Tuesday, February 11, 2025

Cryptocurrency Exchange BingX to Resume Withdrawal Services Post-Hack

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Originally published on: September 20, 2024

After falling victim to a hacking incident, BingX, a well-known cryptocurrency exchange, has officially announced the resumption of withdrawal services for certain digital assets starting on Sept. 21, 2024.

The exchange will first enable withdrawals for digital assets like Tether’s US dollar stablecoin, Circle’s US dollar stablecoin, Bitcoin, Ether, Tron, and Solana, with plans to gradually reintroduce withdrawal services for other tokens and assets over the next two weeks.

Customers who had submitted withdrawal requests prior to the service disruption are required to resubmit their requests, as the exchange had to cancel all previous pending withdrawals.

According to Vivien Lin, BingX’s chief product officer, significant monetary losses resulting from the hack were mitigated due to most client funds being secured in cold storage. The exchange has successfully frozen $10 million in stolen funds and is collaborating with security firms like SlowMist and Chainalysis to investigate the incident and recover additional funds.

Lin assured BingX clients that any potential losses would be covered by the exchange’s reserves and emphasized BingX’s strong six-year track record as a trustworthy service provider.

The hacking incident occurred in the early hours of Sept. 20, prompting BingX to address abnormal withdrawals from a hot wallet. Initially reported as minor losses, the stolen funds later amounted to $52 million.

In a series of recent cyberattacks targeting the cryptocurrency space, DeFi platform Delta Prime experienced a $6 million breach, while the Ethena domain registrar was compromised in a front-end attack, prompting swift action from security professionals to prevent further losses.

As BingX prepares to resume full withdrawal and deposit services in the coming weeks, the exchange remains committed to upholding security measures and safeguarding clients’ assets in the evolving landscape of digital finance.

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