BingX unveils wallet firewall one month after multi-million hack

Crypto exchange BingX said it has restarted all its operations by launching a new feature designed to provide “enhanced protection against external threats.”

BingX, a Singapore-based cryptocurrency exchange, is rolling out a new security feature just a month after a massive breach led to an estimated loss of over $50 million in digital assets.

In a blog post published on Thursday, October 24, the exchange introduced its “ShieldX” initiative, which includes an advanced wallet firewall, increased monitoring, and “partnering with leading third-party security firms.” companies were not disclosed. Additionally, BingX has launched a hacker bounty program that encourages researchers to identify vulnerabilities in exchange for rewards.

“In addition to advanced firewalls and partnerships, BingX will undergo regular and stringent security audits conducted by independent security agencies.”

BingX

BingX stated that it has “fully regained its operational capacity” with the latest initiative, and said that the new measures aim to prevent future attacks and increase user trust.

In late September, BingX faced a hacker attack after detecting unusual activity on its hot wallet, prompting an immediate response. BingX chief product officer Vivien Lin announced that the exchange quickly moved assets to safe locations and assured users that the majority of funds were unaffected because they were stored in “cold wallets.”

Although Lin initially described the incident as a “minor loss of assets,” blockchain analysts estimated that hackers managed to withdraw over $50 million, including significant amounts of Ethereum (ETH) and Binance Coin (BNB).