Bingx said it has resumed withdrawals for “mainstream” cryptocurrencies including bitcoin, tether and ethereum among others. However, the exchange has warned of potential delays due to security reviews. The crypto exchange said it will gradually restore withdrawal services for other cryptocurrencies but has canceled pending requests. The exchange’s chief product officer expressed concern about the negative impact of such attacks on user confidence and the industry’s growth.
Bingx Resumes 'Mainstream' Asset Withdrawals 24 Hours After Hack
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Slight Withdrawal Processing Delay
Bingx announced on Sept. 21 that it would resume withdrawals as planned, beginning with USDT, USDC, BTC, and ETH on the BSC network. USDT withdrawals on the Tron network were also scheduled to resume at 08:30 (UTC+8) on Sept. 21. However, the exchange warned that processing times for some withdrawals “may be slightly delayed due to ongoing security reviews.”
The announcement came just over 24 hours after Bingx confirmed a breach that allowed hackers to steal funds from the platform’s hot wallet. While Bingx initially downplayed the incident, security firm Cyvers estimated that the hackers may have stolen digital assets worth $52 million.
In an update following the incident, Bingx Labs chief product officer (CPO) Vivien Lin said the platform’s operations were not impacted and the loss was within the exchange’s capital reserves. She did not confirm Cyvers’ loss estimate. Lin also expressed concern about how continued reports of hacker attacks are fueling user doubts.
“Malicious actors hinder the healthy development of the Web3 space, and their actions breed doubt among users. Yesterday, at Token 2049, I discussed with leaders from other exchanges how to bring the crypto industry from niche to mainstream. Security was highlighted as the foundation for the industry’s growth,” Lin said.
Bingx said it would gradually restore withdrawal services for other digital assets over the next week or two. However, it said pending withdrawal requests have been canceled and advised users to submit new requests.
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