Yesterday BingX got Hacked for $43 Million.
How they Handled Post Hack Situation ⏬
1) Did AMA within hours
2) Announced that they would fully compensate the users using their capital.
3) Withdrawals resumed in 24 hours.
Now compare this With Wazirx - How Wazirx handled the post-hack Situation.
1) Put the Blame on their custody provider.
2) Avoided AMA for days saying they were busy cuz of the hack.
3) Failed to publish a transparency report.
4) No Clear answers.
I came across a tweet comparing the WazirX and BingX hacks, downplaying the BingX incident since they’re covering user losses, and asked, 'What if the hack was for $260 million?'
This is where proper risk management comes into play. Smart exchanges limit the amount held in hot wallets to protect user funds. BingX had a minor breach due to this cautious approach.
Exchanges that are transparent & take responsibility for losses, earns the community's trust and respect.
They come out and provide clear communication and hold AMAs and not hide behind excuses. There is @BingXOfficial AMA in around 1 hr with @Vivien_BingX. Make sure you join!