BingX Launches ShieldX to Bolster Security After $52 Million Hack

BingX Launches Security Initiative

Singapore-based cryptocurrency exchange BingX has announced the launch of "ShieldX," a new security initiative aimed at enhancing protection after a significant cyberattack. The exchange faced a hot wallet exploit in September, resulting in a $52 million loss across multiple blockchains, including Ethereum and BNB Chain.

Enhanced Security Measures

ShieldX introduces an upgraded wallet firewall designed to safeguard users' assets against potential threats. BingX has collaborated with several security firms to implement continuous monitoring and threat detection, ensuring a robust defense against future exploits.

Restoring Operations

Following the attack, BingX temporarily halted withdrawals for key assets like Tether (USDT) and Bitcoin (BTC). The exchange has now fully restored its operations, assuring users that all affected funds will be covered by BingX's capital.

Past Controversies

BingX has previously faced scrutiny for allowing Iranian users to bypass sanctions. The exchange displayed an Iranian version of its website and allowed currency swaps prohibited by U.S. regulations. Despite these controversies, BingX remains a significant player in the crypto market, facilitating over $300 million in daily trading volume.

BingX's Market Position

Founded in 2018, BingX ranks among the top 20 cryptocurrency exchanges globally. The launch of ShieldX marks a pivotal step in reinforcing its platform's security and reliability. BingX continues to focus on protecting its users and maintaining its competitive edge in the cryptocurrency exchange landscape.