BingX Introduces ShieldX, an Upgraded "Wallet Firewall" Designed to Add Layers of Security

Based in Singapore, BingX introduced this upgrade following a major hack in September that cost the company a hefty $52 million. Here's what happened and how BingX plans to keep users safe moving forward.

Singapore-based crypto exchange BingX has introduced a new security upgrade following a major hack in September that cost the company a hefty $52 million.

Here’s a quick rundown of what happened and how BingX is planning to keep users’ funds safe moving forward.

The $52 Million Hack

On September 20th, BingX’s hot wallets were hacked, with the attackers making off with around $52 million in various cryptocurrencies, including Ethereum, BNB Chain, Base, and Optimism.

This caused BingX to temporarily halt withdrawals in order to contain the issue. Initially, BingX’s chief product officer, Vivien Lin, called it a “minor breach,” and assured users that BingX would cover any stolen funds. However, as details emerged, it became clear that this breach was more serious than first stated.

At around 4am 20 Sep Singapore time, our technical team detected abnormal network access, suspecting a hacker attack on BingX’s hot wallet. We immediately started our emergency plan, including the urgent transfer of assets and withdraw suspension. There has been minor asset loss,…

— Vivien Lin @ BingX (@Vivien_BingX) September 20, 2024

In response to the hack, BingX announced ShieldX, an upgraded “wallet firewall” designed to add layers of security against similar attacks. ShieldX aims to make it much more difficult for hackers to break in and steal funds—think of it as adding a high-tech lock to your front door to keep unwanted guests out. ShieldX includes advanced threat monitoring, which means it watches for suspicious activity 24/7 and can respond faster to threats.

According to Vivien Lin, ShieldX is a proactive step to keep BingX users’ funds safe. It’s like they’re “battening down the hatches” to make sure this kind of thing doesn’t happen again. BingX has even teamed up with several security firms to make ShieldX as effective as possible, although they haven’t named their security partners.

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

What Is a Wallet Firewall?

A wallet firewall acts like a digital shield between users’ assets and potential threats. In BingX’s case, ShieldX adds extra layers of protection so that hackers have to work much harder to get in. These security walls can block suspicious transactions, prevent unauthorized access, and alert the team of any funny business going on.

After the hack, BingX quickly worked to restore normal operations. Users can now trade and make withdrawals without worry. BingX’s team made sure that no customer would lose money by using their own funds to cover the stolen assets.

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