BingX Launches “Upgraded Wallet Firewall”

Reading Time: 2 minutes

• BingX has announced a new feature to increase the security of its wallet
• Known as “ShieldX,” it introduces an “upgraded wallet firewall” to make it harder for hackers to steal funds
• The feature comes barely a month after the exchange was hacked for over $50 million

Barely a month after crypto exchange BingX lost over $50 million to hackers, the platform has launched a new feature to boost its crypto wallets’ security. Dubbed “ShieldX,” the feature is meant to strengthen the platform’s wallet firewall to thwart attackers’ efforts to gain access, consequently protecting users’ assets. BingX also revealed that it’s working with third parties to provide “round-the-clock” surveillance, an indication that it learned from the recent hack and is committed to avoiding its repeat in the future.

Digital Forensics: BingX Proactively Strengthening Its Defenses

According to BingX Chief Product Officer Vivien Lin, enhancing the platform’s wallet firewall is part of the exchange’s mission to “proactively” strengthen its defenses, adding that BingX is committed to providing a “secure environment for all users.”

In a blog post, the exchange revealed that it will involve independent firms to conduct “regular [and] rigorous security audits.” It also disclosed that it’s developing a hacker bounty program that will reward security researchers who “identify potential vulnerabilities.”

BingX also announced that it had fully restored its services. The exchange is however yet to reveal whether it recovered the funds or offered a bounty to the attacker.

Full operations have resumed at #BingX! 🚀 We’re proud to introduce ShieldX, our latest security upgrade designed for enhanced protection.

Find out more at https://t.co/x2FxVo4hOP#CryptoSafety #ShieldX

— BingX (@BingXOfficial) October 24, 2024

Digital Forensics: Most Hacked Projects Never Recover

BingX’s revelations come two months after bug bounty platform Immunefi released a report indicating that over 75% of hacked crypto projects don’t recover. 

It also comes hours after the Radiant Capital hacker started consolidating stolen funds in a move seen as preparation to use coin-mixing services like Tornado Cash to launder the funds.

With BingX announcing ShieldX and other features to increase the platform’s security, it’s to be seen whether users will have the same confidence in the platform as they did before the hack.