious activity in one of its hot wallets. The exchange assured customers that affected users will be compensated. In an X post, BingX explained they immediately initiated an emergency response, transferring assets and pausing withdrawals. Most assets remain secure in cold wallets, with only a minor amount affected.

Despite BingX’s claim of limited damage, PeckShield stated the breach involved $43 million, mostly in Ethereum and BNB Chain tokens. The hacker exchanged much of the assets, including 4,526 ETH and 7,864 BNB.

BingX’s Chief Product Officer, Vivien Lin, announced that the exchange has temporarily suspended withdrawals to conduct a full security check. Withdrawals are expected to resume within 24 hours.

“We’re developing a compensation plan,” Lin added.

Security Issues Continue To Plague Crypto Exchanges

BingX isn’t alone in recent security troubles. Last week, hackers stole $22 million from Indonesia’s Indodax exchange, while India’s WazirX lost a staggering $234 million.

Crypto exchanges continue to face mounting security challenges which is why we always recommend you move your digital assets over to a self-custodial wallet like Unity Wallet where you truly own your assets and private keys.