Following a major attack, top bitcoin exchange BingX has announced the resuming of withdrawal services beginning September 21, 2024. Originally stated as $26 million, the overall loss has now jumped to $52 million. With further tokens due to become accessible in the next two weeks, users may currently withdraw important assets like Tether (USDT), Circle’s USDC, Bitcoin (BTC), Ethereum (ETH), Tron (TRX), and Solana (SOL).
The site also intends to revive deposit services not too far off. We invalidated the previous ones, hence we have informed clients who had outstanding withdrawal requests before the security disturbance they had to resubmit them.
The Chief Product Officer of BingX, Vivien Lin, explained that most customer assets kept in cold wallets were not affected by the hack, therefore reducing losses. Already blocked $10 million in stolen assets, BingX is tracking the remaining stolen money in partnership with blockchain security companies SlowMist and Chainalysis.
Lin reassured consumers that BingX’s large reserves would be enough to offset any possible losses and that the solid reputation of the exchange developed over six years would help to inspire trust.
The security incident happened on September 20, at 4:00 AM Singapore time, when the exchange found odd withdrawals from one of its hot wallets. Originally thought to be minimal, the damage subsequently turned out to be significantly more widespread, costing $52 million in pilfers.
BingX is actively restoring services and improving security protocols to stop such events in the future. As we progressively restore withdrawal and deposit operations, we advise consumers to remain current on official statements from the exchange about fund access.
