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Singapore-based crypto exchange BingX has launched a new security initiative, “ShieldX,” designed to bolster platform security following a recent hack that cost the exchange approximately $52 million.
The September breach, which affected BingX’s hot wallets across major blockchains like Ethereum, BNB Chain, Base, and Optimism, has prompted the platform to take extensive security measures. In an October 24 statement, BingX announced that ShieldX features an upgraded wallet firewall and additional protections aimed at securing user assets against future threats.
Beyond technical upgrades, BingX has partnered with several undisclosed security firms to implement constant, round-the-clock threat monitoring and detection systems. Vivien Lin, BingX’s Chief Product Officer, highlighted that ShieldX represents “a crucial step in proactively strengthening our platform’s defenses.” While BingX temporarily halted withdrawals on key assets like Tether (USDT), Circle’s USD Coin, Bitcoin, and Ether after the hack, the exchange has since resumed normal operations.
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BingX Covers Losses, But Controversies Persist
In response to the incident, BingX initially downplayed the hack, describing it as a “minor” breach. However, further investigations revealed a more substantial impact, with hackers making off with millions in user and platform funds. Despite the significant loss, BingX assured users that affected funds would be “fully covered” by its own capital, avoiding any direct financial burden on users.
This recent breach isn’t BingX’s first encounter with controversy. In April, the exchange faced criticism after a Telegram admin confirmed the platform allowed Iranian users to bypass sanctions, openly providing a Persian version of the website and stating that Iranian nationals could verify their accounts using national identification cards. BingX even supported transactions between Tether and the Iranian rial, potentially violating sanctions from the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC).
Continued Growth
Despite security and regulatory challenges, BingX remains a key player in the global crypto space, with a daily trading volume of over $300 million, ranking it among the top 20 global exchanges according to CoinMarketCap. The introduction of ShieldX signals BingX’s commitment to user protection, though the platform’s openness to sanctioned regions could invite further scrutiny from international regulators.
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As BingX seeks to move forward and rebuild trust, the exchange will need to balance robust security measures with compliance obligations.
