BingX hacked, $43 million stolen

[dkbit98]

not a very popular exchange, most of the victims i guess are from Singapore also?  this is no big news that legacy media is trying to flash on national TV anymore.

I don't know Bingx exact location, but it's probably related with China one way or another.
They became popular when they allowed registration and trading crypto without kyc verification and with big limits.
Recently they introduced mandatory KYC and soon after they got ''hacked''.

[rdluffy]

I don't know Bingx exact location, but it's probably related with China one way or another.
They became popular when they allowed registration and trading crypto without kyc verification and with big limits.
Recently they introduced mandatory KYC and soon after they got ''hacked''.

The reason I was using bingx is precisely because I didn't need kyc
after the incident, I withdrew all my usdt and btc balances that I had there, so I don't know if they're forcing kyc now
I'll check

about the location, I found it a bit confusing, some places mention Singapore, others talk about Canada, the European Union and Australia

[dkbit98]

about the location, I found it a bit confusing, some places mention Singapore, others talk about Canada, the European Union and Australia

BingX exchange certainly has nothing to do with Canada, Australia or European Union
According to information from CoinGecko website BingX is registered in British Virgin Islands during 2018, but they could have licenses in other countries.
Owner is Josh Lu and he is clearly Asian, probably from Taiwan.
https://www.coingecko.com/en/exchanges/bingx
https://tw.linkedin.com/in/josh-lu-tw

[MYADODO]

The transparency and communication exhibited by the exchange during this incident sets a positive example for other exchanges to follow. However, the exchange focus on transparency and user security during this challenging time demonstrates their commitment to maintaining trust within the crypto community.

[XFinite]

The transparency and communication exhibited by the exchange during this incident sets a positive example for other exchanges to follow. However, the exchange focus on transparency and user security during this challenging time demonstrates their commitment to maintaining trust within the crypto community.

CEX should also focus on improving their security, not just publishing transparency reports. You know what I mean.. Also, Dex is always better as they say. ButI use both CEX and DEX.. CEX should be only for trading and profiting quickly to cash out that's it.

[Uruhara]

Hacking of exchanges seems to be something we hear quite often nowadays. So we should all have learned from all these incidents. This is where it is important to keep assets in our cold wallets and not store them on centralized exchanges. BingX is quite popular among future traders. Because it is quite comfortable there to use. And now with this incident, of course all users will start to be careful again. But because every Cex is currently required to attach a proof of reserve, users do feel a little calmer. Like Indodax, which also experienced the same thing for some time, fortunately they stated that user assets remained safe and a few days later everything was working well again.

[albon]

As far as i know bingx is not a trusted broker as it is not regulated by a financial authority with strict criteria. Most of the money lost in scams is gone forever. So before storing funds in any exchange save all your account information elsewhere. Be very careful of recovery scams so as not to be scammed twice in a row. These are fraudulent schemes where fraudsters pretend to be individuals or companies claiming to help recover money lost in previous fraud. I think 43 million is too big so till all allegations are confirmed something should be restricted and money should go towards withdrawal.

[Asiska02]

It is a good warning not to store coins on exchanges. But as we are saying it, some people just do not care. Are they not hearing news and know about these hack incidents or they just feel like not to listen?

They don’t want to listen because they are already used to it and don’t want to stress themselves keeping some private keys safe or even paying for transaction fees before they can move their coins from one plane to another. Until it has happened, they don’t feel it can ever happen to them.

But there are times I think of traders. What will they do to minimize or avoid such incidents like this when they are trading daily on the exchange?

This is another important reason why people still keep their money in exchange. You can’t convince a trader to always send in money to exchange only when they want to trade. They will miss out on some trades due to time it might take for their funds to arrive in the exchange from their external wallet.

[hugeblack]

I was about to use them, their non-strict KYC policy is the main reason. I will carefully look at the negative reviews after September 20 before using them until I find a better alternative.
I completely forgot this topic.

[_act_]

I was about to use them, their non-strict KYC policy is the main reason. I will carefully look at the negative reviews after September 20 before using them until I find a better alternative.
I completely forgot this topic.

Why do you not use MEXC? They also have non-strict KYC policy. Or have you tried it and your country is not supported on the exchange? If you are looking for exchanges that are centralized with high trading volume, you will like the exchange.

[rdluffy]

I was about to use them, their non-strict KYC policy is the main reason. I will carefully look at the negative reviews after September 20 before using them until I find a better alternative.
I completely forgot this topic.

Why do you not use MEXC? They also have non-strict KYC policy. Or have you tried it and your country is not supported on the exchange? If you are looking for exchanges that are centralized with high trading volume, you will like the exchange.

I'm using both, BingX and Mexc hehe

Even with the problem of BingX being “hacked”, no client lost their coins and the exchange acted correctly in my opinion
Both exchanges are good and are helping me with what I need, both have good withdrawal fees, no mandatory KYC and are still working 100%

Compare the two for what you need, but I generally recommend opening an account with both and using it when it suits you best
MEXC has great fees for withdrawing ETH from L2s, in some cases they even have zero fees

[Charles-Tim]

MEXC has great fees for withdrawing ETH from L2s, in some cases they even have zero fees

How about the withdrawal fee for other coins like bitcoin? The only exchange that has low fee like Mexc that I knew of was OKX. But I do not know as of now as the exchange has stopped people from my country to accessing the exchange through disabled deposit.

Also in all exchanges that I have seen before, I have not seen any that has lower trading fee like Mexc.

[rdluffy]

MEXC has great fees for withdrawing ETH from L2s, in some cases they even have zero fees

How about the withdrawal fee for other coins like bitcoin? The only exchange that has low fee like Mexc that I knew of was OKX. But I do not know as of now as the exchange has stopped people from my country to accessing the exchange through disabled deposit.

Also in all exchanges that I have seen before, I have not seen any that has lower trading fee like Mexc.

BTC is probably the more expensive way to withdraw along with ETH hehe

MEXC: 0.0001 btc withdraw fee
BingX: 0.00008 btc withdraw fee

BingX is a little more cheaper

Here you see all the withdraw fees for both:
https://bingx.com/en/support/costs/
https://www.mexc.com/pt-PT/fee

 

[Charles-Tim]

BTC is probably the more expensive way to withdraw along with ETH hehe

MEXC: 0.0001 btc withdraw fee
BingX: 0.00008 btc withdraw fee

BingX is a little more cheaper

Here you see all the withdraw fees for both:
https://bingx.com/en/support/costs/
https://www.mexc.com/pt-PT/fee

 

Very surprising to see the fee to have gone up on Mexc. It was around 0.00002 BTC before. I may not be accurately right, but I am right that it was less than $2 before but now over $7.

[dkbit98]

Very surprising to see the fee to have gone up on Mexc. It was around 0.00002 BTC before. I may not be accurately right, but I am right that it was less than $2 before but now over $7.

Maybe they have variable withdrawal fee now, or they are trying to earn more money from fees to recover from recent hack
Transaction fees was low for days during this jump in Bitcoin price, but today we can see more transactions in mempool with 31 sat/vB or around $4.