BingX Wallet Hack Update: Deposit and Withdrawal Services Now Available
Cryptocurrency exchange BingX announced that it has fully restored deposit and withdrawal services after the exchange experienced a recent hacking incident that cost it over $43 million
BingX has resumed its deposit and withdrawal services following a hacking incident that led to losses exceeding $43 million.
Following the BingX wallet hack, the exchange will compensate for all losses and emphasize ongoing efforts to optimize platform security.
Cryptocurrency exchange BingX announced that it has fully restored deposit and withdrawal services after the exchange experienced a recent hacking incident that cost it over $43 million.
Deposit and Withdrawal Services Reopen After BingX Wallet Hack
According to Vivien Lin, BingX's Chief Product Officer, at least 700 tokens have been recovered, allowing the exchange to return to a normal operation state.
In the BingX wallet hack on September 20, over $20 million in various cryptocurrencies was drained within a four-hour window. The hackers stole $13.25 million in Ether, $2.3 million in Binance Coin, and $4.4 million in Tether, along with more than 360 types of altcoins. A portion of BingX's hot wallet was compromised, but the exchange sought to reassure users that their assets were safe.
As a precautionary measure to protect users' funds, the exchange temporarily froze all types of deposits and withdrawals for 24 hours. The technical team at the exchange quickly addressed the issue, identified the root cause of the hack in the BingX wallet, and successfully restored the functionality of the platform.
Exchange Commits to Full Compensation and Continued User Protection
Lin stated that BingX is committed to compensating all losses. She added that they would continue to optimize their operations for stability and security.
"We will continue to optimize the platform and ensure stable and secure operations," Lin said.
Security breaches have always been a part of cryptocurrency exchanges, and the industry is still recovering from major attacks like the 2011 Mt. Gox attack, where hundreds of thousands of Bitcoins were stolen.
BingX has now reassured its users that it will not face the same fate and is taking precautionary measures to ensure such an incident does not occur in the future.
