After experiencing a recent security breach, crypto exchange BingX has introduced ‘ShieldX’, an advanced update designed to enhance the platform’s security against similar attacks.
On October 24, the Singapore-based crypto asset platform announced the release of ShieldX to safeguard users from future cyber attacks following a $52 million hot wallet exploit in September. The update includes an improved wallet firewall system and collaborations with security firms to detect and monitor threats continuously.
The attack on September 20 targeted BingX’s hot wallets on Ethereum, BNB Chain, Base, and Optimism, leading to a temporary suspension of withdrawals for major cryptocurrencies like Tether, USD Coin, Bitcoin, and Ether. BingX has now resumed normal operations and assured users that any affected funds will be covered using its own capital reserves.
Initially downplayed as “minor,” the security breach was later revealed to have resulted in a $52 million theft. BingX currently ranks among the top 20 exchanges globally according to CoinMarketCap data.
Please note that this article may contain links to third-party websites for informational purposes only. CoinMarketCap does not control these third-party sites and is not responsible for their content or any changes or updates. The inclusion of any link does not imply endorsement by CoinMarketCap. It is important to conduct your own research before making any decisions based on the information provided. This article is not financial advice, and the views expressed are those of the author and do not necessarily reflect CoinMarketCap’s views.
SOURCE