Dear Users,
Recently, we've received inquiries regarding the hot wallet incident, and at BingX, we are committed to addressing your concerns openly. To keep you informed, we've prepared this FAQ to answer your most pressing questions. Transparency and trust are at the core of our values, and we want to ensure you feel confident in the steps we are taking to safeguard your assets.
Q1: What happened to the platform?
A1: At approximately 4:00 AM on September 20th (UTC+8), BingX's security systems detected an unauthorized intrusion targeting one of our hot wallets. Our internal security team immediately initiated emergency protocols to halt the attack, minimizing any potential impact. Thanks to our multi-layered wallet security infrastructure, which isolates the vast majority of user assets in cold wallets, this incident was effectively contained. Our priority remains the safety of our users' assets, and we suspended all withdrawals and deposits to prevent any potential damage.
Q2: When did BingX resume withdrawal and deposit service?
A2: Withdrawals for tokens such as USDT, USDC, BTC, ETH, TRX, XRP, and SOL resumed before 2024-09-21 08:30 (UTC+8). And we will gradually resume withdrawals for other tokens. Stay tuned for further updates on the platform.
BingX opened the deposit service from 2024-09-22 at 08:30 (UTC+8). The initial batch of coins available for deposit includes USDT, USDC, BTC, ETH, TRX, and SOL, with more coins gradually becoming available over time.
Q3: Are my assets safe on the platform?
A3: Yes, the safety of your funds is our top priority. The majority of the platform's assets are stored in cold wallets, which provide enhanced security as they are not connected to the internet. BingX maintains robust reserves to cover potential losses incurred from the hot wallet incident. As a result, all user assets remained unimpaired. Within 24 hours, BingX successfully resumed withdrawal services for select assets, allowing access to your funds. Full withdrawal service for all assets will be reinstated soon. Please be assured that your assets on the platform remain secure. Thank you for your continued trust and patience.
Q4: Is it safe to continue trading on BingX?
A4: Yes, trading on BingX is completely safe and fully operational. The recent incident was limited to one of our hot wallets and did not impact the security or functionality of other platform services. All core services, including trading, grid strategies, and financial operations, are functioning seamlessly. Rest assured that your assets remain secure, and you can continue trading with confidence while we implement all necessary enhancements to our wallet infrastructure. Our team is actively monitoring the situation to ensure the utmost security and stability across all areas of the platform.
Q5: What measures are being taken to ensure that my account and funds are protected going forward?
A5: BingX is deploying a comprehensive suite of enhanced security measures to safeguard user accounts and funds. In addition to strengthening our cold wallet infrastructure, we are refining our internal monitoring and response systems to detect and address potential threats even faster. We are also conducting continuous security audits and implementing proactive defenses with third-party security firms like Slowmist and Chainalysis to ensure that all vulnerabilities are addressed. Our commitment to security is unwavering, and these actions will provide users with an even higher level of protection moving forward.
Q6: Is BingX taking any action to prevent future incidents like this?
A6: Absolutely. We have launched a full-scale investigation into how this incident occurred and are collaborating with top security experts to analyze the incident thoroughly. In response, we have already implemented several critical security enhancements, including fortifying our wallet protection mechanisms, bolstering our threat detection systems, and upgrading our real-time monitoring capabilities. Security is an never-ending process, and we are fully committed to continuous improvement. This incident has served as a valuable learning experience, and BingX is now more secure than ever—not just in the areas directly affected but across the entire platform. Moving forward, we will continue to implement additional safeguards to stay ahead of potential threats and maintain the highest standards of security for our users.
BingX Team
2024-09-25
