BingX unveils wallet firewall one month after multi-million hack

Crypto exchange BingX says it has restored full operations, launching a new feature designed to provide “advanced protection against external threats.”

BingX, a Singapore-based crypto exchange, is bringing up a new security feature just one month after a major breach led to estimated losses of over $50 million worth of digital assets.

In a Thursday blog post, on Oct. 24, the exchange introduced the so-called “ShieldX” initiative, which includes an enhanced wallet firewall, increased monitoring, and “partnered with leading third-party security firms,” though the names of these firms were not disclosed. Additionally, BingX has introduced a hacker bounty program, encouraging researchers to identify vulnerabilities in exchange for rewards.

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

BingX

With the latest initiative, BingX noted that it “has fully restored its operational capacity,” saying the new measures are aimed at preventing future attacks and bolstering user trust.

In late September, BingX encountered 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 swiftly moved assets to secure locations, assuring users that the majority of funds were unaffected, as they were stored in “cold wallets.”

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