BingX Launches New Wallet Firewall Following Multi-Million Dollar Hack

Crypto exchange BingX has announced the restoration of full operations with the introduction of a new security feature aimed at providing “advanced protection against external threats.” This move comes just a month after a significant breach resulted in estimated losses exceeding $50 million in digital assets.

In a blog post on October 24, BingX unveiled its “ShieldX” initiative, which includes an enhanced wallet firewall and increased monitoring capabilities. The exchange has also partnered with leading third-party security firms, although the names of these firms were not disclosed. Additionally, BingX has implemented a hacker bounty program to incentivize researchers to identify vulnerabilities in exchange for rewards.

With these new measures, BingX stated that it has fully restored its operational capacity, emphasizing that the initiatives are designed to prevent future attacks and enhance user trust.

The incident in late September was triggered by unusual activity detected in its hot wallet, prompting an immediate response from the exchange. BingX’s Chief Product Officer, Vivien Lin, confirmed that assets were swiftly moved to secure locations, reassuring users that most funds remained unaffected, as they were stored in “cold wallets.”

While Lin initially referred to the incident as a “minor asset loss,” blockchain analysts estimated that hackers managed to steal over $50 million, including substantial amounts of Ethereum (ETH) and Binance Coin (BNB).