Singapore-based cryptocurrency exchange BingX reported a hack attack that stole $43 million worth of cryptocurrency.

The incident occurred on September 20, when the exchange's technical team detected suspicious access to the network at 04:00 a.m. (00:00 Kyiv time). The Block wrote about it.

According to PeckShield analysts, most stolen funds were transferred in several tranches. BingX Chief Product Officer Vivienne Lin said the exchange immediately implemented an emergency plan to prevent further losses, including an urgent transfer of assets and suspension of withdrawals.

“So far we've only suffered minor losses and dealt with them. Most of the assets are safe in cold wallets, and only a small portion is affected in hot wallets,” Lin noted. The exchange also promises to bring back within-day withdrawals and develop a compensation plan for affected users.

The exchange said withdrawals would reopen in the next 24 hours and promised a compensation plan for users.