BingX Launches ShieldX After Major Hack
October 25, 2024
The Singapore-based cryptocurrency exchange BingX has announced a new security initiative — the wallet firewall "ShieldX." This step is aimed at protecting users from attacks that occurred previously and in the future.
What is ShieldX?
In an official statement, BingX representatives explained that ShieldX is an upgraded wallet firewall that will provide reliable protection for users' assets.
Partnership for enhanced protection
To achieve maximum effectiveness of ShieldX, the exchange has entered into partnerships with several leading cybersecurity companies that will conduct round-the-clock monitoring and threat detection.
Response to the hack
The Product Director of BingX emphasized that the launch of ShieldX is a key step towards strengthening the platform's security. After the September attack on hot wallets, the exchange suspended withdrawals of popular assets, including Bitcoin and Ethereum, to assess the situation and restore protection.
The company confirmed complete recovery and readiness to resume operations. Lin assured users that all affected funds would be compensated from BingX's reserves, despite the initial downplaying of the scale of the cyberattack.