BingX Recovers Stolen Tokens After Recent Hack
BingX, a well-known cryptocurrency Exchange, has successfully restored its platform operations following a major Security breach that occurred in September 2024. The exchange was able to recover over 700 tokens and resume its full range of services, marking a significant milestone in its recovery process. The hack resulted in the theft of more than $50 million worth of cryptocurrencies, although the exact amount of loss has not been disclosed.
Details of the Hack
The security breach at BingX took place on September 20 when a hacker managed to steal a staggering 360 altcoins valued at over $43 million. The stolen assets were transferred to two wallet addresses—“0x940” and “0xF7e8”—and subsequently converted to Ethereum (ETH) and Binance coin (BNB) by the hacker.
Reports from blockchain security firm Data Nerd revealed that the hacker made away with 17 million Tether (USDT), 3.35 million USD Coin (USDC), and 1.04 million Wrapped USD (WUSD) during the breach. However, with BingX announcing the recovery of over 700 tokens in its latest update, the total amount stolen is likely to be higher than initially reported.
Recovery Efforts and Service Restoration
Despite the significant scale of the attack, BingX acted swiftly to contain the damage and restore key services. By September 21, 08:30 (UTC+8), the exchange had successfully resumed withdrawal services for major assets such as USDT, USDC, Bitcoin (BTC), Ethereum (ETH), TRON (TRX), Ripple (XRP), and Solana (SOL). Deposit services for these assets were also reinstated within 48 hours by September 22.
Statement from BingX’s Chief Product Officer
Vivien Lin, Chief Product Officer at BingX, shared an update on the platform’s recovery progress through 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.” Lin reassured users that BingX would continue to enhance its platform for secure and stable operations, expressing gratitude for the community’s unwavering support.
The gradual restoration of services extended to altcoins as well, with additional 20 altcoins becoming available for withdrawal by September 26. Despite the severity of the hack, BingX’s swift response and successful recovery of a vast number of tokens underscore its dedication to ensuring user safety. The exchange aims to reinforce its security measures while providing a seamless user Experience in the future.
Looking Ahead
Following the recent security breach, BingX is focused on fortifying its platform’s security infrastructure to prevent future vulnerabilities. By prioritizing user safety and operational stability, the exchange aims to instill confidence among its user base and the broader Cryptocurrency community.
Stay tuned for more updates on BingX’s recovery efforts and ongoing commitment to enhancing platform security!
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