Singapore-based exchange BingX has hinted at the possibility of resuming withdrawals sooner than expected. For context, the exchange suffered a cyber heist earlier today, resulting in valuables losses worth over $50 million.
While reporting the incident this morning, Vivien Lin, the Chief Product Officer at BingX, acknowledged the unfortunate event in a post on X. Notably, she gave a rundown of the exchange’s efforts to mitigate the losses and prevent a reoccurrence.
In the same tweet, she hinted at the possibility of a reimbursement package for affected users. Interestingly, Vivien also mentioned that BingX withdrawal services will likely begin within 24 hours.
Vivien’s post read in part:
“To ensure security, we temporarily halted withdrawals while we conduct an emergency inspection and strengthen wallet services. We sincerely apologize for the inconvenience. Withdrawals will resume within 24 hours at the latest.”
At around 4am 20 Sep Singapore time, our technical team detected abnormal network access, suspecting a hacker attack on BingX's hot wallet. We immediately started our emergency plan, including the urgent transfer of assets and withdraw suspension. There has been minor asset loss,…
— Vivien Lin @ BingX (@Vivien_BingX) September 20, 2024
BingX Withdrawal Update Resurfaces in a New Post
In a new post, the Chief Product Officer confirmed that withdrawals will resume on September 21. According to her, the trading platform operations are resuming gradually with withdrawals for some selected tokens. “BSC network withdrawals, including USDT, USDC, BTC, ETH, TRX, SOL, will be available by 2024-09-21 08:30 (UTC+8),” Vivien wrote on X.
Dear @BingXOfficial users,
— Vivien Lin @ BingX (@Vivien_BingX) September 20, 2024
We’re gradually resuming withdrawal services.
BSC network withdrawals, including USDT, USDC, BTC, ETH, TRX, SOL, will be available by 2024-09-21 08:30 (UTC+8).
Thank you for your continued support.
For other tokens’ withdrawal services re-establishment, the procedures might involve an extended period, likely two weeks from now. Meanwhile, deposit services will resume later than the two-week timeline for complete withdrawals. Finally, the exchange has canceled all withdrawal requests elicited before the service’s disruption. Consequently, users still interested in withdrawing must present a new request.
It is left to see how events unfold. However, online scams involving crypto platforms are gradually becoming a regular occurrence. Funds running into millions of dollars have gone down the drain via fraudulent acts, which invariably implies that all hands must be on deck to ensure the safety of their valuables.
