Dear BingX Community,
We understand that the past few days have been challenging, and we truly appreciate your patience and trust during this time. In our latest AMA, our Chief Product Officer, Vivien Lin, provided a sincere and transparent update on the steps we’ve taken following the recent hot wallet incident. We want to keep you informed every step of the way and remain fully committed to protecting your assets while continuing to strengthen our platform.
1. Resumption of Withdrawal and Deposit Services: Back on Track
We’re happy to share that key services have resumed swiftly:
- Withdrawal services were restored within 24 hours of the incident for major assets such as USDT, USDC, BTC, ETH, TRX, XRP, and SOL by September 21, 08:30 (UTC+8).
- Deposit services resumed within 48 hours, starting with the same batch of major assets, by September 22, 08:30 (UTC+8).
- Altcoin withdrawals are being reopened gradually, with an additional 20 altcoins available for withdrawal as of September 26. Users can always check our website for more details.
To ensure uninterrupted withdrawals and project operations, BingX has established a Safety Fund, fully financed by BingX’s own capital, which has been used to purchase tokens from the secondary market. The process is 90% complete, and the security of dozens of chains is still being retested before fully reopening altcoin deposits and withdrawals.
2. Investigation Progress: Making Strides
BingX is working closely with SlowMist, 911, and other security organizations, along with law enforcement agencies, to conduct a thorough investigation. Significant progress has been made—our investigations indicate that the same hacker group responsible for past similar incidents is behind this incident. We’re narrowing down the scope and expecting more concrete results soon.
3. User Assets: Your Funds Are Safe
Vivien reassured the community that all user assets on the platform remain safe and impaired:
- Within 24 hours, withdrawals for selected assets were resumed, with no changes in withdrawal limits except those based on KYC status.
- Our liquidity and operations remain stable, and trading services continue without interruption.
- Altcoin withdrawals and deposits are being gradually reopened, ensuring the safety of all assets. It’s important to note that the majority of our assets are stored in cold wallets, which were completely unaffected by the hacking incident.
- BingX‘s robust reserves guarantee full coverage of any potential losses resulting from the hot wallet incident.
4. Strengthening Security: A Safer Platform for All
BingX is taking a proactive stance by upgrading and enhancing security across the platform:
- Our wallet infrastructure has been fully upgraded to prevent future incidents.
- Internal monitoring and response systems have been refined to detect and address potential threats more quickly.
- Regular technical audits have become even more crucial following this incident. We’ll continue working closely with our security teams and advisors to ensure all vulnerabilities are addressed, further reinforcing our platform’s defenses.
5. User Concerns: Trading Remains Unaffected
Vivien emphasized that trading services on BingX are fully operational and remain unaffected by the hot wallet incident. All core services, including grid strategies, financial operations, and liquidity, are running smoothly. Users can continue trading confidently while we finalize upgrades to our wallet infrastructure, ensuring even greater security across the platform.
6. Ongoing Focus: Prioritizing Security and User Experience
BingX remains dedicated to ensuring the smooth operation of user deposits and withdrawals. We’re expanding our security team, increasing cooperation with third-party security institutions, and prioritizing security enhancements across the exchange. While the investigation continues, Vivien reaffirmed that BingX will share more details once it’s completed.
As always, thank you for your trust and support as we continue to enhance our platform and protect your assets. We’ll keep you updated with more progress in the coming days. Stay tuned to our official channels for further information.