BingX returns to normal operations after $43m hack

BingX announced that normalcy had returned to its embattled crypto exchange, but some users highlighted unresolved issues concerning the KOKO cryptocurrency.

According to Vivien Lin, BingX’s chief product officer, the digital asset trading platform has resolved most of the issues following last month’s hack. Lin stated that several chains had resumed deposit and withdrawal support, with the platform recovering over 700 tokens since the Sept. 20 incident.

All operations have 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 to fully compensate affected users.

The firm also reshuffled user assets to “secure locations”, a strategy meant to curb further losses, per previous crypto.news reporting.

While some users appreciated the team’s swift response in handling the security breach, others pointed to ongoing issues regarding the KOKO token, issued by a project named Koala AI VIP. It remains unclear whether KOKO is linked to the AI content generator Koala AI.

Andraž Novljan, a Koala AI VIP team member, claimed BingX had not responded to inquiries about the KOKO token or compensating KOKO holders. Commentary requests on the matter sent by crypto.news were unanswered at the time of publication.

The BingX hack was one of last month’s largest exploits, while hackers stole over $120 million from cryptocurrency protocols in September. A PeckShield report said platforms like Penpie and Indodax were also targeted by criminals.