Security Breach and Swift Action

On September 20, 2023, hackers targeted BingX’s hot wallets, exploiting assets across Ethereum, BNB Chain, Base, and Optimism blockchains. In response, BingX halted withdrawals on major assets like Tether (USDT) and USD Coin (USDC) and assured users that affected funds would be reimbursed from its own reserves. BingX promptly announced the ShieldX system on October 24, 2023, detailing its 24/7 threat detection and monitoring capabilities, with support from multiple security firms. ShieldX represents BingX’s proactive approach to security, equipped to combat both centralized and decentralized threats.

Enhancing Trust in the Crypto World

Given the high volatility of crypto and frequent security breaches, ShieldX’s launch is a significant milestone for BingX. Vivien Lin, BingX’s Chief Product Officer, emphasized that ShieldX will serve as a robust layer of protection for user assets. This move follows BingX’s involvement in regulatory scrutiny in early 2023 due to alleged violations of sanctions involving Iranian users. The ShieldX initiative is not only a step toward fortifying security but also marks BingX’s commitment to regulatory compliance and rebuilding trust.

BingX’s Forward-Looking Strategy

In addition to bolstering security, BingX aims to expand in decentralized finance (DeFi) with a focus on real-world assets and enhanced credit systems. ShieldX may also set a precedent for other exchanges, underscoring the vital role of security in the fast-evolving crypto ecosystem.

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Peck Shield observed that several transactions were used to move the pilfers of money. BingX has said, meantime, that the situation was “minor” and under control. According to the exchange, the hot wallet attack only affected a small fraction of its holdings and most of the funds remain safe in cold wallets.

Vivien Lin, chief product officer of BingX, said that the hack was discovered on September 20 at roughly 4:00 a.m. Singapore time when the technical team of the exchange found “unusual network access,” suggesting a possible hacker attack on the hot wallet.

Following the incident, BingX put in place an emergency strategy included temporarily banning withdrawals to stop more harm and moving assets to safer areas. According to Lin, the exchange intends to pay compensation to impacted users; withdrawals are likely to start within 24 hours.

Despite the incident, BingX has informed customers that most of their assets are safe and that the exchange is working to minimize any effects on clients.

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TOKEN2049, one of the most prominent events in the crypto world, has unveiled its first lineup of headline speakers and major sponsors, marking its much-anticipated return to Singapore. Set for 18-19 September 2024 at the iconic Marina Bay Sands, the event coincides with the prestigious Formula 1 Singapore Grand Prix weekend.

This year’s event is expected to draw an impressive 20,000 participants from over 150 countries, solidifying its status as a global hub for industry leaders and cultural influencers. Following the record-breaking success of TOKEN2049 Singapore in 2023, this year promises to be even bigger, featuring a jam-packed schedule with more than 500 side events across the city-state from 16-22 September. With 90% of exhibition space already sold amid high demand, ticket prices will rise today, 28 June, at 11:59 PM (GMT+8).

TOKEN2049 Singapore promises to offer a unique festival-like atmosphere, combining the latest Web3 innovations with entertainment across multiple levels of the venue. Participants will experience everything from interactive VR zones to immersive AI art installations, as well as thrilling activities like rock climbing, padel tennis, cage football, and martial arts demonstrations. TOKEN2049 is set to redefine the conference experience, merging education and entertainment in one extraordinary event. Attendees can traverse the city in TOKEN2049-branded buses or traditional pedalled trishaws, making it easy to explore all that the festival week has to offer.

A new feature of this year’s TOKEN2049 is the debut of its startup competition, which aims to spotlight the next wave of groundbreaking Web3 projects. Hundreds of emerging companies will be rigorously assessed, with the top 10 most innovative ones selected to showcase their work on the global stage for the first time.

In anticipation of this year’s largest and most immersive iteration of TOKEN2049, Co-Founder Alex Fiskum expressed his enthusiasm: “TOKEN2049 has always served as a global stage for the convergence of ideas, technology, and culture. This year, we’re taking the conference to a whole new level, delivering a show-stopping experience. With 20,000 participants and over 500 side events, TOKEN2049 Singapore is set to surpass all expectations and break all previous records. This is just the beginning of what will undoubtedly be the most impactful Web3 event globally, and we’re excited to reveal more in the coming months.”

Among the first 200 confirmed speakers are major names like Richard Teng, CEO of Binance; Anatoly Yakovenko, Founder of Solana; Balaji Srinivasan, investor and author of The Network State; whistleblower Edward Snowden; Arthur Hayes, CIO of Maelstrom; and Emad Mostaque, Founder of Schelling AI. More key figures from the industry will be announced as the event draws closer.

TOKEN2049 Singapore’s title sponsors include OKX, a leading crypto exchange and Web3 company; BingX, a prominent crypto exchange and Chelsea FC partner; TRON DAO, which champions decentralized commerce; DWF Labs, a new generation Web3 investor; Bitget, a top cryptocurrency exchange and Web3 platform; and Bullish, one of the fastest-growing regulated digital asset exchanges in the world.

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BingX Integrates Pre-Market Trading

BingX’s new pre-market trading feature provides a competitive advantage by allowing users to gain early access to newly listed crypto assets. The move is expected to attract investors to the platform due to its reputation for early listings, and improve both user experience and platform reliability.

BingX highlighted the benefits of this feature in a recent announcement:

Early Access: Users can access new digital assets before their official listing.

Price Discovery: Improved mechanisms to discover the best prices for new assets.

Enhanced Liquidity: Increased liquidity for newly listed tokens that benefit investors. The first assets to be listed with this new feature will be Hamster

Might interest you: BingX Exchange: A Centralized Cryptocurrency Exchange

Kombat (HMSTR) and Catizen (CATI). The pre-market trading platform will function as an over-the-counter (OTC) system that allows users to select orders based on demand and price expectations. This approach aims to ensure optimal pricing and a seamless trading experience.

Catizen’s recent momentum, especially after Binance Labs invested in its developer Pluto Studio, highlights the potential growth and interest in the TON Ecosystem built on the Telegram instant messaging app. This added community interest highlights the strategic timing of BingX’s pre-market launch.

Platform Security and Financial Support

To ensure platform security and provide robust financial support, BingX will implement measures such as freezing amounts during pre-market trading. This approach aims to secure user funds and maintain trust in the platform.

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To provide some historical background on BingX, in June 2018, it received a $10 million investment from Grand Shores, a technology company listed in Hong Kong (stock code 1647HK). This investment contributed to the growth and development of the platform.

BingX’s Main Product: CFDs

To summarize information about BingX’s main product, CFDs (Contracts for Difference): ➮ CFD Derivative Commodities: CFDs are derivative commodities that represent an agreement on the price movement of an asset. This agreement is made between the buyer and the seller.

➮ Use of Leverage: Leverage can be used when trading CFDs. Leverage allows taking a position beyond the deposited margin, increasing potential profits and losses.

➮ Profit and Loss Based on Price Direction: When trading CFDs, you can make a profit or loss whether the asset’s price rises or falls. This offers the potential to gain from both upward and downward market movements.

CFD stands for “Contract for Difference,” and it is an agreement on the difference between the value of an asset at the time the contract is opened and the value at the time it is closed. Even if you do not physically own the asset, you can profit from the price difference through trading.

The name change from Bingbon to BingX occurred on November 18, 2021. This change signifies that the word “Bing” represents the past, while “X” symbolizes the intersection of new users and traders. This change aims to provide a platform for those who want to experience future cryptocurrency trends.

Advantages and Disadvantages of BingX

Advantages:

➤ Ease of Use: BingX’s interface is considered more user-friendly compared to other exchanges. The ease of placing buy/sell orders and setting stop-loss/take-profit levels is seen as an attractive feature, especially for beginners.

➤ High Security: BingX is a platform that competes with other exchanges in terms of security. The fact that it has not encountered security issues for three years is important for providing a reliable environment for users.

➤ Multiple Device Support: BingX supports trading on various devices such as computers and phones, allowing users to continue their trading across different platforms.

➤ High Leverage: BingX offers users the opportunity to use leverage up to 150x with BTC pairs. It also provides flexibility for users who want to customize their leverage settings.

➤ Copy Trading: One of BingX’s standout features is the “Copy Trading” function, which allows users to copy successful trades of other traders to earn profits.

➤ Variety of Trading Pairs: BingX is not limited to cryptocurrencies; it also offers trading opportunities in different areas such as Forex, commodities, and stock indices.

➤ Crypto Purchase: The “Buy Crypto” feature allows users to convert their money directly through Visa cards. This is a rare feature on CFD-based platforms.

➤ Spot Purchase: BingX offers more trading options by providing a spot purchase feature.

➤ Various Assets: BingX lists various altcoins, offering users more investment options.

➤ Language Diversity: BingX supports many different languages, which is advantageous for attracting international users.

Disadvantages:

➤ High Spread: High spreads can be a disadvantage for users. Especially during periods of high volatility, spreads can rise to high levels such as 5%, increasing trading costs.

BingX Trading Fees

The trading fee on BingX is 0.075%. However, it is stated that this fee rate has been reduced to 0.045%.

Calculation Formula: Trading Fee = Trading Volume * Trading Fee Rate (one-time payment)

Copy Trading Fee:

The copy trading fee rate is also 0.075%. However, it is stated that this fee rate has been reduced to 0.0375%.

Deposit Fee:

BingX does not charge any fees for deposit transactions. So, you do not pay any additional fees when depositing money.

Withdrawal Fee:

Like other exchanges, BingX charges fees for withdrawal transactions. Withdrawal fees can vary depending on the payment method and transaction amount used. These fees are subject to the rules set by the platform according to the amount withdrawn and the payment method.

The spread rate on BingX can change over time and has a structure shown in the table below: Long Position Spread Rate: Current price * (1 + spread rate) Short Position Spread Rate: Current price * (1 – spread rate)

The spread rate can change over time and can be adjusted according to the rules set by the platform and market conditions. Spread is an important factor affecting the cost of trading transactions. Therefore, it is important to carefully review the current spread rates before trading.

By registering on the BingX exchange with the Coin Mühendisi referral link, you can earn discounts on your trading and futures transactions.

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BingX Listing Fuels Social Media Buzz

Gummy’s debut listing on a centralized exchange (CEX), BingX, took place on Monday. This move sparked significant interest on social media, with BingX’s listing announcement tweet garnering over 900 likes so far.

Airdrop Campaign Adds to the Hype

Further fueling Gummy’s momentum is its ongoing airdrop campaign. A generous 30% of the total Gummy supply is allocated for this giveaway, incentivizing user participation and potentially boosting its user base.

Tokenomics Breakdown:

Airdrop: 30%

Exchange Liquidity: 10%

Marketing: 20%

Burn: 40%

The planned burning of 40% of the total supply suggests a deflationary model, potentially increasing the value of remaining tokens over time.

Gummy Price Chart

Influencer Attention and Price Performance

Gummy has caught the eye of prominent crypto influencers, with the Crypto Banter X account acknowledging its impressive market performance. This endorsement from a respected source can further amplify Gummy’s reach and attract new investors.

As of today, Gummy is priced at $0.18, reflecting a significant 55% increase since CoinMarketCap started tracking its data on Monday. This price surge is accompanied by a growing market cap of $178 million and a substantial 24-hour trading volume of $74 million.

About Gummy

Gummy positions itself as a lighthearted meme coin, represented by a 420 weed gummy bear. In a crypto landscape often characterized by seriousness, Gummy aims to inject a dose of fun and remind users to enjoy the ride. Their message? Sometimes, significant returns can come from a more relaxed approach.

Will Gummy’s momentum continue? Only time will tell. However, its recent listing, airdrop campaign, and growing community suggest it’s a meme coin worth keeping an eye on.

The post Gummy: New Solana Meme Coin appeared first on Coin Engineer.

What is Bittensor (TAO)?

Bittensor is a mining network similar to Bitcoin and provides access to a machine learning model network in a censorship-resistant manner. By using digital incentives and directly rewarding participants, it aims to create a comprehensive, open-source ecosystem in the field of artificial intelligence.

Bittensor, aiming to implement the development of machine learning platforms, brings together the collective intelligence of artificial intelligence models by making the process decentralized and creating a peer-to-peer market for machine intelligence.

How Does It Work?

Bittensor operates on a decentralized network, like Bitcoin. This means there isn’t a singular point of control. Instead of having one centralized server doing all the work, it does its job by spreading it over many different machines owned by individuals, known as miners.

Bittensor uses a unique consensus mechanism to ensure the consensus on the network over the best response. When a question is asked, multiple models (miners) give their responses. The network uses a system to determine the best response and sends this response back to the user.

Miners are the owners of these models. They keep their models running and ready to fulfill their tasks. Miners are rewarded with the ecosystem’s native token for their contributions.

What are the Advantages?

The advantages of Bittensor are as follows:

• Decentralized Structure: Bittensor, by offering a decentralized network structure, allows machine learning models to collaborate in a distributed manner worldwide.
• Reward System: Machine learning models that contribute to the network and provide knowledge value are rewarded with the TAO token, the ecosystem’s native token.
• Energy Efficiency: By using the Proof of Stake (PoS) mechanism, it offers a more efficient energy structure compared to the Proof of Work (PoW) mechanism.
• Global Access: As an open-source artificial intelligence repository, it provides a platform that everyone can access.
• Distributed Resource Usage: It offers the opportunity to use distributed computing power and innovation resources worldwide within an incentivized framework.

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You might like: Onchain Analysis: Market Wants Capitulation! What Does It Mean?

What is TOKEN2049?

TOKEN2049 is one of the leading conferences for cryptocurrency and blockchain industries, held annually in Singapore and Dubai. Also, the event, which is held every year, hosts more than 10,000 participants and features hundreds of speakers, brings together industry leaders, entrepreneurs, technology experts, and investors. Besides, participants have the opportunity to exchange information on a wide range of topics, including current cryptocurrency trends, blockchain technologies, and developments in this field.

Furthermore, the contents of the event include a variety of content, including speeches and panels on the main stage, investor and project presentation sessions, workshops and trainings on various topics, and an exhibition area displaying the latest projects and products in the industry.

TOKEN2049 is Waiting for Us in April!

The TOKEN2049 event is waiting for us in April 2024! The giant event, which opens its doors to us on April 15-21, includes many programs. To take a detailed look at the program schedule, you can click here.

The TOKEN2049 event, which attracts the most influential projects and companies in the industry, also brings with it dozens of meetings, workshops, and networking opportunities around the two-day main event.

The event, which will take place in Dubai on April 18-19, 2024, will be the premier main event of TOKEN2049 Week. This week, which hosts various independent side events organized around TOKEN2049, awaits you with sessions, workshops, networking drinks, and parties!

Dubai will turn into a lively crypto hub this week.

Speakers of the TOKEN2049 Event

Among the speakers of the TOKEN2049 Dubai event to be held in 2024 are many important celebrities, including Richard Teng, the new CEO of the giant cryptocurrency exchange Binance, Michael Sonnenshein, CEO of Grayscale, and Paola Ardoino, CEO of Tether.

Partners of the Event

In addition to providing partners with a platform to communicate with their target audience, this event also offers opportunities to meet with senior decision-makers on a stage that attracts the attention of senior media and industry leaders, build new strategic partnerships, increase brand awareness, and launch new products.

The TOKEN2049 Dubai event to be held in 2024 features many important names from a variety of fields. Also, leading names include BingX, Tron, DWFLabs, Bloomberg, CoinTelegraph, CoinGecko, CryptoRank, and many more.

Participants of the TOKEN2049 Event

The event participants include many important and successful companies in their fields, including Binance, Google, OpenSea, Coinbase, Gemini, and MetaMask.

Also, in the comment section, you can freely share your comments and opinions about the topic. Additionally, don’t forget to follow us on Telegram, YouTube and Twitter for the latest news and updates.

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