Dear BingX Community,
Following the recent AMA hosted by our Chief Product Officer, Vivien Lin, we’re here to provide a full recap of the session and share essential updates regarding the recent hot wallet incident. In line with our commitment to transparency, we’re addressing key points from the AMA to keep you informed about our actions and next steps.
What Happened
At approximately 4AM UTC+8 on September 20, we confirmed an incident that affected one of BingX’s hot wallets. Our immediate priority was to ensure the safety of user funds and to take swift action to contain the situation. We want to reassure our community that we are fully focused on resolving the issue and mitigating the impact.
BingX’s Immediate Response
Vivien Lin highlighted BingX’s rapid response to the hot wallet incident. BingX quickly isolated the compromised system, preventing further damage and protecting user assets. In addition, we have brought in external security experts and are actively collaborating with partners like SlowMist and Chainalysis to thoroughly investigate this incident and reinforce our security protocols.
User Protection
The safety of your assets remains our top priority. Vivien reassured all users that the majority of funds are safe, as they are stored in cold wallets that were not impacted by the breach. So far, we’ve managed to freeze $10 million as part of our recovery efforts, and work is ongoing to minimize any potential losses.
Strengthening Security for the Future
During the AMA, Vivien discussed how BingX is taking proactive steps to enhance its security measures moving forward. In addition to investigating the hot wallet incident, we are actively deploying stronger security features to protect against future incidents. These updates will be rolled out in the coming weeks, further safeguarding user funds and platform integrity. The BingX technical team is upgrading the wallet’s framework and addressing any residual risks from the incident.
Commitment to Transparency and Open Communication
Vivien reiterated BingX’s commitment to maintaining open lines of communication with our users. We will continue to provide regular updates on the investigation’s progress and the actions we are taking to prevent similar incidents in the future. Transparency is key to earning and keeping your trust, and we’re dedicated to keeping you informed every step of the way.
We greatly appreciate the support and trust of the BingX community as we navigate this challenging situation. Rest assured, we are doing everything in our power to resolve this incident swiftly and continue providing a safe, secure platform for all.