The Singapore-based crypto exchange BingX suffered a security hack on its hot wallet, resulting in a significant loss of funds.

Security analysts at PeckShield noted that the incident resulted in an estimated loss of $43 million in cryptocurrencies, though the exchange describes it as "minor" and manageable. 

PeckShield added that most stolen funds were transferred in multiple tranches.

Amid the exploit, BingX’s chief product officer, Vivien Lin, said the incident was identified on September 20 at around 4:00 a.m. Singapore time when BingX’s technical team detected what is described as “unusual network access, suspecting a hacker attack” on the exchange’s hot wallet.

Withdrawals have been put on hold as part of an emergency plan to prevent further damage. 

“We immediately started our emergency plan, including the urgent transfer of assets and withdrawal suspension. There has been minor asset loss,” Lin added. The exchange has promised a compensation plan for users.

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