BingX, a well-known cryptocurrency exchange, announced that it will restart withdrawal services on September 21, 2024, for select digital assets following the hack. Customers can expect to withdraw Tether’s USDT, Circle’s USDC, Bitcoin, Ethereum, Tron, and Solana first. Other tokens will follow over the next two weeks.
In their announcement, BingX also mentioned that deposit services will restart in the coming weeks. Customers who submitted withdrawal requests before the service disruption will need to resubmit them.
Vivien Lin, the chief product officer at BingX, explained that the exchange’s losses from a recent hack were reduced because most client funds were kept in cold storage.
So far, $10 million in stolen funds have been frozen, and the exchange is collaborating with security firms like SlowMist and Chainalysis to investigate and recover the lost assets.
The hack, which occurred on September 20 around 4:00 AM Singapore time, involved abnormal withdrawals from a hot wallet. Initially thought to be minor, the losses quickly escalated to $52 million.
This month has seen other crypto security incidents as well. For instance, the decentralized finance platform Delta Prime faced a $6 million breach, the Ethena domain registrar suffered a front-end attack, and WazirX lost around $234 million in a hack.
BingX reassures users that it has sufficient reserves to cover potential losses, emphasizing its six-year history as a trusted service provider.
