• Crypto & Funx
• 14 Jul, 2024

BingX finally relaunches platform with no restrictions following a massive security breach last month.

The exchange has added an extra layer of security to enhance its performance with "ShieldX." BingX is also introducing a new bounty program for ethical hackers to help prevent potential threats against the exchange in the future.

Singapore-based cryptocurrency exchange BingX announced Thursday that it has fully restarted its platform to resume operations following a $44 million cyber security attack on the exchange in September. According to an official , users can now trade, deposit, and withdraw their funds without restrictions.

The company said it decided to reopen its full services after conducting a series of security audits from external auditors to close potential loopholes.

BingX Launches ShieldX for Enhanced Security

As part of its efforts to protect the exchange against malicious actors and cyber criminals, the company has introduced “ShieldX”, a new security initiative aimed at enhancing the company’s security infrastructure to safeguard customers’ funds.

The new security initiative comes with an upgraded firewall designed to provide extra layers of security to the company’s hot wallet where user’s cryptocurrencies are stored.

“BingX’s quick response highlights our dedication to safeguarding user assets, with trust, efficiency, and transparency at the heart of our approach. The launch of ‘ShieldX’ marks a crucial step in proactively strengthening our platform’s defenses. Our priority remains ensuring a secure environment for all users through continuous improvements and strategic partnerships,” said Vivien Lin, Chief Product Officer at BingX.

A New Bounty Program for Threats Detection

In response to the recent security breach on the platform, the exchange has deepened its relationship with blockchain-focused security firms. Without disclosing the names of the companies, BingX said it secured new security partners.

These firms are tasked with providing round-the-clock monitoring and threat detection solutions to ensure any potential vulnerabilities are easily detected and addressed immediately without attracting the attention of the public.

Going forward, the exchange plans to subject itself to regular security audits conducted by external parties with no connection to the company. As part of its new security initiative, BingX has announced the launch of its bounty program for white hat hackers.

Under this program, the company will offer monetary rewards to hackers and other security researchers to help identify potential vulnerabilities on the exchange.

Lin said the move “not only enhances security but also emphasizes the exchange’s long-term commitment to transparency, resilience, and innovation in the face of evolving cybersecurity challenges.”

Hackers Exploited 20 Crypto Platforms in September

Meanwhile, the on BingX was part of a broader wave of cyber incidents in September, affecting multiple centralized exchanges and DeFi platforms.

On September 11, cybercriminals vulnerabilities on Indodax gaining access to the company’s hot wallets. The thief carted away with more than $15 million in Bitcoin , Ethereum , Polygon , and Shiba Inu . The security breach resulted in the exchange going offline and it has yet to resume operations since then.

Decentralized platforms like Penpie also fell victim to cyber attacks in September with losses totaling $21 million. In all, hackers 20 crypto platforms, stealing over $120 million.