BingX Hackers Liquidate $27 Million in Crypto, Convert to Ethereum

BingX Hackers Liquidate $27 Million in Crypto, Convert to Ethereum

BingX Hackers Swap Stolen Crypto into ETH Cryptocurrency on-chain data analytics platform Spot On Chain reported that the "suspected BingX hacker address has swapped roughly $27 million worth of crypto into ETH within the last 4 hours." The address currently holds 7,172 ETH ($17.58 million) and 11,467 BNB ($6.44 million). The news follows Cointelegraph's earlier report that the cryptocurrency exchange BingX had fallen victim to a hack, with the attackers allegedly stealing $100 million in crypto assets. It is unclear if the hacker address identified by Spot On Chain is responsible for the BingX hack, but the timing and magnitude of the crypto swaps suggest a possible connection. BingX Hackers Turn to Ether The hackers' decision to convert a significant portion of their stolen crypto into Ethereum is likely motivated by the coin's liquidity and fungibility. Ethereum is the second-largest cryptocurrency by market cap and is widely traded on exchanges, making it easier for the hackers to sell their stolen assets. Additionally, Ethereum is more anonymous than some other cryptocurrencies, such as Bitcoin. This anonymity could make it harder for law enforcement to track the hackers' movements. Ongoing Investigation BingX has stated that it is investigating the hack and working with law enforcement to recover the stolen funds. The exchange has also assured users that their assets are safe. The cryptocurrency community is closely monitoring the situation and awaits further updates from BingX and law enforcement.