Crypto News: BingX Resumes Services Following Major Security Breach

BingX Reopens Deposits and Withdrawals

As Crypto News highlights, BingX suffered a devastating $42 million loss due to a recent hack that compromised various digital assets. The breach primarily affected the exchange's hot wallets. After sufficient measures were implemented, BingX has resumed withdrawal services starting September 21, with deposits following a day later.

Details of the Cyber Attack

The on-chain analysis firm Lookonchain reported that the attack led to the theft of over 360 different altcoins. Stolen funds were swiftly funneled into wallet address 0xF7e8 and exchanged for Ethereum and Binance Coin (BNB). Initially, hackers stole $26 million, later siphoning an additional $16.5 million.

Security Measures and User Assurance

In response to the hack, BingX suspended withdrawal services to avert further losses and actively began bolstering its security protocols. The exchange has reassured users that their funds are secure and that affected customers will be compensated fully. Blockchain security firms are diligently tracking the stolen assets, collaborating with law enforcement.

• Key services restored: Withdrawals began prior to deposits to alleviate user concerns.
• Continuous monitoring: BingX works with multiple exchanges and authorities to freeze stolen funds.
• Broader implications: This hack highlights a worrying trend among crypto platforms facing security threats.