**BingX to resume withdrawals for major assets following hack**
SINGAPORE (Reuters) – Cryptocurrency exchange BingX has announced that it will resume withdrawal services for select digital assets starting Sept. 21, 2024, after halting operations due to a recent hack. The exchange confirmed that withdrawal services for Tether’s USDT, Circle’s USDC, Bitcoin (BTC), Ethereum (ETH), Tron (TRX), and Solana (SOL) will be restored first, with other tokens and digital assets expected to follow over the next two weeks.
In its announcement, BingX notified customers that all withdrawal requests submitted prior to the disruption have been canceled, and clients will need to resubmit their requests.
BingX Chief Product Officer Vivien Lin provided an update to Cointelegraph, explaining that most client funds were safeguarded through cold storage, which helped limit the financial impact of the hack. Lin further revealed that $10 million in stolen funds have already been frozen and that BingX is collaborating with cybersecurity firms SlowMist and Chainalysis to investigate and recover the stolen assets.
Lin assured customers that BingX has “sufficient reserves” to cover potential losses, reinforcing the exchange’s commitment to maintaining its reputation built over six years of service.
**BingX hack details**
The security breach, which occurred around 4:00 AM Singapore time on Sept. 20, initially saw $26 million drained from a hot wallet. However, further investigations raised the total loss to $52 million. BingX initially downplayed the attack, describing it as “minor,” but the scope of the losses grew as additional wallet compromises were discovered.
**Recent crypto hacks**
BingX’s hack is one of several significant incidents in September. On Sept. 16, decentralized finance platform Delta Prime suffered a $6 million breach after an attacker compromised its administration wallet, draining liquidity pools on the Arbitrum network. Additionally, Ethena Labs’ domain registrar was hacked in a front-end attack, leading to the temporary deactivation of its website to prevent further losses.
