Crypto enthusiasts hold onto your wallets! After a shocking $52M hack, BingX is back in action.
On September 21, 2024, BingX announced the resumption of withdrawal services for several key cryptocurrencies, following a major hack that hit the exchange just a day earlier.
Users of the platform can now withdraw USDT, USDC, Bitcoin (BTC), Ethereum (ETH), Tron (TRX), and Solana (SOL), with other tokens expected to follow over the next two weeks.
The breach, which occurred around 4:00 AM Singapore time, led to unauthorized withdrawals from BingX’s hot wallet. Initially downplayed as a “minor” incident, the scope of the hack quickly ballooned to $52 million in stolen funds.
Read Also: Crypto Exchange BingX Faces $26M Hack, Pledges Full Compensation
Despite the scale of the attack, BingX has assured customers that their funds are safe, thanks to its extensive use of cold storage and the rapid freezing of $10 million in stolen assets.
BingX’s Chief Product Officer, Vivien Lin, shared that the exchange is working closely with top blockchain security firms like SlowMist and Chainalysis to track down the hackers and recover the remaining funds.
Moreover, Lin reassured users that BingX has more than enough reserves to cover potential losses, reflecting the platform’s six-year history of reliability.
As withdrawals return in phases, deposit services are also set to resume in the coming weeks. Users with pending withdrawal requests prior to the hack will need to resubmit them.
The crypto community continues to grapple with a string of hacks this month, with platforms like Delta Prime and Ethena Labs also falling victim to cyberattacks. However, BingX’s swift response and strong recovery efforts stand out in an otherwise troubled month for digital finance security.
