In a recent incident on September 20, 2024, the cryptocurrency exchange Bing experienced a significant security breach involving one of its hot wallets. The attack resulted in suspicious outflows of various cryptocurrency assets, estimated to exceed $27 million. These assets were quickly converted to Ethereum (ETH) and Binance Coin (BNB) by the attackers. The BingX technical team identified the hack early in the morning and immediately activated an emergency plan, which included transferring assets to safer wallets and suspending withdrawals temporarily. While the exchange has reported "minor" asset losses relative to its overall holdings, the full extent of the damage is still being evaluated. BingX has reassured users that the majority of its assets are stored in cold wallets, minimizing the potential impact of the hack. Withdrawals are expected to resume soon as security measures are reinforced. Over $27 million worth of various cryptocurrency assets on the BingX exchange have been abnormally transferred and converted into ETH in the past 4 hours.
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