TL;DR
- BingX has resumed operations after a cyberattack in September that resulted in the theft of over $43 million in cryptocurrencies.
- The platform has launched “ShieldX,” a new security initiative that includes an upgraded firewall and partnerships with cybersecurity firms.
- The exchange will conduct regular security audits and launch a rewards program for ethical hackers.
BingX, a globally recognized cryptocurrency exchange, has fully resumed its operations after a cyberattack in September that resulted in the theft of over $43 million.
The company has restored all deposit and withdrawal services, assuring clients that their funds are safe. This attack affected several stablecoins, such as USDT, USDC, and WUSD, which the hackers later converted into Ethereum and Binance Coin, taking a total of 360 altcoins with them.
Full operations have resumed at #BingX! 🚀 We're proud to introduce ShieldX, our latest security upgrade designed for enhanced protection.
Find out more at https://t.co/x2FxVo4hOP#CryptoSafety #ShieldX
— BingX (@BingXOfficial) October 24, 2024
In response to this incident, BingX has implemented a new security initiative called “ShieldX.” This program is designed to strengthen the protection of users’ assets through an upgraded firewall aimed at preventing external attacks. Additionally, the platform has established partnerships with cybersecurity firms to provide continuous monitoring and threat detection. This will ensure that any vulnerabilities are identified and addressed quickly and proactively.
BingX Will Conduct Audits and Reward Ethical Hackers
BingX has also committed to conducting regular security audits carried out by independent firms. This will allow it to identify and fix potential flaws in its system before they can be exploited by malicious actors. To foster a culture of security, the platform is launching a rewards program that will offer financial incentives to ethical hackers and security experts who can identify vulnerabilities on the platform.
BingX’s rapid recovery and its new focus on user security were very necessary. The crypto industry continues to suffer under the onslaught of criminals. Recently, another exchange, Wazir, suffered an attack that resulted in the loss of $230 million in digital assets, highlighting the need for more robust security measures in the industry.
BingX aims to reaffirm its commitment to transparency, resilience. And innovation while positioning itself as a leader in the crypto market, always prioritizing the security of its users
