Singapore-based cryptocurrency exchange BingX has resumed withdrawals for digital assets after a hack that resulted in $52 million in losses.
Resumption of Withdrawals
Cryptocurrency exchange BingX has resumed withdrawal services for its users following a hack that resulted in $52 million in losses. Reportedly, the estimated initial loss of the incident was $43 million.
Details of the Hack
In an official X post on September 20, Chief Product Officer of BingX, Vivien Lin, stated that the breach occurred around 4:00 a.m. (SGT). The exchange immediately isolated the compromised systems to prevent further loss. Additionally, Lin assured users that BingX plans to compensate users completely for any lost funds. She also mentioned that the total loss was minimal and manageable. The stolen funds include $13.25 million in Ether (ETH), $2.3 million in Binance Coin (BNB), and $4.4 million in Tether (USDT), among other assets. Hackers drained more than 360 different types of altcoins. Users were informed that any previous withdrawal requests have been rejected and need to be resubmitted.
Recovery and Security Measures
Lin stated that the financial impact of the hack was less due to the client’s funds being secured in cold storage, resulting in most of the assets remaining unaffected. Already, $10 million of the stolen funds have been frozen. The exchange is also working with blockchain security firms SlowMist and Chainalysis to investigate the incident, recover lost funds, and strengthen its security protocols. Lin assures users about BingX’s strong finances and sufficient reserves, enabling it to fully cover any potential losses from this attack.
BingX is actively working on recovering the stolen funds and enhancing security measures to prevent such incidents in the future. Users can be assured of the platform’s reliability and readiness to tackle such challenges.
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