BingX, a leading cryptocurrency exchange, has announced the resumption of its withdrawal services following a recent hack. Initially reporting $26 million in losses, the figure has now doubled to $52 million. Despite this setback, the platform confirmed that withdrawals will be available for certain digital assets starting on September 21, 2024.
Key Assets for Early Withdrawals
In its latest update, BingX clarified that withdrawals for the following digital assets will be reactivated first:
- Tether (USDT)
- Circle’s USD Coin (USDC)
- Bitcoin (BTC)
- Ethereum (ETH)
- Tron (TRX)
- Solana (SOL)
Over the following two weeks, withdrawal services for additional tokens and assets will gradually return. BingX also notified users that any pending withdrawal requests submitted before the suspension have been canceled and will need to be resubmitted.
Investigating the Incident and Securing Funds
Vivien Lin, Chief Product Officer at BingX, told that the hack’s financial impact was mitigated by the exchange’s use of cold storage, which isolated most client funds. She also confirmed that $10 million of the stolen assets had already been frozen, thanks to BingX’s collaboration with blockchain security firms SlowMist and Chainalysis.
Lin reassured users that BingX’s “sufficient reserves” would cover all potential losses, emphasizing the exchange’s solid six-year track record in the cryptocurrency space. Additionally, BingX is working actively to recover the remaining funds and prevent future breaches.
Also Read: Crypto Exchange BingX Hacked for $43 Million
The BingX Hack: What Happened?
The hack, which took place on September 20, was first detected around 4:00 AM Singapore time when unusual withdrawals were made from one of BingX’s hot wallets. While the initial losses were considered minor, the figure quickly escalated to $52 million.
Ongoing Cybersecurity Threats in Crypto
BingX is just one of several platforms targeted by cybercriminals this September. On September 16, Delta Prime, a decentralized finance (DeFi) platform, suffered a $6 million breach after its administration wallet was compromised, draining liquidity pools on the Arbitrum (ARB) network.
In another recent attack, the Ethena domain registrar experienced a front-end exploit, leading Ethena Labs to shut down its website temporarily to prevent further losses.
