Following a significant security breach that resulted in the theft of $52 million from its hot wallets, Singapore-based bitcoin exchange BingX has announced the start of a new security effort called “ShieldX.” October 24 saw this announcement.
Aiming to offer sophisticated security against any cyber hazards, the ShieldX project presents an improved wallet firewall. In addition, BingX has teamed with numerous security companies to provide 24/7 monitoring and threat detection systems, thereby improving its whole security posture.
Chief product officer of BingX, Vivien Lin, underlined the significance of this launch in strengthening the defenses of the platform. On September 20, the exchange had already suffered an assault when hackers attacked its hot wallets, causing a notable loss of funds on Ethereum, BNB Chain, Base, and Optimism, among other blockchains.
Following the incident, BingX stopped withdrawals for many cryptocurrencies—including Tether, USD Coin, Bitcoin, and Ether—momentarily. Though later investigations showed the loss was significantly more significant, Lin had first classified the situation as a “minor” breach and told users the exchange would reimburse all impacted money.
Now completely restored, BingX claims that the new security policies are absolutely vital for avoiding future assaults and rebuilding user confidence. Further complicating its reputation, the exchange faced criticism in the past for allowing Iranian users to evade sanctions.
Ranked among the top 20 cryptocurrency exchanges worldwide, BingX has developed to enable daily trading volume of over $300 million since its launch in 2018.
