BingX Launches Security Measures in Lieu of September's Attack

Singapore-based cryptocurrency exchange BingX has introduced "ShieldX," a security initiative following a hot wallet breach on 20 September that reportedly led to millions in losses.

Upon detecting unusual activity, BingX paused deposits and withdrawals, gradually resuming them by 8 October across 600+ cryptocurrencies.

The exchange assured users the breach was minimal and covered by its capital, with most user funds secure in cold storage.

However, some users demanded greater transparency after blockchain security firm Peckshield identified a suspicious $13.6 million transfer.

BingX responded swiftly, transferring assets and halting transactions to limit damages, and has now fully restored regular operations.

BingX Restores Full Operations with ShieldX's Launch

In a 24 October release, BingX announced that ShieldX, its new wallet firewall, offers advanced asset protection against cyber threats on the platform.

In addition, the exchange has partnered with several security firms to enable continuous monitoring and threat detection to prevent future exploits.

BingX's chief product officer, Vivien Lin, noted:

“We are pleased to confirm our platform has not only returned to standard operations but the platform has also been thoroughly enhanced to a higher performance level than before the incident. BingX's quick response highlights our dedication to safeguarding user assets, with trust, efficiency, and transparency at the heart of our approach. The launch of 'ShieldX’ marks a crucial step in proactively strengthening our platform's defenses.”

She added:

“Our priority remains ensuring a secure environment for all users through continuous improvements and strategic partnerships. Furthermore, we are committed to collaborating with industry leaders to drive higher security standards across the crypto ecosystem.”

Many in the community lauded BingX for their swift action and keeping everyone up-to-date with as much information as possible.

Lin emphasized the exchange's commitment to enhancing user security and ensuring rapid recovery from incidents.

After the 20 September breach, initially described as "minor," BingX assured users that all affected funds would be fully covered, though later reports indicated the stolen amount was significant.