BingX, the world's leading cryptocurrency exchange, has demonstrated rapid response and strong resilience after the recent hot wallet incident, always ensuring the safety of user assets and restoring withdrawal capabilities within 24 hours. At approximately 4 a.m. (Eastern Eighth District time) on September 20, BingX encountered an incident that affected one of its hot wallets. After detecting the risk, the exchange immediately took action to isolate the affected system and suspended all deposits and withdrawals to protect user assets and prevent further losses.
Service recovery timeline
After the incident was brought under control, BingX successfully resumed withdrawal services for major assets at 08:30 on September 21 (Eastern Eighth District time), covering USDT, USDC, BTC, ETH, TRX, XRP, SOL, etc. Top-up services are restored within 48 hours and will be opened first for the assets listed above. Subsequently, the withdrawal service was gradually expanded, and as of September 26, withdrawal services for 20 currencies had been restored, and as of September 29, a total of 129 currencies had been restored.
Asset safety and security commitment
BingX assures users that all assets are safe and unaffected. Despite the brief interruption of deposit and withdrawal services, platform transactions are operating normally and most assets are stored in safer cold wallets. With strong reserves, BingX fully covers any potential losses and sets up a fully contingency safety fund to deal with withdrawal needs. Currently, the fund has completed 90% of its preparations and will conduct further on-chain security testing before fully resuming deposit and withdrawal services.
Investigations and security upgrades
BingX immediately launched an in-depth investigation into the incident and cooperated with security agencies such as SlowMist and 911 to track the hacker's whereabouts. The scope of the investigation has been significantly narrowed and more detailed results are expected in the near future.
In response to this incident, BingX has conducted a comprehensive upgrade of its security infrastructure. The exchange has overhauled its wallet system to prevent similar incidents from happening in the future. BingX has also enhanced its internal monitoring and threat response mechanisms to detect and neutralize potential threats more quickly. BingX will also continue to work with security consultants to conduct rigorous technical reviews on a regular basis to eliminate any vulnerabilities and ensure that a trustworthy and robust platform is always provided to all users.
Vivien Lin, chief product officer of BingX, said when reviewing the incident:
The security of user assets is our top priority, and this incident once again demonstrates our commitment to this. We responded quickly and efficiently and, beyond the technical aspects, we maintained transparency and trust, which are our core values. Throughout the entire process, users are informed every step of the way to ensure they know their assets are safe and secure. While this incident has brought challenges, it has also given us the opportunity to further strengthen platform security. We are proud of the team's performance and will continue to work hard to make BingX one of the safest and most trustworthy exchanges in the industry.
BingX will continue to strengthen security protocols to provide a safer and more reliable trading environment for global users. Despite this challenge, BingX has quickly resumed operations and continues to solidify its leadership position in the crypto space.
About BingX
Founded in 2018, BingX is the world's leading cryptocurrency exchange, providing more than 10 million users around the world with diversified products and services such as spot, derivatives, documentary and asset management, meeting the different needs of novices to professionals. . BingX is committed to providing a trustworthy platform that empowers users with innovative tools and features to enhance their trading capabilities. In 2024, BingX proudly becomes a Principal Partner of Chelsea Football Club, marking its exciting debut in the world of sports.
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