As a seasoned researcher and follower of the crypto space, I have seen my fair share of ups and downs, hacks, and scams. The recent $52 million hot wallet exploit at Singapore-based BingX is yet another stark reminder that no platform is completely immune to cyber threats.
As a crypto investor, I’ve found myself impacted by the recent news about Singapore-based exchange BingX and their new initiative called “ShieldX.” This move comes in response to an unfortunate incident where their hot wallet was exploited back in September, resulting in a massive loss of approximately $52 million.
On October 24th, the exchange announced that ShieldX is introducing a more robust “security shield” for digital wallets, offering enhanced protection against cyber threats and securing users’ assets within the platform.
Moreover, BingX mentioned collaborating with multiple undisclosed security companies for continuous surveillance and threat identification around the clock, as an effort to enhance safeguards against potential new vulnerabilities.
Vivien Lin, the chief product officer at BingX, stated that the introduction of ShieldX represents an important advancement as it actively bolsters our platform’s security measures.
On September 20th, BingX’s hot wallets suffered an attack, resulting in hackers stealing around $52 million worth of assets from various blockchains like Ethereum, BNB Chain, Base, and Optimism.
As an analyst, I can confirm that BingX has announced a resumption of its standard services following the temporary halt on withdrawals for assets such as Tether (USDT), USD Coin (USDC), Bitcoin (BTC), and Ether (ETH). This decision was made in light of the security incident from last month.
Initially, Lin played down the event, referring to it as a “small-scale” intrusion and assuring users that any impacted assets would be completely reimbursed using BingX’s own resources. However, subsequent investigations revealed that the sum stolen was significantly greater than initially stated.
BingX found itself embroiled in debate in April, as it was revealed that administrators of the cryptocurrency exchange acknowledged that they had let Iranian users bypass sanctions.
Currently, they were openly showcasing a Farsi-language version of their site, and their representatives frequently spoke in Persian within their official Telegram community.
According to a statement, there are no issues for Iranian users on the Bing X platform, and they can even verify their accounts using a national ID card.
The exchange also allows swaps between the Iranian rial and Tether on its platform, which are prohibited under the United States Treasury Department’s Office of Foreign Assets Control (OFAC) rules.
As a researcher delving into the dynamic world of cryptocurrency, I’ve come across BingX – an exchange that made its debut in 2018. This platform processes over $300 million in daily trading volume, placing it among the elite top 20 crypto exchanges globally, as reported by CoinMarketCap statistics.
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2024-10-25 05:09