BingX CPO confirms hot wallet attack with minimal loss, withdrawals to resume within 24 hours

Vivien Lin, Chief Product Officer (CPO) of BingX, announced on X that the exchange detected abnormal network activity on Sept. 20, suspected to be a hacker attack on its hot wallet. In response, BingX immediately initiated an emergency plan that included asset transfers and the suspension of withdrawals. “There has been minor asset loss, but the amount is small and still being calculated,” Lin noted, emphasizing that only a minimal portion of assets is stored in hot wallets for withdrawals. She further explained that BingX employs a layered management system to protect user funds, with the majority securely held in cold wallets. According to the post, withdrawals are expected to resume within 24 hours following security inspections, and a compensation plan for affected users will be announced soon. Previously, crypto commentator MartyParty reported on X that BingX may have been hacked, sharing a screenshot of transactions showing assets from the exchange's hot wallet being transferred to multiple anonymous addresses.