The post BingX Hack, HMSTR Airdrop Drama, and More appeared on BitcoinEthereumNews.com.

This week brought turmoil and development across the crypto space. A $42 million hack at BingX rattled the market, raising questions about security vulnerabilities in major exchanges. Meanwhile, Hamster Kombat’s controversial airdrop sparked outrage after millions of players were disqualified from receiving tokens. These developments highlight the industry’s promise and perils as it continues to evolve and capture the attention of regulators and innovators. BingX Restores Services After $42 Million Crypto Hack On September 20, crypto exchange BingX suffered a hack. This incident resulted in an over $42 million loss in digital assets. The breach initially revealed suspicious transactions totaling $13.6 million. As further investigation unfolded, the losses escalated to over $26 million, eventually totaling $42 million. Read more: Crypto Project Security: A Guide to Early Threat Detection The stolen assets included a wide range of cryptocurrencies, notably 4.44 million USDT ($4.4 million), 1 million WUSD ($1 million), 608,660 USDC ($608,660), and 9.38 BTCB ($590,000). PeckShield and other security experts confirmed that the attackers transferred the funds to a wallet address identified as ‘0xF7e8.’ On-chain data also revealed that these bad actors quickly exchanged the stolen assets for Ethereum (ETH) and BNB. Despite the heavy losses, BingX Chief Product Officer Vivien Lin assured users that the firm would cover the full amount with its capital reserves. “Our technical team detected abnormal network access, suspecting a hacker attack on BingX’s hot wallet. We immediately started our emergency plan, including the urgent transfer of assets and withdraw suspension. There has been minor asset loss, but the amount is small and still being calculated,” Lin wrote on X (Twitter). Following this incident, BingX has resumed its service. Withdrawals for major assets like Bitcoin (BTC) and USDT resumed on September 21, with full deposit services restored by September 22. Hamster Kombat’s HMSTR Airdrop: Controversy…

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Filed under: News - @ September 28, 2024 12:21 am