BingX Exchange Hacked: $52 Million Stolen in Hot Wallet Breach

Cryptocurrency exchange BingX loses over $52 million in a hot wallet security breach. Learn about the hack!

BingX Exchange Hacked: $52 Million Stolen in Hot Wallet Breach

BingX Cryptocurrency Exchange Hit by $52 Million Hot Wallet Hack Cryptocurrency exchange BingX has suffered a significant security breach, losing over $52 million in a hot wallet hack. The incident occurred around 4 pm UTC+8 in Singapore, prompting the exchange to take immediate action. Hack Highlights Vulnerability of Hot Wallets The hack underscores the vulnerability of hot wallets, which are online wallets connected to the internet. Hackers targeted BingX's hot wallet, exploiting security gaps to steal a substantial amount of cryptocurrency. In response, BingX froze transfers and initiated emergency procedures to mitigate losses. Users are experiencing delays, with cryptocurrency transactions taking up to 24 hours to complete due to added security checks. Cold Wallets Recommended for Enhanced Security This incident serves as a stark reminder to cryptocurrency investors about the importance of cold storage solutions like Ledger and Trezor. Unlike hot wallets, cold wallets are offlin…

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