BingX Swiftly Recovers from Hot Wallet Incident, Ensures User Asset Security

VILNIUS, Lithuania, Sept. 30, 2024 /PRNewswire/ -- BingX, a leading cryptocurrency exchange, demonstrated rapid response and resilience following a recent hot wallet incident, ensuring user assets were secure and restoring withdrawal services within 24 hours.

On September 20 at approximately 4AM UTC+8, BingX faced an incident affecting one of its hot wallets. The exchange responded immediately by isolating the compromised system and suspending all withdrawals and deposits to prevent further damage and safeguard user assets.

Service Restoration Timeline

Following the rapid containment efforts, BingX successfully resumed withdrawal services for major assets, including but not limited to USDT, USDC, BTC, ETH, TRX, XRP, and SOL within 24 hours, by September 21, 08:30 (UTC+8). Deposit services were restored within 48 hours, starting with the same batch of major assets by September 22. Gradual reopening of altcoin withdrawals began soon after, with an additional 20 altcoins available for withdrawal by September 26. As of September 29, 129 cryptocurrencies have been restored.

User Asset Security and Assurance

BingX reassured its users that all their assets on the platform remain safe and unimpaired. Despite the brief suspension of withdrawal and deposit services, BingX maintained stable liquidity and seamless trading services throughout the incident. A significant portion of assets stored in cold wallets, which are offline and more secure, are entirely unaffected by the incident. BingX's robust reserves ensure full coverage of any potential losses, protecting user assets at all times. In an effort to ensure uninterrupted withdrawal operations, BingX established a fully financed Safety Fund from its own capital, purchasing tokens from the secondary market. The process is now 90% complete, and further security testing on dozens of chains is underway before the full resumption of altcoin deposits and withdrawals.

Investigation and Security Measures

The investigation into the security breach is progressing swiftly. BingX is collaborating with security organizations, including SlowMist and 911, as well as law enforcement agencies, to trace the hackers. Significant strides have been made in narrowing the scope, and the team is optimistic about obtaining more concrete results soon.

In response to the incident, BingX has also made sweeping upgrades to its security infrastructure. The exchange has completely overhauled its wallet systems to prevent future incidents of this nature. Internal monitoring and threat-response protocols have been reinforced to detect and neutralize potential threats faster. Furthermore, BingX will continue to conduct regular, rigorous technical audits in collaboration with its security advisors to eliminate any vulnerabilities, ensuring that its platform remains a trusted and fortified space for all users.

Vivien Lin, Chief Product Officer at BingX, reflected on the incident, stating: "The safety of our users' assets has always been our top priority, and this incident reaffirmed our commitment to that. We responded swiftly and efficiently, but beyond our technical response, we remained true to our core values of transparency and trust. Throughout the process, we kept our users informed at every step, ensuring they knew their assets were secure. While this event presented challenges, it also gave us the opportunity to strengthen our platform even further. We are proud of our team's actions and remain committed to making BingX one of the most secure and trusted exchanges in the industry."

BingX remains dedicated to continuous improvement in security protocols, ensuring a safer and more reliable platform for all its users worldwide. Despite this challenge, the exchange is back on track, stronger than ever, and committed to maintaining its position as a global leader in crypto space.

About BingX

Founded in 2018, BingX is a leading cryptocurrency exchange serving over 10 million users worldwide. BingX offers diversified products and services, including spot, derivatives, copy trading, and asset management – all designed for the evolving needs of users, from beginners to professionals. BingX is committed to providing a trustworthy platform that empowers users with innovative tools and features to elevate their trading proficiency. In 2024, BingX proudly became Chelsea FC's principal partner, marking an exciting debut in the world of sports.

For more information please visit: https://bingx.com/

source: BingX