Singapore-based cryptocurrency exchange BingX’s estimated loss from a suspected hack on Sept. 20 has now exceeded $52 million, which is double the previously reported $26 million.
Earlier reports from blockchain security firm PeckShield identified one Ethereum wallet linked to the attack, which received $26.7 million in assets from BingX.
The total loss has increased as further investigations uncovered significant damages across multiple blockchain networks.
“As more wallets are identified, the total loss grows. Initial estimates, like $13 million, were likely incomplete, but updates from forensics firms, now reporting figures like $43 million, show a clearer picture,” said Hakan Unal, senior security operations lead at Cyvers Alerts, in a statement to Cointelegraph.
“Our threat intelligence system has summed the total loss across all chains, leading to a more comprehensive estimate of $52 million,” Unal added.
The loss estimate from Cyvers is on the higher end among security experts, while Beosin provided Cointelegraph with a lower estimate of $45 million stolen across three funding lines.
BingX downplayed the incident, describing the cyberattack as causing only “minor” losses.
“All user losses from this hack will be fully covered by BingX’s own capital,” said Vivien Lin, product chief at BingX, in a statement to Cointelegraph.
Lin noted that security firms had helped freeze approximately $1 million of the stolen funds as of the time of writing. BingX is still in the process of calculating its total losses.
BingX’s breach occurs amid a rising trend of cyberattacks targeting centralized cryptocurrency exchanges in Asia.
Indonesian exchange Indodax suffered a $20.58 million hack on Sept. 10.
Indian exchange WazirX experienced a major breach, losing $234.9 million on July 18.
Japan’s DMM Bitcoin faced the largest attack of 2024 so far, with hackers stealing $305 million in assets on May 31.
Security experts have attributed the attacks on Indodax, WazirX, and DMM to North Korea’s state-backed Lazarus Group.
