Singaporean crypto platform BingX has resumed its operations after suffering from a hot wallet incident last month. According to the official press release of the platform, BingX has now fully recovered its operational capability, allowing for normal deposits and withdrawals.
Additionally, in reaction to the incident, BingX is launching its brand-new “ShieldX” program, a thorough strategy meant to improve the platform’s security framework. “ShieldX” presents an enhanced wallet firewall that offers cutting-edge defense against outside threats.
Vivien Lin, Chief Product Officer at BingX, said “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.”
BingX Unveils New Measures For More Secure Trading
In response to the event, BingX is introducing its new “ShieldX” program, which is a comprehensive plan aimed at strengthening the platform’s security architecture.
To further protect user assets, “ShieldX” offers an enhanced wallet firewall that offers cutting-edge defense against outside threats. Additionally, BingX has teamed up with top third-party security companies to bring additional 24/7 monitoring and threat detection, guaranteeing that any vulnerabilities are found and fixed quickly and aggressively.
Along with improved firewalls and collaborations, BingX will be subject to frequent, thorough security audits by impartial security organizations. In keeping with its commitment to ongoing development, the exchange is also launching a new hacker bounty program that will pay security researchers who assist in locating any flaws.
The BingX Hack: What Had Happened?
The Singaporean crypto platform BingX had faced a hot wallet breach incident last month that led to massive losses for the platform.
Following a suspected attack that targeted its hot wallet, BingX had disclosed estimated damages above $52 million in a severe cybersecurity incident.
The hack came at a time when the crypto sector is under constant scrutiny for suffering constant hacks and scams. This phenomenon has made the overall trading extremely volatile and suspicious.
The exchange promptly implemented its emergency procedures in response, which included halting withdrawals and moving assets to a secure location.
The BingX hack coincides with a number of cryptocurrency platforms based in Asia that have had financially catastrophic security incidents this year. Previously, $20 million was stolen from Indonesia’s biggest cryptocurrency platform, while $27 million was stolen from Penpie, another Singaporean cryptocurrency company.
Attacks earlier this year cost platforms in Japan and India more than $300 million and $230 million, respectively.