what happen?
News of a hack broke out at the exchange BingX. The official issued a document earlier confirming that its hot wallet suffered a "small" asset loss.
BingX has temporarily closed its withdrawal service and is conducting an emergency inspection of the wallet system. At the same time, the official stated that it will fully compensate for the losses caused by the hacker attack.
Even so, many users still raised doubts and dissatisfaction, believing that BingX deliberately concealed the facts.
BingX hot wallet faces losses
On the morning of September 20, 2024, news of a hack broke out in Singapore’s cryptocurrency exchange BingX, and officials confirmed that its hot wallet suffered a “small” asset loss.
According to the exchange’s product chief Vivien Lin’s post on The exchange immediately launched an emergency response plan, including emergency transfer of assets and suspension of withdrawals.
Although BingX claimed that the loss was a "minor asset loss" and has not disclosed the specific amount, according to the foreign media "Cointelegraph", the blockchain security company PeckShield monitored more than 13.5 million US dollars in capital outflows. Another data Analysis platform Lookonchain reported that related losses may be as high as $26 million.
BingX promised full compensation, but still caused dissatisfaction
BingX has temporarily closed its withdrawal service and is conducting an emergency inspection of the wallet system. Vivien Lin said that most user assets are stored in cold wallets, and only a small amount of cryptocurrency is stored in hot wallets for daily withdrawals. Therefore, the impact of losses on BingX's business operations is "limited and controllable."
She stressed that the exchange would fully compensate for losses caused by the hack.
Even so, according to "Cryptopolitan" reports, some users in the community are still skeptical and even angry. Some users mentioned that withdrawal requests submitted before the official announcement has not yet been completed. In addition, some community members had noticed changes in hot wallet funds and discussed them in the group long before the exchange confirmed the hacking attack. However, these messages were subsequently deleted by the group administrator, causing some users to question.
Harrison Leggio, co-founder of the Web3 security transparency platform g8keep, also posted on Are you actually being hacked? If you want to use a centralized exchange, choose one that doesn’t cover up the actual problem.”
Source: Cointelegrah, Cryptopolitan
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