BingX Hack News: Withdrawals Resumed After $52M Loss

21-09-2024

Last Updated: 19-03-2026

Bingx Hack News Withdrawals Resumed after 52M Loss crypto news update

BingX Hack News: $10M Frozen, Withdrawals Resumed After $52M Loss

BingX, a leading cryptocurrency exchange, suffered a significant hack on September 20, 2024, resulting in $52 million in losses. The platform has since resumed withdrawals for major assets like Bitcoin, Ethereum, and USDT. BingX is collaborating with security firms to recover stolen funds and reassure users of its stability.

BingX Hack News: $52M Stolen, Recovery Underway

BingX, a well-known cryptocurrency exchange, was hacked on September 20, 2024, resulting in the theft of $52 million. Initially, the company reported the losses as $26 million, but after further investigation, the figure doubled. The hack was detected around 4:00 AM Singapore time when abnormal withdrawals were noticed from the exchange’s hot wallet.

BingX has now restored withdrawal services for key digital assets like Tether (USDT), USD Coin (USDC), Bitcoin (BTC), Ethereum (ETH), Tron (TRX), and Solana (SOL). Withdrawals for other tokens will be resumed gradually over the next two weeks. Deposits, which were also affected, will be restored soon as well.

The platform informed its users that all withdrawal requests made before the service disruption had been canceled. Users are required to resubmit their requests to access their funds.

Vivien Lin, Chief Product Officer at BingX, shared that a significant portion of user funds was protected in cold storage, limiting the impact of the hack. She also revealed that $10 million of the stolen funds have already been frozen, and BingX is actively working with security firms like SlowMist and Chainalysis to investigate and recover the remaining stolen assets.

Lin assured customers that BingX has sufficient reserves to cover all potential losses, highlighting the exchange’s six-year history as a trusted platform. Despite the setback, BingX remains committed to ensuring its users’ safety and financial security.

Conclusion

BingX is taking swift action to restore services and recover stolen funds after a $52 million hack. With ongoing investigations and frozen assets, the exchange reassures users that its reserves are enough to cover losses, reaffirming its commitment to maintaining trust and stability in the crypto space.

About the Author Sakshi Jain

English News Writer at coingabbar.com

Sakshi Jain is a crypto news writer focused on delivering fast, data-driven coverage of the digital asset market. Her articles consistently track daily market movements, token launches, airdrops, exchange listings, and institutional signals, helping readers stay ahead of short-term trends. She simplifies complex crypto developments—such as regulatory updates, Bitcoin allocation strategies, and emerging blockchain projects—into clear, actionable insights. Her work reflects a strong emphasis on timeliness, SEO-driven structuring, and trader-focused narratives, often highlighting price momentum, market sentiment, and risk factors. Sakshi primarily writes for active crypto participants seeking concise, reliable, and opportunity-oriented market updates.