──Although it is said that a gentleman does not stand behind a wall, I don’t think there is any need to worry.
Let me start by saying that I personally don’t use BingX very much because I’m not used to the interface.
So what are you worried about?
Is it still easy for exchanges to run away now?
▋Worried about a repeat of the FTX exchange incident! ? OK
FTX exchange filed for bankruptcy on November 11, 2022.
At that time, there were several unfavorable exchange conditions stacking Debuff at the same time:
•Bear market→The currency market was deserted at that time, and there were not many users continuing to trade.
•Hoarding a large amount of sol → At that time, the currency price was 16$, and the overall assets shrank significantly.
•Using users’ money to continue to mortgage loans → the snowball of debt is getting bigger and bigger, and the debt has accumulated to more than 9 billion US dollars
Let’s go back to the current situation of BingX being hacked.
BingX was hacked for a total of $43 million.
The current currency market situation is not as bad as in 2022.
I think the debt snowball is just the tip of the iceberg compared to FTX.
▋Calculate BingX’s daily income, you will know better
According to coingecko information:
BingX’s spot + contract daily trading volume is approximately US$9 billion.
Calculated based on the standard 0.1% handling fee.
BingX’s daily spot trading fee revenue is approximately US$9 million.
4300 divided by 900 = 4.77.
In other words, the amount of BingX hacked was 43 million.
"It only takes less than five days to get your money back."
That's why I think most users are just making a fuss.
Of course, other exchanges will definitely emerge to attack BingX at this time.
Attacking other exchanges to help divert traffic is actually a marketing method.
▋Is BingX still safe? Do you want to withdraw all the coins?
Let’s look at financial reserves first.
According to coinmarketcap, the current total of all cryptocurrency assets on BingX:
Approximately more than 400 million US dollars.
That is to say:
There are now more than 400 million US dollars in untouched money on the exchange.
Plus other current assets.
I personally feel very safe!
▋BingX product manager came out to confirm that the withdrawal function has been reopened
Vivien Lin, head of BingX:
"TRC-20 USDT withdrawal function has been restored!"
"We are gradually resuming withdrawal services.
BSC network withdrawals, including USDT, USDC, BTC, ETH, TRX, SOL, will resume at 2024-09-21 08:30 (UTC+8).
Thank you for your continued support. "
"Thank you for joining today's AMA session.
Transparency is very important to us.
We are working with our partners SlowMist and Chainalysis to investigate further and would like to thank you for your support. "
What happened when BNB secretly increased while writing this article? 😂