Yahya 
Based on estimates from security specialists at Peck Shield, Singapore-based bitcoin exchange BingX has suffered a major loss of $43 million in cryptocurrencies after a security flaw on its hot wallet causes access.
Peck Shield observed that several transactions were used to move the pilfers of money. BingX has said, meantime, that the situation was “minor” and under control. According to the exchange, the hot wallet attack only affected a small fraction of its holdings and most of the funds remain safe in cold wallets.
Vivien Lin, chief product officer of BingX, said that the hack was discovered on September 20 at roughly 4:00 a.m. Singapore time when the technical team of the exchange found “unusual network access,” suggesting a possible hacker attack on the hot wallet.
Following the incident, BingX put in place an emergency strategy included temporarily banning withdrawals to stop more harm and moving assets to safer areas. According to Lin, the exchange intends to pay compensation to impacted users; withdrawals are likely to start within 24 hours.
Despite the incident, BingX has informed customers that most of their assets are safe and that the exchange is working to minimize any effects on clients.
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