BingX Resumes Operations After $43M Hack, Users Report Issues With KOKO Token

BingX, the cryptocurrency exchange, has announced that it has largely restored its services following a major hack that resulted in a $43 million loss. Despite the progress, some users have raised concerns about unresolved issues related to the KOKO cryptocurrency.

According to Vivien Lin, Chief Product Officer at BingX, the platform has addressed most of the problems stemming from the hack that occurred on September 20. Lin revealed that deposit and withdrawal services for several blockchain networks have been reinstated, and the exchange has managed to recover over 700 tokens since the breach.

In late September, hackers made off with approximately $43 million worth of cryptocurrencies, including Ethereum (ETH) and Binance Coin (BNB), after compromising BingX’s hot wallet. To mitigate further losses, the Singapore-based exchange suspended withdrawals and pledged to fully compensate affected users.

The company also took action by moving user assets to more secure locations as part of its damage control strategy. While many users praised the team’s swift and decisive response to the attack, others have voiced frustration, particularly over the status of the KOKO token.

The KOKO token, issued by a project called Koala AI VIP, has been at the center of these complaints. Users have reported a lack of communication regarding compensation for KOKO holders. Andraž Novljan, a member of the Koala AI VIP team, claimed that BingX had not responded to inquiries about the token. It remains unclear whether KOKO is affiliated with Koala AI, an AI content generator, and the issue continues to linger without official comment from BingX.

The BingX hack was one of the largest in September, a month when hackers stole over $120 million from cryptocurrency platforms, according to a report by PeckShield. Other victims of cybercriminal activity included platforms like Penpie and Indodax.