As a seasoned crypto investor with a fair share of battle scars to show for it, I can’t help but feel a mix of skepticism and cautious optimism upon hearing about BingX’s new security initiative. After all, we’ve seen this movie before – an exchange promises top-notch security, only to be breached a few months later. However, in the ever-evolving world of crypto, one can never truly rest on their laurels.
According to crypto exchange BingX, they have successfully resumed all operations and introduced a cutting-edge security feature aimed at enhancing safeguards against potential outside dangers.
In response to a significant hack that resulted in the potential loss of more than $50 million in digital assets, BingX – a cryptocurrency exchange based in Singapore – is swiftly introducing a new security measure less than a month later.
On October 24th, a blog post published on Thursday detailed the launch of a new initiative by the exchange known as “ShieldX”. This initiative encompasses a fortified wallet security system, heightened surveillance, and partnerships with top-tier external security companies, albeit without revealing their names. Furthermore, BingX has instituted a hacker incentive program, inviting researchers to uncover weaknesses in exchange for compensation.
Besides installing advanced firewalls and collaborating with other entities, BingX also routinely undergoes thorough, professional security evaluations performed by external security firms.
BingX
Through its recent action plan, BingX announced they have “fully resumed their operational capabilities.” They explained that these new precautions are implemented to deter future security issues and strengthen the confidence of their users.
Around late September, BingX experienced a hacker attack following the detection of abnormal behavior on its hot wallet. This triggered an immediate action from BingX. The exchange’s chief product officer, Vivien Lin, reported that the assets were quickly transferred to secure areas, ensuring users that most of their funds remained untouched as they were kept in “offline wallets,” or cold wallets.
Although Lin initially described the incident as a “minor asset loss,” blockchain analysts estimated that hackers managed to siphon over $50 million, including significant amounts of Ethereum (ETH) and Binance Coin (BNB).
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2024-10-25 09:38