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- BingX restored deposit and withdrawal services, recovering over 700 tokens after the $43 million hot wallet hack.
- BingX’s quick actions protected most assets through cold wallets, ensuring minimal damage after the security breach.
After suffering a massive security breach in its hot wallet on September 20, as we previously covered, big crypto exchange BingX has effectively restored its operations.
The hack claimed overall losses of more than $43 million. Nonetheless, the exchange’s fast response has resulted in the recovery of more than 700 tokens; all deposit and withdrawal operations are currently back to normal.
Vivien Lin, Head of BingX Labs and Chief Product Officer of BingX, claims that the recovery has been quick and successful. In a statement, Lin said:
“The majority of chains have successfully restored deposit and withdrawal services, and over 700 tokens have been recovered as of today. All operations have returned to normal.”
She added that they will continue to optimize the platform and ensure stable and secure operations.
Swift Action by BingX Protects Majority of Funds During Hot Wallet Hack
BingX paused all withdrawal operations to contain the damage as soon as the breach was identified. The hack’s possible influence was limited as the compromised money was rapidly transferred to safe custody.
This preemptive strategy helped to reduce more losses and let the trade concentrate on recovering activities free from risking any more assets.
The hack mostly targeted the exchange’s hot wallets, whose direct link to online services makes them more prone to security breaches than cold wallets. But most of the money on the exchange was kept safe thanks in great part to BingX’s cold wallets, which were meant to save lots of cash offline.
For BingX and its users, the restoration of services is a good thing; nevertheless, it also emphasizes the ongoing security concerns in the crypto space. Several exchanges have seen similar breaches over the past few years, resulting in large losses of money.
