Highlights:
- BingX has finally restored comprehensive services after the hacking incident that limited its operations for almost a month.
- The trading platform announced a new security feature, ShieldX, and other measures to forestall future security breach re-occurrences.
- BingX hopes its updated features will help reclaim its position in the global crypto sphere and re-establish customers’ trust.
On October 24, BingX announced via a blog article on its official website that comprehensive operations, including deposits and withdrawals, have resumed on the exchange. The latest development comes roughly a month after the Singapore-based crypto exchange suffered a security breach on its hot wallet that saw it lose users funds worth over $40 million.
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Learning from the unfortunate occurrence, BingX noted that it is resuming with enhanced security features to forestall future hack re-occurrences. As part of its concentrated upgraded security protocol, the trading platform unveiled SheildX. BingX noted that the latest invention will play a crucial role in the exchange’s all-round security network.
Relaying the new development, Vivien Lin, the Chief Product Officer at BingX, expressed her excitement about how events have unfolded. In her exact write-up, the Chief Product Officer remarked: “We are pleased to confirm our platform has not only returned to standard operations, but the platform has also been thoroughly enhanced to a higher performance level than before the incident.”
I'm proud to share @BingXOfficial has fully restored all operations after a recent hot wallet incident.
In addition, we’re launching “ShieldX”, a new security initiative to improve the entire platform's security infrastructure.
Thank you to all of our users for your support.… pic.twitter.com/Yf8UXh98ia
— Vivien Lin @ BingX (@Vivien_BingX) October 24, 2024
ShieldX and Other Initiatives Aimed at Improving BingX’s Overall Security Protocol
Per the blog article, ShieldX boasts advanced functionalities that protect users’ assets on the exchange. The security invention incorporates a wallet firewall that wades off external threats. Aside from rolling out ShieldX, BingX revealed that it has sealed some crucial partnerships to strengthen its security.
Part of the publicized article read thus:
“BingX has partnered with leading third-party security firms to implement extra round-the-clock monitoring and threat detection, ensuring any vulnerabilities are identified and addressed swiftly and proactively.”
In addition to the measures above, the trading platform mentioned incorporating regular and strict security audits. BingX noted that independent security firms will take charge of the procedure to ensure the best outcome. Capping off its commitment to ensuring it prevents the unfortunate event from reoccurring, the exchange also introduced a hacker bounty program initiative.
The reward initiative will compensate blockchain and other online security experts who can track and identify possible security threat vulnerabilities on the BingX network. The exchange hopes implementing the cybersecurity features and initiatives will help restore its position as a leading crypto exchange.
Additionally, it mirrors BingX’s core values, which communicate transparency, resilience, and innovation amid the rapidly evolving security threat concerns.
Users Patience Finally Paid-Off
Before restoring comprehensive Operations, BingX initially allowed users to withdraw their assets following increased pressure from skeptical customers. Citing reasons for enabling withdrawal a few days after the security breach incident, Vivien noted that the exchange envisages such a step as the most appropriate step.
According to her, customers tend to ascertain the safety of their valuables once compromising occurrences happen. Hence, it becomes necessary to afford them such assurance while the exchange continues to work on bouncing back stronger. Meanwhile, contrary to her expectations, the Chief Product Officer noted that withdrawals happened at below-par levels.
Our deposit and withdrawal services are gradually reopening. This incident has allowed us to feel an unprecedented level of trust and support from our users, project teams, and institutional partners.
Withdrawals were restored earlier than deposits because we fully understand… https://t.co/zzPBBG567m
— Vivien Lin @ BingX (@Vivien_BingX) September 23, 2024
The reduced withdrawal rates invariably signify potent trust in the exchange after announcing the situation was under control. Moreover, the full-service restoration and other security measures will place the exchange in users’ good books. Overall, users who decided to remain patient with the exchange, pending their return, will not regret their actions.
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