The Chief Product Officer of the BingX cryptocurrency exchange, Vivien Lin, tweeted on October 8 that deposit and withdrawal services of many cryptocurrencies on its platform had resumed successfully. Vivien also confirmed that the services on BingX had returned to normal, promising more platform optimization to ensure BingX’s stability and security.
The exchange, which had recorded suspicious activity on September 20, paused several token deposits and withdrawals. An official announcement from the exchange on September 20 indicated that the first coins to resume deposits and withdrawals were BTC, ETH, USDT, USDC, TRX, XRP, and SOL.
As of September 29, BingX resumed deposits and withdrawals for 129 cryptocurrencies. On October 8, the exchange announced that over 600 crypto had resumed their deposits and withdrawals on the platform. The exchange also mentioned canceling previous requests before the services’ resumption for user security.
Users express displeasure about $KOKO
Many users were happy about the resumed services, thanking BingX and Lin for their efforts to streamline the exchange’s services. One user even suggested that BingX purchase WazirX. The user commented that the crypto community would be thankful if BingX followed the suggestion. Another mentioned that the platform had gained their trust, adding that earning trust was the most difficult thing in crypto.
Other commenters were still displeased about the Koala AI token KOKO; one user expressed frustration, mentioning that the exchange was not keeping its promises concerning the token. Some of the token’s enthusiasts advised the platform to deal with the issues concerning KOKO since the hack. One of the enthusiasts mentioned that they would resort to the law if the crypto exchange didn’t handle their requests.
The exchange added KOKO to its platform in June due to popular demand. The exchange introduced the token through the KOKO/USDT pair. The token is built on Solana and aims to bridge AI and crypto.
BingX experiences suspicious activity
Hi @BingXOfficial you may want to take a look –we observe suspicious significant fund outflow (>$13.6m) to this address: https://t.co/BEJAWWoouA
— PeckShield Inc. (@peckshield) September 20, 2024
Blockchain security firm PeckShield Inc. alerted the exchange on X about suspicious activity on the exchange. PeckShield confirmed the transfer of approximately $13.6 million to an Ethereum address. Later, the blockchain security revealed that over $26 million was moved from BingX.
BingX confirmed the suspicious activity and the steps it took in case it was a hacking incident. The exchange announced that it had taken emergency action by initiating asset transfers and halting deposits and withdrawals. BingX also explained that it stored most of its assets in cold wallets for safety, confirming that only a small amount of assets were affected in the hot wallet.
Lin and BingX assured users that withdrawals would resume in 24 hours and apologized for the inconvenience. The exchange’s chief product officer also mentioned that the exchange would compensate any users affected by the suspicious activity using its capital.
Some users appreciated BingX’s effort to disclose the information promptly and take action to avoid major losses. However, most remained skeptical about the information put out by the exchange’s team. One user insisted that the speculated $43 million lost during the alleged hack was not a minimal amount.