{"id":31413,"date":"2024-10-25T16:00:34","date_gmt":"2024-10-25T13:00:34","guid":{"rendered":"https:\/\/coinengineer.net\/blog\/?p=31413"},"modified":"2024-10-25T14:50:00","modified_gmt":"2024-10-25T11:50:00","slug":"bingx-52-million-attack","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/bingx-52-million-attack\/","title":{"rendered":"BingX, $52 Million Attack!"},"content":{"rendered":"<p>In response to a significant $52 million security breach in September 2023, Singapore-based crypto exchange BingX has introduced &#8220;ShieldX,&#8221; a new wallet security firewall aimed at enhancing user asset protection. This initiative not only addresses the increasing frequency of cyber threats in the crypto world but also empowers users to make secure transactions on the platform.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_71 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/coinengineer.net\/blog\/bingx-52-million-attack\/#Security_Breach_and_Swift_Action\" title=\"Security Breach and Swift Action\">Security Breach and Swift Action<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/coinengineer.net\/blog\/bingx-52-million-attack\/#Enhancing_Trust_in_the_Crypto_World\" title=\"Enhancing Trust in the Crypto World\">Enhancing Trust in the Crypto World<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/coinengineer.net\/blog\/bingx-52-million-attack\/#BingXs_Forward-Looking_Strategy\" title=\"BingX\u2019s Forward-Looking Strategy\">BingX\u2019s Forward-Looking Strategy<\/a><\/li><\/ul><\/nav><\/div>\n<h3><span class=\"ez-toc-section\" id=\"Security_Breach_and_Swift_Action\"><\/span><strong>Security Breach and Swift Action<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>On September 20, 2023, hackers targeted BingX\u2019s hot wallets, exploiting assets across <a href=\"https:\/\/coinengineer.net\/blog\/what-will-ethereum-upgrade-the-verge-change\/\"><strong>Ethereum<\/strong><\/a>, 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\u2019s proactive approach to security, equipped to combat both centralized and decentralized threats.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Enhancing_Trust_in_the_Crypto_World\"><\/span><strong>Enhancing Trust in the Crypto World<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Given the high volatility of crypto and frequent security breaches, ShieldX\u2019s launch is a significant milestone for BingX. Vivien Lin, BingX\u2019s Chief Product Officer, emphasized that ShieldX will serve as a robust layer of protection for user assets. This move follows BingX\u2019s 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\u2019s commitment to regulatory compliance and rebuilding trust.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"BingXs_Forward-Looking_Strategy\"><\/span><strong>BingX\u2019s Forward-Looking Strategy<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>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.<\/p>\n<hr \/>\n<p><em>You can join our\u00a0<strong><a href=\"https:\/\/t.me\/coinengineernews\" target=\"_blank\" rel=\"nofollow noopener\">Telegram<\/a>\u00a0<\/strong>channel to not miss the\u00a0<strong><a title=\"News\" href=\"https:\/\/coinengineer.net\/blog\/news\/\" data-internallinksmanager029f6b8e52c=\"7\">news<\/a>\u00a0<\/strong>and stay informed about the crypto world.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In response to a significant $52 million security breach in September 2023, Singapore-based crypto exchange BingX has introduced &#8220;ShieldX,&#8221; a new wallet security firewall aimed at enhancing user asset protection. This initiative not only addresses the increasing frequency of cyber threats in the crypto world but also empowers users to make secure transactions on the<\/p>\n","protected":false},"author":23,"featured_media":31415,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,11],"tags":[9119,3945,105,9118],"class_list":["post-31413","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","category-exchange-news","tag-attack","tag-bingx","tag-ethereum","tag-shieldx"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>BingX, $52 Million Attack! - Coin Engineer<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/bingx-52-million-attack\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BingX, $52 Million Attack! - Coin Engineer\" \/>\n<meta property=\"og:description\" content=\"In response to a significant $52 million security breach in September 2023, Singapore-based crypto exchange BingX has introduced &#8220;ShieldX,&#8221; a new wallet security firewall aimed at enhancing user asset protection. 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