Hacked BingX Reassures Users: Reserves Sufficient to Cover Potential Losses
CryptoNewsTerminal Staff20 Sep, 2024
Hacked BingX Reassures Users: Reserves Sufficient to Cover Potential Losses
BingX, a Chinese cryptocurrency exchange that was reportedly hacked recently, has issued a statement assuring users that their reserves are "sufficient to cover all potential losses." According to a representative from Ublockchain, BingX stated that "most user assets are safely stored in cold wallets," and that "10 million dollars has already been frozen." The exchange's technical team is currently engaged in upgrading the wallet framework and addressing the security vulnerabilities that led to the incident. BingX emphasized that it has ample reserve funds to compensate for any potential losses incurred by users as a result of the hack.
