BingX Hack News: Withdrawals Resumed After $52M Loss

Key Takeaways

BingX hacked for $52M; withdrawals for key assets like BTC, USDT, and ETH are now available.
$10M frozen as BingX works with security firms to recover stolen funds.
BingX assures users its reserves can cover losses, maintaining trust after the incident.

3 hours ago By: Sakshi Jain

BingX Hack News: $10M Frozen, Withdrawals Resumed After $52M Loss

BingX, a leading cryptocurrency exchange, suffered a significant hack on September 20, 2024, resulting in $52 million in losses. The platform has since resumed withdrawals for major assets like Bitcoin, Ethereum, and USDT. BingX is collaborating with security firms to recover stolen funds and reassure users of its stability.

BingX Hack News: $52M Stolen, Recovery Underway

BingX, a well-known cryptocurrency exchange, was hacked on September 20, 2024, resulting in the theft of $52 million. Initially, the company reported the losses as $26 million, but after further investigation, the figure doubled. The hack was detected around 4:00 AM Singapore time when abnormal withdrawals were noticed from the exchange’s hot wallet.

BingX has now restored withdrawal services for key digital assets like Tether (USDT), USD Coin (USDC), Bitcoin (BTC), Ethereum (ETH), Tron (TRX), and Solana (SOL). Withdrawals for other tokens will be resumed gradually over the next two weeks. Deposits, which were also affected, will be restored soon as well.

The platform informed its users that all withdrawal requests made before the service disruption had been canceled. Users are required to resubmit their requests to access their funds.

Vivien Lin, Chief Product Officer at BingX, shared that a significant portion of user funds was protected in cold storage, limiting the impact of the hack. She also revealed that $10 million of the stolen funds have already been frozen, and BingX is actively working with security firms like SlowMist and Chainalysis to investigate and recover the remaining stolen assets.

Lin assured customers that BingX has sufficient reserves to cover all potential losses, highlighting the exchange’s six-year history as a trusted platform. Despite the setback, BingX remains committed to ensuring its users’ safety and financial security.

Conclusion

BingX is taking swift action to restore services and recover stolen funds after a $52 million hack. With ongoing investigations and frozen assets, the exchange reassures users that its reserves are enough to cover losses, reaffirming its commitment to maintaining trust and stability in the crypto space.

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