Global leading cryptocurrency exchange BingX demonstrated rapid response capabilities and strong resilience following a recent hot wallet incident, consistently ensuring user asset safety and restoring withdrawal functionality within 24 hours.
Incident Overview and Immediate Response
On September 20 at approximately 4:00 AM (UTC+8), BingX experienced an event affecting one of its hot wallets. Upon detecting the risk, the exchange immediately took action to isolate the affected systems and temporarily suspended all deposits and withdrawals. This swift response protected user assets and prevented further losses.
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Service Restoration Timeline
After gaining control of the situation, BingX successfully restored withdrawal services for major assets by September 21 at 08:30 (UTC+8), including:
- Stablecoins: USDT, USDC
- Major cryptocurrencies: BTC, ETH, XRP, SOL
- Other assets: TRX
Deposit services resumed within 48 hours, initially for the above-mentioned assets. Withdrawal capabilities gradually expanded:
| Date | Restored Withdrawal Coins |
|---|---|
| September 26 | 20 currencies |
| September 29 | 129 currencies |
Asset Protection and Safety Commitments
BingX assures users that:
- All assets remain secure and unaffected
- The majority of funds are stored in more secure cold wallets
- Trading operations continued normally during the incident
- Comprehensive reserves cover any potential losses
- A full emergency security fund addresses withdrawal demands (90% prepared)
The platform will conduct additional chain security tests before fully restoring deposit/withdrawal services.
Security Enhancements and Investigation
BingX has implemented significant security upgrades:
- Wallet system overhaul: Complete reconstruction to prevent similar incidents
- Enhanced monitoring: Strengthened internal surveillance and threat response protocols
- Third-party collaboration: Working with SlowMist and 911 security firms to track hackers
- Ongoing audits: Regular technical reviews with security consultants to eliminate vulnerabilities
The investigation has narrowed significantly, with detailed results expected soon.
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Leadership Perspective
Vivien Lin, Chief Product Officer at BingX, reflected:
"User asset security remains our top priority. This event reinforced our commitment through both technical response and core values of transparency. We kept users informed at every step, confirming their assets' safety. While challenging, this incident provided opportunities to strengthen platform security further. We're proud of our team and will continue building BingX into one of the industry's most secure, trustworthy exchanges."
FAQs
Q: Were any user funds compromised during the incident?
A: No. All assets remained secure, with comprehensive reserves covering any potential losses.
Q: How quickly did BingX respond to the hot wallet issue?
A: The exchange took immediate action, isolating affected systems within minutes of detection.
Q: What percentage of BingX assets are stored in cold wallets?
A: While exact figures aren't disclosed, the majority of user funds are held in more secure cold storage.
Q: When will all deposit/withdrawal services be fully restored?
A: BingX has already restored 129 currencies and continues to test security protocols before final restoration.
Q: What security upgrades resulted from this incident?
A: The exchange rebuilt its wallet system, enhanced monitoring, and strengthened threat response mechanisms.
Moving Forward
BingX continues to reinforce security protocols, providing global users with a safer trading environment. Despite this challenge, the exchange has rapidly resumed operations and maintains its leadership position in the cryptocurrency sector.
Risk Warning: Cryptocurrency investments carry substantial risk, with potential for significant price volatility and total capital loss. Please assess risks carefully.