BingX Affirms Restoration of Withdrawal Services PostHack

BingX — a popular cryptocurrency exchange — has announced that withdrawal services on the platform will resume on Sept. 21, 2024, for certain digital assets.
According to the exchange’s announcement, withdrawals for Tether’s US dollar stablecoin (
USDT
), Circle’s US dollar stablecoin (
USDC
), Bitcoin (
BTC
), Ether (
ETH
), Tron (
TRX
), and Solana (
SOL
) will resume first followed by withdrawal services for other tokens and digital assets over the next two weeks.
The exchange notified customers that deposit services would likewise resume in the next several weeks and told clients that withdrawal requests submitted before the disruption of withdrawal services have been canceled and must be resubmitted.
In an update shared with Cointelegraph, Vivien Lin, chief product officer at BingX, explained that the monetary losses from the hack were mitigated due to most client funds being isolated by cold storage.
The BingX executive also said $10 million in stolen funds have already been frozen. Moreover, the exchange is working with SlowMist, Chainalysis, and other onchain security firms to investigate the incident and recover funds.
Lin reassured customers that all potential losses could be covered by the exchange’s “sufficient reserves” and cited BingX’s six-year history as a reputable service provider.
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The BingX hack
On Sept. 20, the BingX exchange
revealed it was hacked
. The attack occurred around 4:00 am Singapore time when the exchange noticed abnormal withdrawals from a hot wallet.
The ensuing losses were initially characterized as “minor” by Lin but later surged to
$52 million in stolen funds
.
Crypto hacks and exploits in September
On Sept. 16, decentralized finance platform Delta Prime announced it suffered a
$6 million breach
. According to a spokesperson from the Cyvers cybersecurity firm, the Delta Prime Hacker compromised the Delta Prime administration wallet, which controls proxy contracts, and subsequently altered the contracts to drain liquidity pools on the Arbitrum (
ARB
) network.
More recently, the Ethena domain registrar was
hacked in a front-end attack
causing the website to become compromised and resulting in Ethena Labs deactivating the website to prevent losses.
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