BingX Wallet Hack Update: Deposit and Withdrawal Services Now Available

Key Points:

• BingX has restored its deposit and withdrawal services after a hacking incident that resulted in over $43 million in losses.
• After the BingX wallet hack, the exchange would compensate for all losses and emphasise ongoing efforts to optimize platform security.

Cryptocurrency exchange BingX said it has fully restored deposit and withdrawal services after the exchange suffered a recent hacking incident that caused it to lose over $43 million.

Read more: BingX In Iran Still Supports Users To Trade

Deposit and Withdrawal Services Open After BingX Wallet Hack

As at least 700 tokens have been recovered, according to Vivien Lin, who is BingX’s Chief Product Officer, the exchange has gone back into a normal operation state.

Over $20 million in various cryptocurrencies were drained within a four-hour window in the BingX wallet hack on September 20. The hackers siphoned $13.25 million in Ether, $2.3 million in Binance Coin, and $4.4 million in Tether, among more than 360 types of altcoins. In total, part of BingX’s hot wallet had been breached, but the exchange tried to reassure users that their assets were safe.

Due to the BingX wallet hack, the exchange immediately froze all types of deposits and withdrawals for 24 hours as a precautionary measure toward the protection of users’ funds. The technical team at the exchange went into swift wallet maintenance, located the root cause of the hack into the BingX wallet, and successfully brought back the functionality of the platform.

Exchange Pledges Full Compensation and Ongoing User Protection

Lin said BingX is committed to compensating all losses. She added that it would continue to optimize its operations for stability and security.

“We will continue to optimize the platform and ensure stable and secure operations,” Lin said.

Security breaches have always been a part of cryptocurrency exchanges, and the industry is still nursing wounds from major attacks like the 2011 Mt. Gox attack in which hundreds of thousands of Bitcoins were stolen.

BingX has now reassured its users that it will not suffer the same fate and is taking precautionary measures to ensure such an incident would never happen in the future.