BingX resumes full operations with improved security after hot wallet exploit
Global leading cryptocurrency exchange BingX has announced the launch of a new project called ShieldX after its September hot wallet incident that led to a loss of $43 million. BingX ShieldX initiative is a comprehensive strategic plan meant to improve the platform's security framework.
According to a statement by BingX on October 24th, the company said it has fully recovered from the recent hot wallet exploit, allowing all deposits and withdrawals to resume as usual.
Full operations have resumed at #BingX! 🚀 We're proud to introduce ShieldX, our latest security upgrade designed for enhanced protection.
Find out more at https://t.co/x2FxVo4hOP#CryptoSafety #ShieldX— BingX (@BingXOfficial) October 24, 2024
BingX ShieldX introduces an upgraded wallet firewall
The exchange said in the statement that ShieldX has launched an "upgraded wallet firewall" to offer strong defense against external attack and safeguard users' assets on the platform. To ensure that any vulnerabilities are discovered and fixed proactively, BingX has partnered up with leading third-party security companies to implement additional 24/7 monitoring and threat detection.
BingX will undergo frequent, thorough security audits by independent security groups in addition to an upgraded wallet firewall and partnership with security firms. The exchange is further demonstrating its commitment to continued improvement by launching a new hacker bounty initiative that will reward security researchers who help in finding potential vulnerabilities.
BingX Chief Product Officer Vivien Lin emphasized the significance of the platform's quick recovery and continuous dedication to user security. We are happy to confirm that our platform has not only resumed normal operations but has also been thoroughly enhanced to reach a higher level of performance than it did before the incident. "ShieldX's launch is an important step in proactively strengthening the BingX platform's defenses," Lin added.
BingX loses over $43 million to exploit on its hot wallet
BingX lost more than $43 million as a result of a hacker attack on its hot wallets on September 20. In an effort to find the source of the exploit and stop further losses, the cryptocurrency exchange halted fund withdrawals from the platform. Blockchain experts said that the exchange lost more than $43 million. This makes it one of the major exploits in the cryptocurrency industry in 2024.
According to Peckshield, a blockchain forensics firm, the hacker had already transferred about $26.68 million worth of assets, including Ethereum and Binance Coin. The security firm also mentioned that shortly after, an additional $16.5 million was allegedly taken out of the platform. After linking the stolen fund to two wallet addresses, security analysts estimated the total loss from the incident to be $43 million.
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