übersetze den Title auf deutsch Vivien’s Weekly Insights 26. BingX Swiftly Recovers from Hot Wallet… | by BingX | Oct, 2024

The original post can be found here.

Dear BingX Community,

We understand that the past few days have been challenging, and we truly appreciate your patience and trust during this time. In our latest AMA, our Chief Product Officer, Vivien Lin, provided a sincere and transparent update on the steps we’ve taken following the recent hot wallet incident. We want to keep you informed every step of the way and remain fully committed to protecting your assets while continuing to strengthen our platform.

1. Resumption of Withdrawal and Deposit Services: Back on Track

We’re happy to share that key services have resumed swiftly:

• Withdrawal services were restored within 24 hours of the incident for major assets such as USDT, USDC, BTC, ETH, TRX, XRP, and SOL by September 21, 08:30 (UTC+8).
• Deposit services resumed within 48 hours, starting with the same batch of major assets, by September 22, 08:30 (UTC+8).
• Altcoin withdrawals are being reopened gradually, with an additional 20 altcoins available for withdrawal as of September 26. Users can always check our website for more details.

To ensure uninterrupted withdrawals and project operations, BingX has established a Safety Fund, fully financed by BingX’s own capital, which has been used to purchase tokens from the secondary market. The process is 90% complete, and the security of dozens of chains is still being retested before fully reopening altcoin deposits and withdrawals.

2. Investigation Progress: Making Strides

BingX is working closely with SlowMist, 911, and other security organizations, along with law enforcement agencies, to conduct a thorough investigation. Significant progress has been made — our investigations indicate that the same hacker group responsible for past similar incidents is behind this incident. We’re narrowing down the scope and expecting more concrete results soon.

3. User Assets: Your Funds Are Safe

Vivien reassured the community that all user assets on the platform remain safe and impaired:

• Within 24 hours, withdrawals for selected assets were resumed, with no changes in withdrawal limits except those based on KYC status.
• Our liquidity and operations remain stable, and trading services continue without interruption.
• Altcoin withdrawals and deposits are being gradually reopened, ensuring the safety of all assets. It’s important to note that the majority of our assets are stored in cold wallets, which were completely unaffected by the hacking incident.
• BingX‘s robust reserves guarantee full coverage of any potential losses resulting from the hot wallet incident.

4. Strengthening Security: A Safer Platform for All

BingX is taking a proactive stance by upgrading and enhancing security across the platform:

• Our wallet infrastructure has been fully upgraded to prevent future incidents.
• Internal monitoring and response systems have been refined to detect and address potential threats more quickly.
• Regular technical audits have become even more crucial following this incident. We’ll continue working closely with our security teams and advisors to ensure all vulnerabilities are addressed, further reinforcing our platform’s defenses.

5. User Concerns: Trading Remains Unaffected

Vivien emphasized that trading services on BingX are fully operational and remain unaffected by the hot wallet incident. All core services, including grid strategies, financial operations, and liquidity, are running smoothly. Users can continue trading confidently while we finalize upgrades to our wallet infrastructure, ensuring even greater security across the platform.

6. Ongoing Focus: Prioritizing Security and User Experience

BingX remains dedicated to ensuring the smooth operation of user deposits and withdrawals. We’re expanding our security team, increasing cooperation with third-party security institutions, and prioritizing security enhancements across the exchange. While the investigation continues, Vivien reaffirmed that BingX will share more details once it’s completed.

As always, thank you for your trust and support as we continue to enhance our platform and protect your assets. We’ll keep you updated with more progress in the coming days. Stay tuned to our official channels for further information.

The term “Uptober” is swirling as we kick off October trading this week. Historically, September is the worst month for trading, as the broader economic outlook often impacts crypto markets. September is often viewed as a period of caution due to global factors like the summer holidays ending, the looming election, various geopolitical events, and fiscal policies coming into focus. This can lead to reduced buying activity and lower liquidity.

Historically, October has been a more bullish month for both traditional financial markets and crypto. Many traders believe that market momentum tends to increase after September’s weakness, leading to price recoveries and growth. After September corrections, many traders view October as a good accumulation period, expecting positive price action leading into the end of the year, which has historically been strong for crypto markets. For example, Bitcoin’s previous bull runs often started gaining momentum in Q4.

On September 29, 2024, the price of Bitcoin is $65,707 per BTC, which is just 11% lower than its all-time high of $73,737 reached on March 14, 2024. Other exciting narratives such as AI tokens, altcoins, and Solana are also showing signs of recovery this month. With positive trends for other assets, Ethereum also appears promising. Technical analysis suggests that ETH is likely to reach $3,000 and potentially revisit $3,500, driven by the historically bullish trend in October. However, a short-term correction is expected before ETH reaches $3,000, with key buy zones identified between $2,252 and $2,440, and possible consolidation anticipated between $2,800 and $3,000.

It is an honor to be featured on BeInCrypto’s SheVerified section, a profile of distinct female leaders in the Web3 space. In this exclusive interview, I discussed my transition from traditional finance to cryptocurrency, my involvement in BingX Labs, and my efforts to promote inclusivity in the industry.

Catch the full article here.

I was able to cover one of the most buzzed-about topics of the year with Economy Middle East: Ethereum ETF: Will other cryptos join the bandwagon? The approval of Ethereum ETFs brings more legitimacy to cryptos; check out the full details here.

BingX was voted number one in Be In Crypto’s Top Most Safe Crypto Exchanges article! The prestigious outlet highlighted our withdrawal protection, insurance coverage, and fund safety. Check out the full story here.

I’m very excited to share my interview with Cointelegraph. From social trading to comprehensive educational resources, BingX aims to make crypto trading accessible and secure for everyone. Read more about that here.

Check out the exclusive Coingape interview and gain insights into the strategic partnerships driving BingX’s growth and impact in the crypto space.

I had a fantastic chat with WU Blockchain about BRC20, BingX’s strategy in 2024, and my professional background. Check out the article linked here!

Disclaimer: BingX does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to the company. BingX is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the article. Not financial advice.