- BingX resumes some withdrawals and deposits after hack.
- The exchange denies claims of a cover-up.
- $10M frozen; full service restoration expected in 1-2 weeks.
BingX, a Singapore-based crypto exchange, has resumed some withdrawals and deposits after a breach that saw tens of millions in crypto stolen.
Shortly after the attack, the platform faced allegations of attempting to cover up the hack by initially announcing “temporary wallet maintenance” instead of directly addressing the breach.
Vivien Lin, Chief Product Officer, addressed the claims in an interview with DL News, explaining, “When an alarm is triggered within wallet services, it’s impossible for any institution to immediately reach a definitive conclusion. The first step must be to suspend deposit and withdrawal services and enter maintenance mode to prevent further damage.”
She added that as the investigation progressed, the team gained more clarity on the breach and promptly shared the details with the community.
Lin denied the cover-up allegations, stating, “Our prompt announcement to inform users of our actions demonstrates our responsibility, contrary to the speculation that we are ‘trying to cover up the truth.’”
On September 21, withdrawals on Binance Smart Chain were restored, and today, deposits for USDT, USDC, BTC, ETH, TRX, and SOL are back online.
The team expects most deposit and withdrawal services to be fully restored within the next week or two.
BingX has already frozen $10 million in assets as part of its recovery efforts and is working with security firms like SlowMist and Chainalysis to investigate the hack.
SlowMist estimates the losses at nearly $45 million, but Lin highlighted ongoing efforts to recover additional funds: “We are in the process of recovering a significant portion of the assets, and the final loss figure will be confirmed once these efforts are completed.”
