BingX, a Singapore-based crypto exchange, has successfully resumed withdrawal services following a recent security compromise that resulted in a massive $52 million loss.
Crypto exchange BingX has resumed withdrawal services following a recent security compromise that resulted in a loss of $52 million.
The attack, which was first reported on September 20, began with irregular withdrawals from one of BingX’s hot wallets at roughly 4:00 AM Singapore time. The original loss was estimated at $26 million, but subsequent investigations found that the overall damage was much higher, doubling to $52 million.
According to BingX, the majority of user assets are securely stored in cold wallets, and $10 million of the stolen assets have already been frozen. The BingX technical team is working to upgrade the wallet's framework and address any residual risks from the incident. The exchange also has sufficient reserves to cover all potential losses.
In response to this issue, BingX announced a phased resumption of withdrawal services on September 21. Users can now withdraw key digital assets including Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Solana (SOL), Tron (TRX), and Circle’s USD Coin (USDC).
Over the next two weeks, the platform plans to restore withdrawal services for other tokens, with the goal of progressively returning all services to normal. Any pending withdrawal requests submitted prior to the suspension were annulled, and users were invited to resubmit them.
One of the important elements that enabled BingX to mitigate the impact of this attack was its usage of cold storage. According to Vivien Lin, Chief Product Officer of BingX, most client assets remained unharmed since they were separated in cold wallets, a security safeguard that prevented further losses.
Lin stressed that the company’s financial reserves are sufficient to offset any potential losses from the hack, reassuring clients about the security of their investments.
Furthermore, in response to this incident, BingX has taken aggressive steps to strengthen its security protocols. They’re working with top blockchain security businesses like SlowMist and Chainalysis to investigate the breach, recover the stolen assets, and prevent such events in the future.
So far, $10 million of the stolen assets have been effectively frozen, demonstrating BingX’s efforts to minimize the scope of the damage and dedication to security.
This event places BingX among other crypto sites attacked by attackers in recent years. For example, earlier in September, the decentralized finance (DeFi) platform Delta Prime experienced a $6 million breach when hackers hacked its administrator wallet, depleting liquidity pools on the Arbitrum (ARB) network.
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