BingX Restores Crypto Withdrawals and Trading Services in Less than 24 Hours After $52 Million Hack

The BingX team has confirmed that all services on the exchange have resumed, and users can now use the platform without any concerns.

BingX is a well-known global crypto trading platform. Yesterday morning, the exchange suffered a security breach, losing nearly $52 million worth of cryptocurrencies. Following the incident, BingX paused all crypto withdrawal and deposit services.

Later that night, BingX’s Chief Product Officer, Vivien Lin, confirmed the gradual resumption of crypto withdrawal services.

Already, the BingX executives confirmed that they will compensate the customer’s loss from their pocket. In short, customers will not face any kind of loss.

Details of the Loss and Actions Taken

Initially, BingX claimed that the exchange had lost only a small amount of money. However, further investigation revealed a larger loss. According to reports from a blockchain security firm, the hacker stole approximately $52 million in cryptocurrencies.

In an interview with Cointelegraph, a BingX executive stated that $10 million in stolen funds had already been frozen. The exchange is working with security firms like SlowMist, Chainalysis, and others to recover the remaining stolen assets.

Crypto Hacking Incidents

Earlier last week, decentralized finance (DeFi) platform Delta Prime confirmed a $6 million breach.

Two months ago, Indian crypto exchange WazirX faced a major hack, losing $235 million. The WazirX breach is suspected to have involved insider involvement, as the hacker was able to access the exchange’s cold wallet. 

WazirX is currently on the verge of bankruptcy, but its CEO, Nischal Shetty, is actively working to restructure and revive the platform.

Read also: Supreme Court of India’s YouTube Channel Hacked, Used to Promote Fake $XRP Scam