The BingX team has officially announced that all services on the exchange have been restored, allowing users to resume trading on the platform without any worries. BingX, a popular global crypto trading platform, faced a major security breach yesterday morning, resulting in the loss of approximately $52 million worth of cryptocurrencies. In response to the incident, BingX immediately halted all crypto withdrawal and deposit services as a precautionary measure.
Vivien Lin, BingX’s Chief Product Officer, took to Twitter later that evening to confirm the gradual reinstatement of crypto withdrawal services. She assured users that withdrawals on the BSC network, including popular cryptocurrencies like USDT, USDC, BTC, ETH, TRX, and SOL, would be available by a specified date and time.
Furthermore, BingX executives have pledged to compensate customers for their losses out of their own pockets, ensuring that users will not suffer any financial repercussions from the security breach. This proactive approach demonstrates the exchange’s commitment to safeguarding user funds and maintaining trust within the crypto community.
Details surrounding the extent of the loss and the steps taken to address the situation have also come to light. Initially downplaying the magnitude of the breach, BingX later acknowledged that the hacker had absconded with a significant sum of $52 million in cryptocurrencies. However, efforts to recover the stolen assets are already underway, with $10 million of the stolen funds reportedly frozen and collaboration with security firms like SlowMist and Chainalysis in progress.
The unfortunate incident at BingX is just one in a series of recent crypto hacking events that have rocked the industry. Delta Prime, a decentralized finance platform, recently confirmed a $6 million breach, underscoring the vulnerability of digital assets to malicious actors. Similarly, Indian crypto exchange WazirX fell victim to a major hack two months ago, resulting in a staggering loss of $235 million. Suspicions of insider involvement have surfaced in the WazirX breach, as the hacker managed to access the exchange’s cold wallet.
Despite facing financial turmoil, WazirX’s CEO, Nischal Shetty, remains committed to reviving the platform and restoring investor confidence. The crypto community continues to grapple with the repercussions of these security breaches, emphasizing the importance of robust security measures and proactive responses to safeguard user funds and uphold the integrity of the industry.