BingX quickly recovers from hot wallet incidents, ensuring user asset security

The world's leading cryptocurrency exchange BingX has demonstrated rapid responsiveness and strong resilience after the recent hot wallet incident, consistently ensuring the safety of user assets and restoring withdrawal functionality within 24 hours. At around 4am on September 20th (GMT 8 time), BingX experienced an incident that affected one of its hot wallets. After detecting the risk, the exchange immediately took action to isolate the affected system and suspended all deposits and withdrawals to safeguard user assets and prevent further losses.

Service Recovery Timeline

After the incident was brought under control, BingX successfully resumed withdrawal services for major assets, including USDT, USDC, btc, ETH, TRX, XRP, SOL, etc., at 08:30 on September 21 (GMT 8 time). Recharge services will be restored within 48 hours and will first be opened for the aforementioned assets. Subsequently, the withdrawal service gradually expanded, and as of September 26th, withdrawal services have been resumed for 20 currencies. As of September 29th, a total of 129 currencies have resumed withdrawal services.

Commitment to Asset Safety and Security

BingX guarantees to users that all assets are in a safe state and not affected. Despite a brief interruption in recharge and withdrawal services, the platform's trading operations are normal, and most assets are stored in safer cold wallets. BingX, with its strong reserves, fully covers any potential losses and has established a full emergency safety fund to meet withdrawal needs. At present, the fund has completed 90% of the preparation work and will conduct further on chain security testing before fully restoring deposit and withdrawal services.

Investigation and Security Upgrade

BingX immediately launched a thorough investigation into the incident and collaborated with security agencies such as SlowMist and 911 to track the whereabouts of the hackers. The scope of the investigation has been significantly reduced, and more detailed results are expected in the near future.

In response to this incident, BingX has comprehensively upgraded its security infrastructure. The exchange has thoroughly renovated its wallet system to prevent similar incidents from happening in the future. BingX has also strengthened its internal monitoring and threat response mechanisms to detect and eliminate potential threats more quickly. BingX will also continue to collaborate with security consultants, conduct rigorous technical reviews on a regular basis, eliminate any vulnerabilities, and ensure a reliable and robust platform for all users at all times.

When reviewing this incident, Vivien Lin, Chief Product Officer of BingX, said:

The security of user assets is our top priority, and this incident once again demonstrates our commitment to it. We have responded quickly and efficiently, and besides the technical aspect, we have always maintained transparency and trust, which are our core values. Throughout the entire process, we have notified users at every step to ensure that they understand that their assets are safe and secure. Although this incident has brought challenges, it also provides us with an opportunity to further strengthen platform security. We are proud of our team's performance and will continue to work hard to make BingX one of the safest and most trusted exchanges in the industry.

BingX will continue to strengthen its security protocols and provide a safer and more reliable trading environment for global users. Despite facing this challenge, BingX has quickly resumed operations and will continue to consolidate its leading position in the cryptocurrency field.

About BingX

BingX was founded in 2018 and is a leading global cryptocurrency exchange, providing diversified products and services such as spot, derivatives, copy trading, and asset management to over 10 million users worldwide, meeting the needs of beginners to professionals at different levels. BingX is committed to providing a trustworthy platform that empowers users with innovative tools and features to enhance their trading capabilities. In 2024, BingX proudly became the main partner of Chelsea Football Club, marking its first exciting debut in the sports world.

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