Just In: BingX Exchange Restores Full Operations Post $43 Million Hack

BingX exchange has fully restored its operations following a significant hack in September that resulted in the theft of over $43 million in various cryptocurrencies.

All the deposit and withdrawal services have been restored and the company has assured its clients that their funds are safe. In order to strengthen its security even further, BingX has come up with a cybersecurity program known as ShieldX.

BingX Exchange Restores Full Operations

In a press release, BingX has announced that it has come back to normal operations following the cyberattack that affected its hot wallet system. The hack occurred in September and led to the theft of millions of stablecoins such as USDT, USDC, WUSD which were then exchanged for Ethereum and Binance Coin. Altogether, the hackers made away with 360 altcoins worth more than $43 million.

BingX has offered to compensate all the victims of the hack from its own pocket and has assured the users that their assets will be returned.

The platform has also fully restored all its deposit and withdrawal services thus making its operations to be back to normal. This quick rebound, together with the launch of a new security measure, is aimed at regaining user trust within the platform.

Introduction of the “ShieldX” Security Initiative

As a result of these breaches and to ensure that the platform is secure in the future, BingX has implemented a new security process known as “ShieldX”. This initiative concentrates on strengthening the exchange’s protection against threats originating from the outside and enhance protection of users’ assets.

Part of the cybersecurity program “ShieldX” is an improved wallet firewall that aims at preventing attacks from malicious actors. The platform has also enlisted the services of top third-party cybersecurity companies to provide 24/7 monitoring and threat prevention. These partnerships will maintain constant monitoring of the situation and be able to respond as soon as possible to weaknesses.

Vivien Lin, Chief Product Officer at BingX exchange, commented on the initiative:

“Our priority remains ensuring a secure environment for all users through continuous improvements and strategic partnerships.”

Regular Security Audits and Hacker Bounty Program

In an effort to enhance the security of the platform, BingX will conduct regular security assessments. These are assessments done by other independent security organizations with the purpose of finding out the loopholes that may be existent in the system and addressing them before they can be misused.

Furthermore, BingX exchange is now implementing a hacker bounty program. This program aims to engage ethical hackers and security researchers to seek for loopholes in the platform with an incentive of being rewarded financially.

The recent hack on BingX is not an isolated incident within the cryptocurrency sector. Wazir, an Indian crypto exchange, also faced a major hack earlier this year. In July, the platform suffered a breach that resulted in the theft of $230 million worth of digital assets. Following this, Wazir faced criticism after revealing 240,000 wallet addresses in a Singapore court, which sparked concerns among its user base about privacy and security.