BingX Hack: 700 Tokens Recovery, Platform Operations Resume

  cryptonewsz.com 45 m

BingX, a prominent crypto exchange, has successfully restored its platform operations after a major security breach in September 2024. The company has now recovered over 700 tokens and resumed its full suite of services. This marked a significant step forward after a hack resulted in the theft of over $50 million worth of crypto while the actual loss hasn’t been reported.

BingX Hack Token Recovery

The BingX hack occurred on September 20, when a hacker stole a whopping 360 altcoins valued at more than $43 million. These assets were moved to two wallet addresses—“0x940” and “0xF7e8”—before being converted to Ethereum (ETH) and Binance Coin (BNB).

According to blockchain security firm Data Nerd, the hacker made off with 17 million Tether (USDT), 3.35 million USD Coin (USDC), and 1.04 million Wrapped USD (WUSD). However, since the crypto mentioned recovering over 700 tokens in the latest update, the real amount of theft has to be much higher.

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Despite the scale of the attack, BingX acted quickly to mitigate the damage and restore key services. By September 21, 08:30 (UTC+8), the exchange had successfully resumed withdrawal services for major assets, including USDT, USDC, Bitcoin (BTC), Ethereum (ETH), TRON (TRX), Ripple (XRP), and Solana (SOL). The deposit services for the same assets were restored within 48 hours, by September 22.

Executive Statement

Vivien Lin, Chief Product Officer at BingX, provided an update on the platform’s recovery on social media, stating, “The majority of chains have successfully restored deposit and withdrawal services, and over 700 tokens have been recovered as of today. All operations have returned to normal.” She also assured users that BingX would continue to optimize its platform for secure and stable operations, expressing gratitude for the community’s continued support.

The majority of chains have successfully restored deposit and withdrawal services, and over 700 tokens have been recovered as of today. All operations have returned to normal.

We will continue to optimize the platform and ensure stable and secure operations. Thank you for your…

— Vivien Lin @ BingX (@Vivien_BingX) October 8, 2024

The gradual restoration of services for altcoins started shortly after the major assets were back online, with 20 additional altcoins becoming available for withdrawal by September 26. The BingX hack is one of the more significant breaches in 2024 after WazirX, highlighting the ongoing vulnerabilities faced by crypto exchanges.

However, the rapid response from BingX, coupled with the recovery of hundreds of tokens, demonstrates the exchange’s commitment to user safety. Moving forward, BingX plans to strengthen its platform’s security measures while ensuring a seamless user experience. “We will continue to optimize the platform and ensure stable and secure operations,” Lin added.

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