Cyber ​​attack on the BingX cryptocurrency exchange

Cybercriminals hacked cryptocurrency exchange BingX, stealing more than 44 million $, highlighting security concerns in the Web3 and decentralized finance sector.

The Singapore-headquartered exchange was hit by a massive cyber attack that saw more than $44 million in digital assets stolen. The incident happened last week after unusually large withdrawals were discovered. The company initially announced the temporary suspension of services due to “maintenance of wallets”, but later confirmed that this was the result of a serious hacking attack that indicated the compromise of the hot wallet.

BingX quickly moved assets, halted withdrawals, and began an audit in collaboration with blockchain security firm SlowMist. The audit confirmed losses of 44.7 million $, although experts believe the final figure could be even higher. Despite the damage, BingX has promised full refunds to users and said the incident will not affect its operations. The exchange was also able to freeze approximately $10 million as part of recovery efforts.

The Web3 sector, including decentralized finance (DeFi), has opened up new opportunities for innovation, but has also revealed vulnerabilities that are actively exploited by cybercriminals. While decentralized platforms offer benefits such as financial inclusion and transparency, their security remains a challenge. Attacks on exchanges like BingX only confirm the need for higher security standards in the Web3 world.

This is just one of a series of cyberattacks on Asian crypto exchanges this year, which shows the need for increased security in the Web3 ecosystem. The increasing number of attacks on crypto-currency platforms indicates the need to implement more stringent security measures and improve protection protocols.