BingX will resume some withdrawals and deposits after the hack. The exchange has denied claims of a cover-up. $10M frozen; Full service restoration expected in 1-2 weeks.
BingX, a Singapore-based crypto exchange, has resumed some withdrawals and deposits after a breach in which tens of millions of crypto were stolen.
The venue shortly after the attack Accused Attempting to cover up the hack by initially announcing “temporary wallet management” instead of directly addressing the breach.
Vivian Lin, chief product officer, addressed the claims in an interview DL NewsExplaining, “When an alarm is triggered in wallet services, it is impossible for any organization to immediately reach a definitive conclusion. The first step is to stop deposit and withdrawal services and enter maintenance mode to prevent further damage.
She said as the investigation progressed, the team got more clarity on the breach and immediately shared the details with the community.
Lynn denied the cover-up allegations, saying, “Our prompt announcement demonstrates our responsibility to inform consumers of our actions, contrary to speculation that we are 'trying to cover up the truth.'”
On September 21, withdrawals On Binance Smart Chain has been revived and today, Deposits Back online for USDT, USDC, BTC, ETH, TRX and SOL.
The team expects most deposit and withdrawal services to be fully restored in the next week or two.
BingX has already frozen $10 million in assets as part of its recovery efforts and is working with security firms like SlowMist and Chainalysis to investigate the hack.
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Slowmist estimated the losses roughly $45 millionBut Lin highlighted ongoing efforts to recover additional funds: “We are in the process of recovering a significant portion of the assets and the final loss figure will be determined once these efforts are completed.”
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