Informed Crypto News
Chelsea FC sponsor BingX tried to hide $40M hack behind ‘wallet maintenance’
Headline, Chelsea FC sponsor Bing X tried to hide $40 million hack behind wallet maintenance published at 2.10 pm, September 20, 2024, on protos.com. Bing X, a Singapore-based crypto exchange, has lost a total of almost $45 million in assorted cryptocurrencies after its hot wallets were drained across 11 chains. News of the attack, which began shortly after 10 pm UTC on Thursday, spread via X, formerly Twitter, with both security audit firm Peck Shield and crypto commentator Marty Party remarking on the suspicious outflows. Bing X did not initially confirm the loss. Instead, it informed users of temporary wallet maintenance via a post on X. The accompanying article makes no mention of a security incident either, simply telling users to deposit or withdraw later. However, in a reply to the post, Bing X's chief product officer Vivian Lin admitted that its technical team detected abnormal network access, suspecting a hacker attack on Bing X's hot wallet. The attack has, according to Lin, resulted in a minor asset loss. Crypto security firm Slow Mist, which is working alongside Bing X to trace the movement of funds, published a breakdown of the losses, estimating the total loss at around $44.7 million. Approximately $1 million of the stolen funds have reportedly been frozen. In a follow-up post, Lin said that the minimal and manageable losses will be covered by Bing X, and users should expect withdrawals and deposits to be back online within 24 hours. The hack came hours after Singapore's premier crypto conference token 2049 drew to a close, with Lin having spoken the day before. Reflecting on the discussion in light of the loss, she remarked that security had been highlighted as the foundation for the industry's growth. This recording was AI-generated. Get more crypto news at protos.com.