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Crypto exchange BingX has restored full operations and launched a new feature designed to provide advanced protection against external threats.
BingX, a Singapore-based crypto exchange, is introducing a new security feature just one month after a major breach resulted in estimated losses of over $50 million worth of digital assets.
ShieldX Initiative: Enhancing Security
In a recent announcement on Oct. 24, BingX introduced the “ShieldX” initiative. This includes an enhanced wallet firewall, increased monitoring, and partnerships with leading third-party security firms. Additionally, BingX has launched a hacker bounty program, encouraging researchers to identify vulnerabilities in exchange for rewards.
“In addition to enhanced firewalls and partnerships, BingX will undergo regular, rigorous security audits conducted by independent security agencies.”
Operational Capacity Fully Restored
With the latest initiative, BingX has fully restored its operational capacity. The new measures aim to prevent future attacks and bolster user trust.
Addressing the September Hacker Attack
In late September, BingX encountered a hacker attack after detecting unusual activity on its hot wallet, prompting an immediate response. BingX Chief Product Officer Vivien Lin announced that the exchange swiftly moved assets to secure locations, assuring users that the majority of funds were unaffected, as they were stored in cold wallets.
Although Lin initially described the incident as a “minor asset loss,” blockchain analysts estimated that hackers managed to siphon over $50 million, including significant amounts of Ethereum (ETH) and Binance Coin (BNB).
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