BingX, a Chinese cryptocurrency exchange, has temporarily suspended withdrawals and initiated a wallet check following an apparent hack. According to Vivian Lin, Chief Product Officer (CPO) of BingX, the exchange's technical team detected unusual network access around 5 am Korean time on September 20, leading them to suspect an attack on BingX's hot wallet. As a response, the exchange swiftly executed emergency measures, such as suspending asset transfers and withdrawals. Lin added that the exchange stores most of its assets in cold wallets, safeguarding them from potential threats. The amount of cryptocurrency stolen in the hack remains under investigation. However, CoinNis reported that various online communities have speculated about the incident, estimating the losses could exceed $20 million. BingX has assured its users that withdrawals will be restored within 24 hours. The exchange has also stated that it will announce a compensation plan shortly for users affected by the hacking incident.