Singapore-based cryptocurrency exchange BingX said it would launch a new initiative called “ShieldX” after it fell victim to a hot wallet attack that stole $52 million from the company in September.
In an October 24 statement, the exchange said ShieldX has introduced an “upgraded wallet firewall” to provide advanced protection against threat actors and protect user assets on the platform.
source: BingX
BingX also said it had worked with several unnamed security companies to implement “around-the-clock” monitoring and threat detection to protect against potential future exploits.
“The launch of ShieldX is an important step in actively strengthening the defenses of our platform,” said Vivien Lin, Chief Product Officer at BingX.
The exchange fell victim to an attack on September 20 in which hackers targeted BingX’s hot wallets and stole about $52 million in various blockchain assets, including Ethereum, BNB Chain, Base, and Optimism.
BingX said it has now fully restored regular operations after suspending withdrawals of several assets, including Tether (USDT), Circle’s USD Coin (USDC), Bitcoin (BTC), and Ethereum (ETH) in response to a hack last month. .
At the time, Lin described the hack as only a “minor” breach and assured users that all affected funds would be “fully protected” with BingX’s own capital, but the investigation later revealed that the amount stolen was more than “minor.” The incident was downplayed. ”
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BingX also sparked controversy in April after Telegram administrators admitted that the cryptocurrency exchange had enabled Iranian users to evade sanctions.
At the time, the exchange publicly released an Iranian version of its website, and officials released a statement in Persian on the exchange’s official Telegram group.
“The Bing
The exchange also allows exchanges between Iranian Rial and Tether on its platform, which is prohibited under U.S. Treasury Office of Foreign Assets Control (OFAC) regulations.
Founded in 2018, BingX facilitates over $300 million in daily trading volume, making it one of the top 20 cryptocurrency exchanges in the world, according to CoinMarketCap data.
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