BingX, a prominent digital asset exchange, has officially announced the resumption of withdrawal services in the wake of a recent security breach. Effective September 21, 2024, users can withdraw select digital assets. These assets include Tether’s US dollar stablecoin, Circle’s US dollar stablecoin, Bitcoin, Ethereum, Tron, and Solana. Withdrawals for more tokens and digital assets will likely return over the following two weeks.
In addition to resuming withdrawal services, the exchange announced that deposit capabilities would be returned in the weeks ahead. Customers have learned that any withdrawal requests made before the disruption have been terminated and will require reprocessing.
BingX Emphasizes User Confidence as Recovery Efforts Continue
The chief product officer at BingX, Vivien Lin, pointed out that the mitigation of financial losses from the breach was largely because most client funds were safely secured in cold wallets. Furthermore, according to Lin, about $10 million of the stolen assets have already been frozen. Currently, the exchange is partnering with security experts from SlowMist and Chainalysis to examine the incident and retrieve the lost funds.
To reassure clients, Lin pointed out that potential losses could be compensated by the exchange’s abundant reserves while also stressing BingX’s six-year history as a respected service provider for digital assets.
The security breach was disclosed on September 20, when abnormal withdrawals from a hot wallet were detected around 4:00 AM Singapore time. Early assessments evaluated the losses as “minor,” although subsequent reviews indicated about $52 million was taken.
BingX is implementing these protocols to restore user confidence and ensure secure fund access. The exchange is focusing on strengthening security protocols and prohibiting future problems. Users must remain alert and reference official updates about ongoing recovery and service returns.
