BingX returns to normal operations after $43m hack

BingX announced the return of normalcy to the embattled crypto exchange, but some users highlighted unresolved issues with the KOKO cryptocurrency.

According to Vivien Lin, BingX’s chief product officer, the digital asset trading platform has resolved most of the issues following the attack last month. Lin noted that the platform has recovered more than 700 tokens since the September 20 incident, and many chains have resumed deposit and withdrawal support.

All operations returned to normal.

Vivien Lin, BingX CPO

In late September, hackers stole approximately $43 million in cryptocurrencies such as Ethereum (ETH) and Binance Coin (BNB) from BingX’s hot wallet. The Singapore-based exchange paused withdrawals to address the breach and promised full compensation to affected users.

The firm also redistributed user assets to “safe locations” as a strategy aimed at preventing further losses, according to previous crypto.news reporting.

While some users appreciated the team’s quick response to the security breach, others noted ongoing issues with the KOKO token issued by a project called Koala AI VIP. It remains unclear whether KOKO is linked to AI content creator Koala AI.

Koala AI VIP team member Andraž Novljan claimed that BingX did not respond to questions regarding the KOKO token or compensation to KOKO holders. Requests for comment sent by Crypto.news were unanswered at the time of publication.

Sounds good, but when will you care? $KOKO from @BingXOfficial The hack from a few weeks ago? We were making really good progress until you started disappointing us. Not a good look for your exchange or partners @ChelseaFC.

If investors suffer losses…

— Andraž Novljan (@akaainu7) October 8, 2024

The BingX attack was one of the biggest exploits last month; Hackers stole over $120 million from cryptocurrency protocols in September. A PeckShield report said platforms such as Penpie and Indodax have also been targeted by criminals.