BingX, the Singapore-based cryptocurrency exchange, has confirmed experiencing a “minor asset loss” following suspicious outflows from one of its hot wallets. The incident was reported by Chief Product Officer Vivien Lin on September 20, after the technical team detected abnormal network access, raising suspicions of a potential hacker attack. In response, BingX implemented its emergency protocol, which included urgent asset transfers and the suspension of withdrawals to mitigate further risk.
Blockchain security firms initially reported significant fund outflows from BingX, with estimates rising from $13.5 million to over $26 million. Despite the alarming figures, Lin assured users that the amount lost was small and manageable, emphasizing that BingX maintains a minimal amount of crypto in its hot wallets. The exchange is currently conducting an emergency inspection of its wallet services to reinforce security measures and determine the full extent of the losses.
In a reassuring statement, Lin confirmed that user assets remain safe and that BingX would fully compensate for any losses incurred during this incident. The exchange has temporarily halted withdrawals but expects to resume operations within 24 hours. This proactive approach aims to restore user confidence and ensure that all affected individuals are promptly informed of any developments regarding their assets.
Despite BingX’s efforts to communicate transparently about the situation, some in the crypto community have expressed skepticism about the exchange’s disclosures. Criticism emerged on social media, questioning whether the company was being forthright about the nature of the incident. Nonetheless, BingX has reaffirmed its commitment to maintaining the integrity of user assets and enhancing its security protocols, reflecting the ongoing challenges faced by cryptocurrency exchanges in safeguarding against potential breaches.
