Crypto Exchange BingX Vows to Compensate Users After $26M Hack
Shalini is a crypto reporter who provides in-depth reports on daily developments and regulatory shifts in the cryptocurrency sector.
Singapore-based crypto exchange BingX on Friday confirmed a security breach after observing numerous “suspicious” outflows from one of its hot wallets online. Consequently, the exchange promised to compensate users for the losses.
The team announced via an X post that it had detected abnormal access to the hot wallet, suspecting it to be a hacker attack. “We immediately initiated an emergency response, including asset transfers and pausing withdrawals,” it said.
BingX further clarified that the losses encountered were minor and they were managing the situation. Additionally, they assured that the majority of assets are secure in cold wallets, while only a small fraction was impacted in the hot wallet.
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