Singapore's BingX crypto exchange resumes withdrawals after $52M hack
Singapore-based cryptocurrency exchange, BingX, has recommenced its withdrawal services following a significant security breach. The incident resulted in an initial loss of $26 million, which later escalated to $52 million. In response to this setback, BingX has initiated a phased reopening of withdrawal services for major cryptocurrencies like Bitcoin, Ethereum, Tether, Solana, Tron, and Circle's USD stablecoin.
Collaborations with blockchain security firms post-hack
BingX is currently collaborating with leading blockchain security firms, to investigate the breach and recover the stolen funds. The company has confirmed that withdrawal services for key digital assets have been restored, and plans are underway to reinstate withdrawal services for other tokens within the next two weeks. BingX also intends to resume deposit services in the coming weeks.
Response to security breach and customer assurance
BingX's Chief Product Officer, Vivien Lin, revealed that the financial impact of the hack was lessened due to most client funds being secured in cold storage, which remained unaffected by the breach. She also disclosed that $10 million of the stolen funds have already been frozen. Lin reassured customers about BingX's strong financial position and sufficient reserves, enabling it to fully cover any potential losses from this attack.
Comprehensive review of its security protocols
The security breach transpired on September 20, around 4:00am (Singapore time), when BingX's systems detected unusual withdrawals from one of its hot wallets. Initially underestimated as a minor incident, the hack was later revised to reflect $52 million in stolen funds. In response to this event, BingX has undertaken a thorough review of its security protocols to prevent future incidents.
