BingX Restores Withdrawal Services After Addressing Security Breach

Following a recent hacking incident, the leading cryptocurrency exchange, BingX, has finally announced that it will resume the withdrawal services for some digital assets from September 21, 2024.

It will let customers initially withdraw major cryptocurrencies, including Tether’s USDT, Circle’s USDC, Bitcoin, Ethereum, Tron, and Solana. It plans to resume its withdrawal services for other tokens in phases over the next two weeks.

🚨 Update: Withdrawals Resumed 🚨

We’re happy to announce that withdrawal services are back online! 🙌 Your funds are secure, and our team is continuing to strengthen security measures for the future.

For more details, check the official notice here: https://t.co/BvGv5RvLRF…

— BingX (@BingXOfficial) September 21, 2024

BingX Cooperates with Security Firms

Additionally, BingX announced that the company will restore deposit services in the near future. The exchange advised customers who had submitted a request to withdraw cash before the disruption of its operations to resubmit their requests.

According to Vivien Lin, BingX’s Chief Product Officer, the recent hacking incident, which caused significant losses, was mitigated because most of the client funds were in cold storage.

So far, $10 million of the siphoned funds have been frozen. BingX actively cooperates with leading security companies, including SlowMist and Chainalysis, to trace the rest of the lost assets.

The breach occurred in the early morning of September 20 at around 4:00 AM, Singapore time, starting with unauthorized access to one of its hot wallets. What first seemed to be a minor loss quickly escalated into a staggering $52 million worth of stolen cryptocurrencies.

BingX Strengthens Security Measures

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The incident fits a concerning pattern this month, as numerous other major security breaches involving the crypto industry have been recorded. Notably, the WazirX exchange experienced a $234 million hack, Ethena’s domain registrar faced a front-end attack, and the distributed finance platform Delta Prime was hacked for $6 million.

The exchange has advised its clients that it intends to start deposit operations once more in a few weeks. BingX has also informed its customers that all withdrawal requests made before the suspension of withdrawal services have been revoked and must be resubmitted for handling.

Reacting to the situation, BingX has reassured its customers of its financial soundness by claiming enough reserves to control possible losses. Emphasizing its dedication to security and its six-year track record as a dependable and trustworthy service provider in the crypto sector, the exchange underlined.

Crypto Hacks and Exploits: A September Overview

Renowned distributed finance platform Delta Prime said on September 16 that it had lost $6 million due to a security vulnerability.

It was executed by a hacker who managed to breach the Delta Prime administration wallet, which is critical in controlling proxy contracts. The hacker consequently modified those contracts after the breach to enable the illicit draining of liquidity pools on ecosystem Arbitrum, a statement from the representative of the cybersecurity firm Cyvers reads.

Recently, hackers compromised the website due to an Ethena front-end attack. Ethena is essentially a domain registrar company. The company, Ethena Labs, responded enthusiastically to the hack by immediately taking down the site to prevent further loss.

Conclusion

This timely and strategic response to the hacking incidents on its platform said it all: how seriously BingX takes the trust put in its care to safeguard the assets of its users. While gradually allowing full-service functionality, BingX remains committed to further strengthening the security of its platform to guarantee the strength of the trading environment for all of its users.