BingX Finally Resumes Full Operations after $44M Exploit with Additional Security

by

As a seasoned analyst with years of experience in the cryptocurrency market, I must say that the resilience and proactive measures taken by BingX after their recent cybersecurity attack are commendable. The swift implementation of ShieldX, an enhanced security initiative, shows their commitment to protecting user assets and staying ahead of potential threats.

On Thursday, the Singapore-based cryptocurrency trading platform BingX confirmed that it has successfully resumed all operations after having been temporarily halted due to a $44 million cybersecurity breach in September. In a public statement, the company stated that users can now freely trade, deposit, and withdraw their assets without any limitations.

After completing thorough safety assessments by independent experts, the company has chosen to resume all operations, addressing any identified vulnerabilities to ensure maximum security.

BingX Launches ShieldX for Enhanced Security

In my role as a crypto investor, I appreciate the ongoing commitment by the company to fortify our shared platform against malicious activities and cyber threats. To bolster their security measures, they’ve introduced an innovative solution called “ShieldX”. This initiative is designed to strengthen the company’s overall security framework, ultimately ensuring the safety of our hard-earned funds.

The new security initiative comes with an upgraded firewall designed to provide extra layers of security to the company’s hot wallet where user’s cryptocurrencies are stored.

Vivien Lin, the Chief Product Officer at BingX, stated that the swift action we take underscores our commitment to protecting user assets. Integrity, efficiency, and transparency are the cornerstones of our approach. The introduction of ‘ShieldX’ signifies a significant leap forward in actively enhancing our platform’s security measures. Our focus is on maintaining a secure space for every user by means of ongoing enhancements and strategic collaborations.

A New Bounty Program for Threats Detection

Following the recent security incident, the exchange has strengthened its ties with specialized security companies that focus on blockchain technology. While not revealing the identities of these companies, BingX confirmed they have brought on new security collaborators.

These companies are responsible for offering continuous surveillance and threat identification systems, ensuring that any possible weaknesses are quickly identified and dealt with, while minimizing public awareness.

In the future, the exchange intends to undergo routine security checks carried out by third-party entities unrelated to the company. As a key component of its enhanced security strategy, BingX is introducing a bounty program specifically designed for ethical hackers, also known as white hats.

In this initiative, our company plans to provide financial incentives to hackers and security experts for discovering any possible weaknesses within our trading platform.

Lin expressed that this action not only strengthens security, but it also underscores the exchange’s persistent dedication to openness, robustness, adaptability, and advancement in response to the changing landscape of cybersecurity threats.

Hackers Exploited 20 Crypto Platforms in September

Simultaneously, BingX’s attack was just one piece of a larger series of cyber attacks that occurred in September, targeting numerous centralized crypto exchanges and Decentralized Finance (DeFi) platforms.

On September 11, hackers took advantage of weaknesses within Indodax’s system, managing to get into their hot wallets. This theft led to the disappearance of over $15 million worth of Bitcoin.

In September, even systems like Penpie, which operate without a central authority, suffered cyber attacks that resulted in losses worth approximately $21 million. Notably, this was one of at least 20 cryptocurrency platforms targeted by hackers who made off with more than $120 million in total.

Read More

2024-10-24 17:21