Originally published on: October 25, 2024
Singapore-based cryptocurrency exchange, BingX, is stepping up its security measures with the launch of “ShieldX” following a $52 million hack in September. The new initiative aims to enhance protection for users’ assets through an upgraded wallet firewall.
Partnering with various security firms, BingX promises round-the-clock monitoring and threat detection to fortify its platform against potential exploits. Chief Product Officer Vivien Lin emphasized the importance of ShieldX in strengthening the exchange’s defenses proactively.
The hack on Sept. 20 targeted BingX’s hot wallets, resulting in the theft of assets from multiple blockchains. Despite the incident, BingX has resumed regular operations after temporarily halting withdrawals for certain assets.
While initially downplaying the hack as minor and assuring users of full coverage, further investigation revealed the extent of the breach. In light of previous controversies, including allowing Iranian users to evade sanctions, BingX remains focused on maintaining trust and security for its global user base.
Established in 2018, BingX facilitates significant daily trading volumes, positioning itself as one of the top crypto exchanges worldwide. As the exchange continues to evolve, the implementation of ShieldX underscores its commitment to safeguarding users’ assets.
