- BingX has resumed withdrawal services of the $52M hack.
- The exchange plans to collaborate with blockchain security firms to investigate and recover the stolen funds.
BingX, a prominent Singapore-based cryptocurrency exchange, has resumed withdrawal services for digital assets following a hack that resulted in $52 million in losses. Reportedly, the estimated initial loss of the security breach was $43 million.
In an official X post on September 20, Chief Product Officer of BingX, Vivien Lin, stated that the breach occurred around 4:00 a.m. (SGT). The exchange has immediately isolated the compromised systems to prevent further loss. Furthermore, Lin assured users that BingX plans to compensate users for any lost funds completely. She also mentioned that the total loss was minimal and manageable.
The stolen funds include $13.25 million in Ether (ETH), $2.3 million in Binance Coin (BNB), and $4.4 million in Tether (USDT), among other assets. The hackers have drained more than 360 different types of altcoins. Moreover, users have been informed that any previous withdrawal requests have been rejected and need to be resubmitted.
Lin states that the financial impact of the hack was less due to the client’s funds being secured in cold storage. Consequently, most of the assets remained unaffected by the breach. She further stated that $10 million of the stolen funds have already been frozen.
Moreover, the exchange is working with SlowMist, Chainalysis, and other on-chain security firms to investigate the incident. It aids in recovering the lost funds and strengthens its security protocols. Lin assures users about BingX’s strong finances and sufficient reserves, enabling it to cover any potential losses from this attack fully.
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