BingX Recovers Over 700 Tokens Following September 20th Security Breach
The exchange has also acknowledged the ongoing concerns regarding the recovery of specific tokens, including $KOKO, and has pledged to address these concerns with utmost urgency.
The BingX exchange experienced a significant security breach on September 20th, resulting in losses exceeding $43 million. Since then, the exchange has made substantial progress in recovering stolen assets and restoring platform functionality.
As of today, the majority of chains have successfully restored deposit and withdrawal services and recovered over 700 tokens. All operations have returned to normal.
BingX has expressed commitment to ensuring the safety and security of its platform, stating that it will continue to optimize its infrastructure and implement robust security measures. The exchange has also acknowledged the ongoing concerns regarding the recovery of specific tokens, including $KOKO, and has pledged to address these concerns with utmost urgency.
While the platform is actively working to recover all stolen assets, the exchange acknowledges the frustration and anxieties expressed by users, particularly those who have lost $KOKO tokens.
Furthermore, BingX maintains open communication channels and actively engages with affected users to address their concerns and provide updates on the recovery process. The exchange acknowledges how serious the situation is and is fully committed to resolving the issue to satisfy all affected parties.
It is crucial to emphasize that the recovery of stolen assets is a multifaceted and continuous process, and the exchange is unwavering in its efforts to guarantee the complete recovery and return of all stolen tokens to their rightful owners, as stated by the Singapore-based exchange.
The exchange acknowledges the importance of transparency and accountability in this matter and will continue to provide regular updates on the progress of the recovery efforts.
BingX Loses Over $50m to Hackers.
Back in September 2024, BingX, a Singapore-based platform, became the latest victim of a cyberattack. This incident, occurring around 4:00 AM Singapore time, resulted in over $52 million theft from the exchange’s “hot wallet.”
Initial reports suggested a loss of approximately $26.7 million, but further investigation by forensic firms has revealed that the extent of the damages, spanning multiple blockchain networks, is significantly higher.
Hakan Unal, Senior Security Operations Lead at Cyvers, has identified the Lazarus group as the most likely perpetrator. He cites the attackers’ swift asset-swapping tactics, which resemble those employed by North Korea-backed malicious actors.
The attack on BingX underscores the cryptocurrency industry’s ongoing vulnerability to sophisticated cyberattacks. Despite the industry’s efforts to enhance security measures, these incidents highlight the need for greater vigilance and robust security protocols.
While BingX has yet to release an official statement regarding the attack, the incident raises concerns about user funds’ security on exchanges. It also serves as a stark reminder of the importance of maintaining high awareness and due diligence when engaging with cryptocurrency platforms.
