BingX makes sure to restart logging services after hacking
BingX – a popular cryptocurrency exchange – has announced that clearing services on its platform will resume on September 21, 2024 for certain digital assets.
According to the exchange announcement, withdrawals for Tether, USDT, Circ USDC, Bitcoin (BTC), Ethereum (ETH), TRON (TRX) and Solana (SOL) will continue for the next two weeks. Services for other tokens and digital assets.
The exchange informed its customers that deposit services will continue in the same manner for the coming weeks, and told customers that withdrawal requests submitted before the withdrawal service was canceled and must be resubmitted.
In an update shared with Cointelegraph, BingX Chief Product Officer Vivian Lin explained that the financial loss from the hack was minimized by the fact that most of the customer funds were isolated in cold storage.
A BingX executive also said $10 million in looted funds had been suspended. Moreover, the exchange is working with SlowMist, Chainalysis and other onchain security organizations to investigate and monetize the incident.
Lin assured customers that any potential losses could be covered by the exchange's “adequate reserves” and cited BingX's six-year history as a reputable service provider.
Related: Powering the Next Generation of Blockchain Projects: An Interview with BingX Labs
The BingX hack
On September 20, the BingX exchange disclosed that it had been hacked. The attack happened around 4:00am Singapore time and saw the exchange withdraw from its regular wallet.
The subsequent losses were initially identified as “minor” by Lin, but later the amount stolen increased to 52 million dollars.
Crypto hacking and exploits in September
On September 16, decentralized finance platform Delta Prime announced that it had suffered a $6 million breach. According to a spokesperson for cyber security firm Syvers, the Delta Prime hacker breached the Delta Prime management wallet, which controls proxy contracts, and subsequently changed its terms to leak liquidity pools on the Arbitrum (ARB) network.
Recently, the website was compromised due to a front-end attack on Etena's domain registrar and Etena Labs disabled the website to prevent losses.
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