As a researcher with years of experience in the cryptocurrency market, I must say that the situation at BingX is a mixed bag. On one hand, it’s impressive to see how quickly they were able to respond and recover from such a massive hack, particularly given the escalating number of attacks on crypto exchanges recently. However, the unresolved issues surrounding the KOKO token raise concerns about transparency and communication, which are crucial in rebuilding trust among users.
BingX declared a restoration of normality within their contended crypto trading platform; however, certain users pointed out ongoing concerns about the KOKO digital currency.
As per Vivien Lin, BingX’s chief product officer, the digital asset trading platform has managed to address most of the problems that arose after last month’s hack. Lin mentioned that various chains have reactivated deposit and withdrawal services, with the platform successfully recovering approximately 700 tokens since the September 20 incident.
All operations have returned to normal.
Vivien Lin, BingX CPO
By the end of September, cybercriminals managed to make off with around $43 million worth of cryptocurrencies like Ethereum (ETH) and Binance Coin (BNB) from BingX’s active wallet. In response to this security incident, the Singapore-based platform temporarily halted withdrawals while they dealt with the issue. They also pledged to reimburse all affected users in full.
Additionally, the company reorganized user holdings into safe areas as part of an approach aimed at minimizing additional losses, as reported earlier by Crypto News.
Although certain users praised the quick action taken by the team in addressing the security incident, other users raised concerns about persistent problems related to the KOKO token, which was issued by a project called Koala AI VIP. It’s not yet definitive whether KOKO is associated with the AI content generator from Koala AI.
Andraž Novljan, who is part of the VIP team at Koala AI, stated that BingX failed to address inquiries concerning the KOKO token or providing compensation for KOKO holders. Meanwhile, requests for comments on this issue from crypto.news were left unanswered as reported at the time of their publication.
It seems like things have been moving smoothly up until the recent security issue with the KOKO token from BingXOfficial that occurred a few weeks back. We’ve noticed you’ve been less responsive since then, which isn’t ideal for your exchange or partners associated with Chelsea FC. Many investors have suffered losses due to this incident and it casts a negative light on your platform.
Could you please address this issue promptly?
— Andraž Novljan (@akaainu7) October 8, 2024
Last month’s massive cyber attack on BingX resulted in one of the biggest heists, with hackers making off with more than $120 million from various cryptocurrency systems, particularly in September. According to a report by PeckShield, other platforms such as Penpie and Indodax were also victims of this criminal activity.
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2024-10-08 20:02