BingX Restores Operations Post Hot Wallet Breach: ShieldX Unveils

BingX Restores Operations and Launches ShieldX Initiative Post-Breach

On September 20, 2024, BingX, a leading cryptocurrency exchange, faced a significant cybersecurity incident involving its hot wallet. The exchange reported estimated losses exceeding $52 million, with assets stolen across multiple blockchains, including Ethereum, Binance Smart Chain, Base, Optimism, Polygon, Arbitrum, and Avalanche.

Despite this breach, BingX swiftly activated emergency protocols, suspending withdrawals and securing user assets by transferring them to cold wallets. The majority of funds were protected, and BingX reassured its users that their assets remain safe under its multi-layered security framework.

BingX’s Swift Response and Commitment to Users

BingX confirmed its commitment to fully compensating users for the losses using its own capital. In an official statement, Vivien Lin, Chief Product Officer at BingX, emphasized the platform’s swift recovery, stating that the breach would not affect ongoing business operations.

• Emergency Protocols Activated: Withdrawals were temporarily suspended to prevent further losses.

• Asset Safety: Most assets were stored securely in cold wallets, minimizing the impact of the breach.

• User Compensation: BingX will fully compensate the losses from its capital, ensuring no users are affected financially.

Despite the breach, trading services continued as normal, with withdrawals and deposits expected to resume within 24 hours.

Launch of “ShieldX” Initiative

In response to the breach, BingX introduced its new “ShieldX” initiative, a comprehensive cybersecurity plan designed to prevent future incidents and protect user assets. The initiative includes:

• Upgraded Wallet Firewall: Enhanced protection against external threats.

• Third-Party Partnerships: Collaboration with leading security firms for 24/7 threat monitoring and detection.

• Regular Security Audits: Independent security agencies will conduct thorough audits.

• Hacker Bounty Program: Rewards for researchers who identify vulnerabilities.

Vivien Lin further emphasized that the “ShieldX” initiative is a key step toward strengthening BingX’s defenses and maintaining transparency. The platform’s quick recovery and proactive measures highlight its commitment to user safety, ensuring the exchange remains resilient and secure in the evolving cryptocurrency space.