BingX resumed withdrawals after a $52 million hack, thanks to strong cold wallet security measures.
Collaboration with blockchain security experts helped BingX freeze $10 million of the stolen funds.
BingX, a Singapore-based crypto exchange, has successfully resumed withdrawal services following a recent security compromise that resulted in a massive $52 million loss.
The attack, which was first reported on September 20, 2024, began with irregular withdrawals from one of BingX’s hot wallets at roughly 4:00 AM Singapore time. While the original loss was estimated at $26 million, subsequent investigations found that the overall damage was much higher, doubling to $52 million.
BingX: The majority of user assets are securely stored in cold wallets with $10 million already frozen. The BingX technical team is upgrading the wallet’s framework and addressing any residual risks from the incident. We have sufficient reserves to cover all potential losses. https://t.co/BZrT56d5F3
— Wu Blockch

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