Singapore-based crypto exchange BingX hacked

[glockman]

Crypto Exchange BingX Vows to Compensate Users After $43M Hack​

PeckShield reported the breach resulted in a $43M loss, with most stolen assets quickly converted to ETH and BNB.

Crypto Reporter
Shalini Nagarajan
20 September 2024 at 14:47 SGT

Singapore-based crypto exchange BingX on Friday confirmed a security breach after observing numerous “suspicious” outflows from one of its hot wallets online. Consequently, the exchange promised to compensate users for the losses.

The team announced via an X post that it had detected abnormal access to the hot wallet, suspecting it to be a hacker attack. “We immediately initiated an emergency response, including asset transfers and pausing withdrawals,” it said.

BingX further clarified that the losses encountered were minor and they were managing the situation. Additionally, they assured that the majority of assets are secure in cold wallets, while only a small fraction was impacted in the hot wallet.

PeckShield Confirms $43M BingX Hack, Exchange Freezes Withdrawals for 24-Hour Security Check​

However, blockchain security firm PeckShield reported that the security breach actually led to a $43m loss, primarily involving Ethereum and BNB Chain. At first, the firm had pegged the number to be around $26m.

PeckShield observed that the hacker swiftly exchanged the majority of the pilfered assets for about 4,526 $ETH and 7,864.7 $BNB. As of its last update, the stolen funds totaled 5.3K ETH, 4.1K BNB and 1.65M MATIC.

Vivien Lin, BingX’s chief product officer, said that the exchange has temporarily suspended withdrawals to enhance security. During this time, the team is performing an emergency inspection. She added that withdrawals would resume no later than within 24 hours.

“We are working on a compensation plan, which will be announced soon,” she added.

Crypto Exchanges Face Security Crisis​

The crypto exchange sector faced significant security challenges recently, with two other notable incidents highlighting the vulnerabilities within these platforms.

Crypto exchange Indodax encountered its own ordeal last week, where hackers pilfered around $22m in digital assets.

Meanwhile, WazirX, a well-known exchange in India, suffered a substantial loss, with attackers orchestrating a series of dubious transactions that siphoned off $234m from the platform.

https://cryptonews.com/news/bingx-hack-user-compensation-26m-hot-wallet-loss-crypto-exchange/

 

[k1976]

Singapore

Singaporean deported from Thailand charged with drug trafficking, faces death penalty​

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Singapore

Singaporean deported from Thailand charged with drug trafficking, faces death penalty​

Benny Kee Soon Chuan was allegedly living a life of luxury in Thailand when local authorities arrested him and handed him over to Singapore's Central Narcotics Bureau.

The 31-year-old man (right) was arrested by the Central Narcotics Bureau (CNB) on Sep 19, 2024. (Photo: Central Narcotics Bureau)

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3 min
This audio is generated by an AI tool.


Lydia Lam
20 Sep 2024 01:08PM (Updated: 20 Sep 2024 02:20PM)
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SINGAPORE: A Singaporean man wanted for alleged links to two cases of drug trafficking was handed a capital charge on Friday (Sep 20), after being deported to Singapore from Thailand.
Benny Kee Soon Chuan, 31, is accused of conspiring with Low En Quan Justin to traffic in methamphetamine sometime in early December 2020, when Kee was not in Singapore.
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The alleged conspiracy involved a parcel that had entered Singapore, containing 12 packets of at least 2kg of meth meant for delivery to a "Senthil Kumar" at a shop in Orchard Towers.
Kee is accused of directing Low to collect the parcel at the shop, with Low picking it up between 3.40pm and 6.40pm on Dec 2, 2020.
Low, 21, was later handed a capital charge. It was subsequently amended and he pleaded guilty to a charge of attempting to traffic at least 249.99g of meth. He was sentenced to 22-and-a-half years' jail and 15 strokes of the cane for his involvement.
Kee was allegedly linked to another drug trafficking case in November 2022, the Central Narcotics Bureau (CNB) said in a statement on Thursday.
A 29-year-old man linked to this case was sentenced to eight years' jail with seven strokes of the cane.
However, Kee remained at large for several years. Immigration records showed that he was out of Singapore since April 2016, CNB said.

 

[glockman]

Singapore

Singaporean deported from Thailand charged with drug trafficking, faces death penalty​

BookmarkShare

Advertisement​

Singapore

Singaporean deported from Thailand charged with drug trafficking, faces death penalty​

Benny Kee Soon Chuan was allegedly living a life of luxury in Thailand when local authorities arrested him and handed him over to Singapore's Central Narcotics Bureau.

The 31-year-old man (right) was arrested by the Central Narcotics Bureau (CNB) on Sep 19, 2024. (Photo: Central Narcotics Bureau)

Listen to this article
3 min
This audio is generated by an AI tool.


Lydia Lam
20 Sep 2024 01:08PM (Updated: 20 Sep 2024 02:20PM)
BookmarkShare

SINGAPORE: A Singaporean man wanted for alleged links to two cases of drug trafficking was handed a capital charge on Friday (Sep 20), after being deported to Singapore from Thailand.
Benny Kee Soon Chuan, 31, is accused of conspiring with Low En Quan Justin to traffic in methamphetamine sometime in early December 2020, when Kee was not in Singapore.
ADVERTISEMENT

The alleged conspiracy involved a parcel that had entered Singapore, containing 12 packets of at least 2kg of meth meant for delivery to a "Senthil Kumar" at a shop in Orchard Towers.
Kee is accused of directing Low to collect the parcel at the shop, with Low picking it up between 3.40pm and 6.40pm on Dec 2, 2020.
Low, 21, was later handed a capital charge. It was subsequently amended and he pleaded guilty to a charge of attempting to traffic at least 249.99g of meth. He was sentenced to 22-and-a-half years' jail and 15 strokes of the cane for his involvement.
Kee was allegedly linked to another drug trafficking case in November 2022, the Central Narcotics Bureau (CNB) said in a statement on Thursday.
A 29-year-old man linked to this case was sentenced to eight years' jail with seven strokes of the cane.
However, Kee remained at large for several years. Immigration records showed that he was out of Singapore since April 2016, CNB said.

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[nabeifuckpap]

Nabei never trust sinkie companies always easy to hack

 

[Leongsam]

Do not invest in Crypto. Use it as a medium of exchange and nothing more.

 

[glockman]

Nabei never trust sinkie companies always easy to hack

Any crypto exchange is risky. Better to take it off the exchange and manage it with a hardware wallet.

 

[laksaboy]

Any dealings between Temasek and Clearlake?

 

[k1976]

Any crypto exchange is risky. Better to take it off the exchange and manage it with a hardware wallet.

Savvy Boss spotted

 

[Norty]

Any crypto exchange is risky. Better to take it off the exchange and manage it with a hardware wallet.

Agree. I guess people just want to make money fast, hoping there is no risk of using the exchanges. It's true that managing crypto with a hardware wallet is safer. I’ve had a good experience with shakepay for buying and selling, but I always withdraw to my wallet for security.

 

[k1976]

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2. Global banks to use Swift for trialling live digital asset transactions from 2025

Global banks to use Swift for trialling live digital asset transactions from 2025​

Technology and Innovation,
3 October 2024 | 4 min read

• Banks across North America, Europe and Asia will use Swift connectivity to conduct live trials of digital asset and currency transactions as innovation accelerates from experimental phase to real-world application
• The trials follow groundbreaking collaborative work with dozens of financial institutions that have demonstrated Swift’s ability to connect multiple digital networks, technologies and asset classes

Earlier this month, Swift was named as a participant in Project Agorá, a Bank for International Settlements-led project exploring the integration of tokenised commercial bank deposits and tokenised wholesale CBDCs on a unified platform.

Tom Zschach, Chief Innovation Officer, Swift, said: "For digital assets and currencies to succeed on a global scale, it’s critical that they can seamlessly coexist with traditional forms of money. With Swift’s vast global reach we are uniquely positioned to bridge both emerging and established forms of value, and we’re now focused on demonstrating this in real-world, mainstream applications. As new forms of value emerge, our intention is to continue offering our community the ability to seamlessly make and track transactions of all kinds of assets - using the same secure and resilient infrastructure that is integral to their operations today."

 

[mojito]

Do not invest in Crypto. Use it as a medium of exchange and nothing more.

I keep my welf in CPF. Very safe. No theft at all.