BingX exchange resumes full operations after $43 million hack, introduces ShieldX security to protect user assets
Highlights:
- BingX restores full services post-$43M hack, committing to fully compensate victims from its own funds.
- BingX introduces ShieldX initiative, enhancing security with wallet firewalls and 24/7 threat monitoring.
- In contrast, Wazir continues to struggle, leaving 34% of user assets stranded post-hack.
BingX Exchange Restores Full Operations
BingX has announced the full restoration of its services following a cyberattack in September, during which hackers stole over $43 million in cryptocurrencies, including USDT, USDC, and WUSD. The stolen assets were later exchanged for Ethereum and Binance Coin, amounting to the loss of 360 altcoins.
Despite the setback, BingX has pledged to compensate all affected users from its own funds. All deposit and withdrawal functions have been reinstated, and the platform is now fully operational, focusing on regaining user trust with new security measures.
Introduction of the ShieldX Security Initiative
To bolster its defenses against future attacks, BingX has launched the ShieldX security initiative. This new program focuses on preventing external threats and ensuring the protection of users’ assets. ShieldX includes an enhanced wallet firewall designed to fend off malicious actors, as well as partnerships with leading third-party cybersecurity firms for round-the-clock monitoring and rapid threat response.
Vivien Lin, Chief Product Officer at BingX, emphasized the exchange's commitment to user security, stating:
“Our priority remains ensuring a secure environment for all users through continuous improvements and strategic partnerships.”
Regular Security Audits and Hacker Bounty Program
BingX also plans to conduct regular security audits in collaboration with independent cybersecurity firms. These audits will help identify and address vulnerabilities before they can be exploited.
Additionally, the exchange has launched a hacker bounty program to encourage ethical hackers and security researchers to find and report potential vulnerabilities in exchange for financial rewards.
Comparisons with Wazir’s Struggles
BingX's recovery stands in contrast to Wazir, an Indian crypto exchange that suffered a $230 million hack earlier this year. Wazir has faced criticism over privacy concerns after revealing 240,000 wallet addresses in a Singapore court, and 34% of affected user assets remain unrecovered. This has further undermined user confidence in the platform.
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