BingX Hack: $52 Million in Crypto Lost; Exchange Plans to Recover

BingX Hack: Navigating the Aftermath of a Major Hack

BingX Hack – BingX, a popular cryptocurrency exchange, has announced that withdrawal services for specific digital assets will resume on September 21, 2024. This follows a recent security breach that temporarily halted these services.

Resumed Withdrawals for Key Assets

According to the exchange’s announcement, withdrawals will initially be available for several key cryptocurrencies, including Tether’s USDT, Circle’s USDC, Bitcoin (BTC), Ethereum (ETH), Tron (TRX), and Solana (SOL). Following this initial phase, withdrawal services for other tokens and digital assets are expected to roll out over the next two weeks.

Deposit Services to Follow

In addition to resuming withdrawals, BingX has also informed customers that deposit services will be reinstated in the coming weeks. The exchange clarified that all withdrawal requests submitted before the disruption have been canceled and must be resubmitted.

Hack Mitigation Efforts

Vivien Lin, BingX’s Chief Product Officer, provided an update on the situation, explaining that monetary losses from the hack were mitigated due to the majority of client funds being stored in cold wallets. As part of their recovery efforts, the exchange has already frozen $10 million in stolen funds. Furthermore, BingX is collaborating with security firms like SlowMist and Chainalysis to investigate the incident and recover lost assets.

Overview of the Hack

On September 20, BingX revealed it had suffered a security breach. The attack occurred around 4:00 AM Singapore time, with the exchange detecting unusual withdrawals from a hot wallet. Initial estimates labeled the losses as “minor,” but the figure later escalated to $52 million in stolen funds.

Broader Context: Recent Crypto Hacks

The hack at BingX is part of a worrying trend in the cryptocurrency sector. On September 16, the decentralized finance platform Delta Prime disclosed a $6 million breach, where hackers compromised the platform’s administration wallet to drain liquidity pools on the Arbitrum (ARB) network. Additionally, the Ethena domain registrar was recently hacked, leading to the website’s deactivation to prevent further losses.

FAQ about BingX Withdrawal Resumption