What happened to BingX and why did many users lose their money?

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In the last few hours, a possible internal failure in the BingX digital asset exchange has been revealed, which apparently has caused the loss of money for many users. In this article we explain what happened with BingX and what will happen to user funds. Stay until the end and find out!

Why were the trades wrongly settled?

The youtuber “Start from home” recently uploaded a video about BingX and the problems that arose on the platform. These issues appear to have to do with a DDos attack on BingX’s pricing provider that ultimately ended up liquidating all trades on users’ synthetic indices, causing huge losses to hundreds of people.

“They unlisted several pairs, many of which we were trading. Some notices arrived minutes before, others did not. The problem was that we had sustained trades based on adding margin because we were at a loss. Obviously when the pairs closed we executed that loss along with their margin, unilaterally and due to problems with their provider, that is, nothing to do with us “

anonymous user

This youtuber acknowledges through his Twitter account that after investigating the case further, realized the seriousness of the situation and decided to inform the community of crypto enthusiasts who did not know what had happened and for what reason the system had unexpectedly settled negative trades with enough margin to keep the positions open.

“It happens with BingX that lists pairs, one analyzes them, enters the positions and then with an hour’s notice, it tells you, we unlist these pairs, and it automatically closes all the positions. Then when you complain, stop attending technical support “

anonymous user

Threats by BingX to users.

Before the publication of a material where a summary of what happened with BingX and the failure that the platform had had is explained, received some threats from the BingX team in order to hide what was happening.

The youtuber to protect himself decided to take some measures and made the video private, which leaves room for much speculation about the nature of this type of behavior by BingX which to date had presented some similar events when in the month of October of last year 2022, the exchange closed unilateral operations without prior notice with a potential profit of 100% that ended in losses for users.

“At one point you can see that they “repented” or the order came from higher up not to return anything, that we had to take care of our losses… well, that’s where the movement began in networks and after they realized that they It was going to be more expensive, they gave us everything back”

anonymous user

Apparently the exchange decides to play to its own benefit regardless of the consequences this may have for users. However, in the face of this unfortunate situation, we can find the testimony of some users who did receive a response from technical support, explaining that the money would be returned as soon as possible but after hours the problem had not been solved, even hiding information. about what happened in all possible channels.

To end.

At the time of writing this article, BingX has not yet made an official statement explaining what happened, nor have they taken the time to answer our questions, something that has been repudiated from every point of view by the crypto community who hopes to know what really happened and thus draw their own conclusions, instead it was the same influencers who were in charge of making the news known and causing a bit of noise so that BingX was forced to return the money to the users.

Despite the fact that they have refunded the money of the users, the latest actions executed by the exchange leave much to be desired for the futurebecause to be well seen in the crypto space, you must be very transparent and maintain the trust of users.

As we do not have an official statement of what happened, we will keep abreast of new updates on the subject and invite all those affected to express their opinions in all current broadcast channels to guarantee the future of the crypto ecosystem, always transparent. and sure.

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