BingX was hacked for nearly $43 million, but the CEO reassured users that the stolen assets are manageable and compensation for losses will be provided.
The CEO stated, 'The total loss is minimal and manageable. This incident will not affect our ongoing business operations,' assuring clients of continued trading services.
On-chain data indicates that the significant amount stolen was executed in multiple tranches, including $26 million in the first hack and an additional $16.5 million.
Most of the stolen assets have been swapped for ethereum and BNB at decentralized exchanges, highlighting the ongoing challenges of securing exchange hot wallets.
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