The initial allegation of $26 million in monetary losses from the BingX breach has since increased to $52 million.
On September 21, 2024, BingX, a well-known cryptocurrency exchange, will reinstate withdrawal services for specific digital assets.
Based on the exchange’s announcement, withdrawal services for other tokens and digital assets will be resumed over the next two weeks, with Tether’s US dollar stablecoin being the first to resume.
The exchange informed customers that deposit services would also resume in the coming weeks. Additionally, it informed clients that withdrawal requests that were submitted prior to the disruption of withdrawal services have been cancelled and must be resubmitted.
Vivien Lin, the chief product officer at BingX, disclosed in an update to Cointelegraph that the majority of client funds were isolated by cold storage, which mitigated the financial losses resulting from the breach.
The BingX executive also stated that $10 million in misappropriated funds have already been blocked. Furthermore, the exchange is collaborating with SlowMist, Chainalysis, and other onchain security firms to determine the cause of the incident and retrieve the funds.
Lin assured consumers that the exchange’s “sufficient reserves” would accommodate any potential losses and referenced BingX’s six-year track record as a reliable service provider.
The BingX exchange disclosed that it had been compromised on September 20. The exchange detected unusual withdrawals from a hot wallet at approximately 4:00 AM Singapore time, which was the time of the attack.
Lin initially classified the subsequent losses as “minor,” but they subsequently escalated to $52 million in misappropriated funds.
Delta Prime, a decentralized financing platform, disclosed a $6 million breach on September 16. The Delta Prime Hacker breached the Delta Prime administration wallet, which manages proxy contracts, and subsequently altered the contracts to deplete liquidity pools on the Arbitrum (ARB) network, according to a spokesperson from the Cyvers cybersecurity firm.
The Ethena domain registrar was recently attacked in a front-end attack, resulting in the website being compromised. In order to prevent losses, Ethena Labs deactivated the website.
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