BingX Resumes Select Crypto Withdrawals Following $52M Hack

BingX, a leading crypto exchange, will reopen withdrawals for select currencies like USDT, USDC, Bitcoin, Ethereum, Tron, and Solana on September 21, 2024, after a $52M security breach.

In the aftermath of a significant security breach involving a $52 million hack, BingX, a prominent cryptocurrency exchange, announced that it will reinstate withdrawals for select digital currencies, including USDT, USDC, Bitcoin, Ethereum, Tron, and Solana, starting September 21, 2024.

The exchange confirmed that most customer assets were stored securely in cold wallets, minimizing the potential losses from the hack. The breach targeted BingX’s hot wallet, where $52 million in various assets were reportedly stolen. Despite this, the platform managed to freeze $10 million in stolen funds with the help of security firms, while efforts to recover more assets are ongoing.

BingX emphasized that users who submitted withdrawal requests before the hack must now resubmit them. The exchange assured customers that the platform remains financially stable and capable of fulfilling all withdrawal requests without jeopardizing user funds.

This incident underscores the importance of strong security measures within the cryptocurrency space. BingX has committed to strengthening its security infrastructure and working closely with external security partners to prevent future breaches.

Impact on Users

BingX users are encouraged to monitor their accounts closely and resubmit any pending withdrawal requests. The exchange also advised its users to enable two-factor authentication (2FA) and take other precautions to secure their accounts from potential threats.

The company’s handling of the situation and transparency in addressing the hack have garnered mixed reactions from the crypto community. While many appreciate the swift recovery efforts, some remain cautious about the platform’s future security measures.

As cryptocurrency exchanges continue to face cyber threats, BingX’s recovery plan sets a precedent for how platforms can manage such incidents while maintaining user trust.

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