BingX confirms withdrawal service has been restored, hacker attack losses amount to $52 million
BingX confirms withdrawals restored after hack. According to initial reports, the total financial losses from the BingX hack were $26 million, but that figure has since soared to $52 million. Popular cryptocurrency exchange BingX has announced that withdrawals for certain digital assets on the platform will resume on September 21, 2024.
The exchange notified customers that deposit services will be restored in the coming weeks, and informed customers that withdrawal requests submitted before the withdrawal service was interrupted have been canceled and must be resubmitted. In an update shared with Cointelegraph, BingX Chief Product Officer Vivien Lin explained that the financial losses caused by the hack were mitigated by the fact that most customer funds were isolated in cold storage. In addition, $10 million of the stolen funds have been frozen.
BingX executives said they are working with SlowMist, Chainalysis, and other on-chain security firms to investigate the incident and recover the funds. Lin assured customers that any potential losses can be covered by the exchange's "ample reserves," noting that BingX is a six-year-old service provider with a good reputation. This series of measures is aimed at enhancing user confidence and ensuring platform security and stability.
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