Following a $43 million attack, the BingX exchange has resumed full operations and implemented ShieldX protection to secure user assets.
BingX exchange has fully resumed operations after a major hack in September that saw over $43 million worth of cryptocurrencies stolen.
The company has restored all deposit and withdrawal services, assuring clients that their funds are secure. BingX has introduced a cybersecurity program called ShieldX to enhance its security further.
BingX Exchange Returns to Full Operations
In a press release, BingX announced its return to normal operations following a cyberattack on its hot wallet system in September.
The hack resulted in the theft of various stablecoins like USDT, USDC, and WUSD, which were then converted into Ethereum and Binance Coin.
The hackers made off with 360 altcoins valued at more than $43 million.
BingX has promised to compensate all affected users from its funds, ensuring that their assets will be returned.
The platform has fully reinstated its deposit and withdrawal services, aiming to restore user trust through its quick recovery and introducing a new security measure.
Launch of the “ShieldX” Security Initiative
In response to the breach and to secure the platform against future threats, BingX has implemented a new security system called “ShieldX.”
This initiative focuses on bolstering the exchange’s defenses against external threats and enhancing the protection of users’ assets.
A key feature of ShieldX is an upgraded wallet firewall designed to prevent malicious actors from attacking it.
Additionally, BingX has partnered with leading third-party cybersecurity firms to provide around-the-clock monitoring and threat prevention, ensuring any vulnerabilities are quickly addressed.
Vivien Lin, Chief Product Officer at BingX, emphasized the company’s commitment to security, stating,
“Our priority remains ensuring a secure environment for all users through continuous improvements and strategic partnerships.”
Regular Security Audits and a Hacker Bounty Program
To further improve platform security, BingX will conduct regular assessments by independent security firms to identify and fix any system vulnerabilities before they can be exploited.
Moreover, BingX is launching a hacker bounty program, offering financial rewards to ethical hackers and security researchers who can find loopholes in the platform.
This hack is not an isolated case in the cryptocurrency sector. Earlier this year, Indian crypto exchange Wazir was also hacked, losing $230 million in digital assets.
Wazir later faced criticism for revealing 240,000 wallet addresses in a Singapore court, raising concerns about privacy and security among its users.
