Singapore-based crypto exchange BingX has confirmed that it is under a cyberattack, prompting the suspension of withdrawals on the platform.
In a series of posts on X, the company’s Chief Product Officer, Vivien Lin, explained the situation and addressed questions regarding the hack attempt.
Lin stated that their team detected “abnormal network access.” Suspecting an attack on their hot wallet, BingX initiated its emergency plan. While the exact amount of losses has not yet been confirmed, Lin said the amount is small.
In response to the deposit and withdrawal delays, Lin added: “Due to temporary maintenance on our wallet system, there may be delays in processing deposits and withdrawals. Services will gradually return to normal within 24 hours. We recommend waiting a bit before making deposits or withdrawals.”
The BingX team is currently investigating the attack, after which they expect to confirm the exact amount of losses. Although the exchange has mentioned several security measures it has implemented, their official statements sound more like an attempt to frame the situation as a “wallet maintenance” exercise.
When asked whether the platform is still safe to use, BingX responded: “Your funds are safe, so please be patient while the wallet maintenance is completed. If you haven’t received your funds within 24 hours, feel free to contact us. Additionally, we are optimizing our systems and security measures to prevent such incidents in the future.”
Lookonchain, a blockchain security company has shared details of the amount lost in a post on X. It estimates the amount of crypto assets lost to be worth $26 million. However, this has not been acknowledged or confirmed by the Bing X team at the time of writing this report.
Attacks on the hot wallets of crypto exchanges have increased in recent months. In July, WazirX, an Indian-based crypto exchange operated by a company registered in Singapore, was hacked, resulting in users losing over $230 million USD.
