International Crypto Exchange BingX Hacked, But Assures Compensation
At around 9:20 a.m. last Friday Philippine Time, centralized crypto exchange BingX announced that it would have temporary wallet maintenance that could last for up to 24 hours due to a potential security breach.
Hours later, multiple websites are reporting of BingX suffering a $44.7M exploit on its hot wallet.
Latest update as of Sept. 22, 2024 at 12:15pm:
- BingX has announced a compensation plan for affected users.
- Website Protos criticized BingX for trying to hide the breach in a carefully crafted but vague post on X.
- The exchange, meanwhile, has resumed withdrawals for mainstream assets.
Initial key details: BingX Chief Product Officer Vivian Lin shared that at around 4:00 a.m. on September 20, 2024, their technical team detected abnormal network access, suspecting a hacker attack on BingX’s hot wallet.
- What did BingX do? The team urgently transferred assets and suspended the withdrawal process, she explained.
- Until when is withdrawal suspended? According to Lin, withdrawals have been temporarily suspended while they conduct an emergency inspection and strengthen their wallet services.
- How did BingX execute its emergency plan? The BingX executive shared that to be able to protect the assets of their users, they are using a layered management system, where the majority of assets are stored in cold wallets and only a few assets are stored in hot wallets.
- Lin assured that only a minimal amount of assets are on the hot wallet for withdrawal purposes of users.
- How many funds were stolen? Only a small amount of assets were lost, as per the executive, and they are still calculating it.
Key Quote:
“BingX and the development team apologize for the disruption. Our mission to provide a seamless and trusted trading environment remains firm. We are working on a compensation plan, which will be announced soon. Thank you for your understanding and continued support.”
Vivian Lin, Chief Product Officer, BingX
Zoom Out: BingX is one of the international exchanges that gave support for pre-market trading and listing of the following Telegram game tokens:
- $CATI of Catizen
- $HMSTR of Hamster Kombat
- $NOT of Notcoin
- $BLUM of Blum
This article is published on BitPinas: International Crypto Exchange BingX Hacked, But Assures Compensation
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