BingX, a prominent cryptocurrency exchange based in Singapore, has confirmed a security breach affecting one of its hot wallets. The incident, which occurred around 4 AM Singapore time, resulted in a minor asset loss. The exact amount is still being calculated.
The exchange detected abnormal network access and immediately activated its emergency response plan. This included transferring assets to more secure locations and suspending withdrawals to prevent further losses.
In a statement, BingX assured users that the majority of funds are stored in cold wallets, which are not connected to the internet and are therefore more secure. Only a minimal amount of assets is kept in hot wallets for withdrawal purposes. The exchange expects to restore withdrawal services within 24 hours.
BingX has also stated that it is working closely with cybersecurity experts to investigate the breach and enhance its security measures to prevent future incidents.
Users are advised to monitor their accounts and report any suspicious activity to BingX’s support team immediately.
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Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always do your research before investing in any cryptocurrency.
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Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always do your research before investing in any cryptocurrency.
