BingX, a crypto exchange based in Singapore, has a new security initiative called ShieldX launched in response to a recent $52 million hack. On October 24, BingX announced that ShieldX offers an “enhanced wallet firewall” for enhanced protection of user assets against cyber threats.
Strengthen security
To further strengthen security, BingX has partnered with several as-yet-unnamed security companies to implement 24-hour monitoring and threat detection. “The launch of ShieldX is an important step in strengthening our security,” said Chief Product Officer Vivien Lin.
The September 20 hack led to the loss of $52 million in assets from BingX’s hot wallets, spanning blockchains such as Ethereum, BNB Chain, Base and Optimism. The exchange temporarily froze withdrawals for Tether, USD Coin, Bitcoin and Ethereum, among others, but has now fully recovered.
Lin initially described the incident as a “minor” breach and assured users that the loss would be fully covered by BingX’s own capital. However, further investigations revealed that the amount stolen was significant.
Earlier controversy surrounding BingX and sanctions evasion
BingX came under fire earlier this year over allegations of sanctions evasion. In April, it emerged that Telegram exchange administrators had allowed Iranian users to transact on the platform. The exchange offered an Iranian version of its website and officials issued statements in Persian. In addition, transactions between the Iranian rial and Tether were allowed, in violation of US Office of Foreign Assets Control (OFAC) sanctions rules.
Over BingX
Founded in 2018, BingX has established itself as one of the top 20 crypto exchanges worldwide with a daily trading volume of more than $300 million, according to CoinMarketCap. With the introduction of ShieldX, BingX is committed to improved security and protection for users, with which the company hopes to better combat future threats.
Source: https://newsbit.nl/cryptobeurs-bingx-lanceert-shieldx-na-miljoenenhack-nieuwe-firewall-en-24-uurs-beveiliging-geintroduceerd/
