As a seasoned researcher with a keen interest in the crypto realm, I find it refreshing to see resilience from exchanges like BingX following security incidents. The recent hack on BingX, albeit significant at $52 million, is a testament to their robust cold storage system that minimized customer losses.
On September 21, 2024, BingX, a widely recognized cryptocurrency platform, has shared that they will reactivate withdrawal options for certain digital assets. Initially, users can anticipate withdrawing Tether (USDT), Circle’s USDC, Bitcoin, Ethereum, Tron, and Solana. Over the subsequent two weeks, additional tokens will become available for withdrawal.
In their recent statement, BingX has shared that they plan to reactivate their deposit services in the upcoming weeks. Those clients who initiated a withdrawal request prior to the interruption of the service will have to re-submit these requests.
Vivien Lin, as the head of product development at BingX, clarified that the reduction in their losses following a recent hack was due to the majority of customer assets being securely stored offline (in cold storage).
To date, a total of $10 million from the stolen funds has been immobilized. The platform is working alongside firms such as SlowMist and Chainalysis in an effort to examine the situation and retrieve the misplaced resources.
On September 20, approximately 4:00 AM in Singapore, an unforeseen incident took place involving irregular transactions from a digital wallet. At first, it was assumed to be a small issue, but the financial loss soon spiraled to a staggering $52 million.
Additionally this month, there have been other instances of security issues in the cryptocurrency sector. For example, the decentralized finance platform Delta Prime experienced a hack that resulted in a loss of $6 million, and the Ethena domain registrar was targeted by a front-end attack.
As an analyst, I’d like to assure you all that we, at BingX, have robust reserves in place to manage any potential losses. Our six-year track record as a reliable service provider underscores our commitment to trust and stability.
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2024-09-21 09:03