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Security First: BingX Responds to Hot Wallet Breach with Swift Action and User Protection

On September 20, 2024, BingX experienced a security breach involving one of its hot wallets. The exchange detected abnormal network activity at 4 AM Singapore time, which led to a swift emergency response. BingX isolated the affected system and temporarily suspended withdrawals to secure user assets. Most of the user funds were not impacted as they were stored in cold wallets.

The exact loss is still under investigation, with estimates ranging from $13.5 million to $26 million in crypto assets. BingX is working with cybersecurity experts, such as SlowMist and Chainalysis, to strengthen its security and recover the stolen funds. The company has reassured users that any losses will be fully compensated, and withdrawals are expected to resume soon

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