Hacker attack: crypto exchange BingX loses $43 million

About $43 million worth of cryptocurrencies have been stolen from the BingX trading platform due to a security breach. Withdrawals from the exchange have been suspended.

Singapore-based crypto exchange BingX has fallen victim to a hack on their hot wallet. According to security analysts from PeckShield the damage is estimated at $43 million in cryptocurrencies.

The company reported that the incident was discovered on Sept. 20 around 4 a.m. local time in Singapore, when BingX's technical team noticed "unusual network access." As part of a contingency plan, recordings were suspended to prevent further damage.

The exchange stated, "Most of the assets are safe in the cold wallets and only a small portion are affected in the hot wallets."

Recordings are prediction to resume within the next 24 hours. Affected users will be compensated.

Hacker attacks on crypto exchanges are a regular occurrence. Most recently $230 million stolen from the Indian platform WazirX.