PANews reported on October 25 that according to Cointelegraph, Singapore cryptocurrency exchange BingX launched a new wallet firewall initiative called "ShieldX" after suffering a $52 million hot wallet attack. BingX said that ShieldX will provide more advanced protection for user assets and prevent future security vulnerabilities through upgraded firewalls and 24-hour threat detection mechanisms.
It is reported that BingX has cooperated with several undisclosed security companies to strengthen real-time monitoring. Previously, the hacker attack on September 20 resulted in the theft of assets on multiple blockchains (including Ethereum, BNB Chain, Base and Optimism). Although BingX initially downplayed the impact of the incident, subsequent investigations showed that the amount of losses was far greater than expected. In addition, BingX caused controversy in April this year for allowing Iranian users to bypass sanctions, which violated the relevant regulations of the US OFAC. Founded in 2018, BingX has a daily trading volume of over US$300 million and is one of the top 20 crypto exchanges in the world.
