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BingX, the Singapore-based crypto trading platform, has increased its security measures following a $52m theft from its system. The company is introducing a program called “ShieldX” to provide a robust firewall for protecting users’ funds. BingX has also partnered with multiple security companies. The platform was attacked by cyber crooks who accessed BingX’s hot wallets a month ago. BingX has now fully resumed its normal operations, following a temporary pause on several cashouts. BingX reportedly allows over $300 million worth of daily trades, ranking it among the top 20 crypto exchanges globally according to CoinMarketCap.

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Singapore-based crypto trading platform BingX is increasing its security measures following a major cash heist in September that saw $52 million swiped from their system. The company is introducing a new program called “ShieldX”, which is basically a supercharged firewall aimed at protecting users’ funds from future threats.

Carefully keeping an eye on the scene, BingX has teamed up with multiple, yet-to-be-named security companies for constant monitoring and threat spotting to avoid any more nasty surprises. BingX’s lead product honcho, Vivien Lin, said that launching ShieldX is all about building tougher defenses for the platform.

Just a month ago, the platform was hit by cyber crooks who went after BingX’s fund-storage system, called ‘hot wallets’, running off with a whopping $52 million worth of different types of crypto including Ethereum, BNB Chain, Base, and Optimism.

Fast forward to today, and BingX has fully restored its regular operations after briefly pausing cashouts for several currencies, such as Tether, Circle’s USD Coin, Bitcoin, and Ether, in response to the theft. At the time, Lin downplayed the hack, calling it a “minor” breach, and promising users that BingX’s stash would cover all lost funds – though later probing showed the loss to be pretty far from “minor”.

Earlier this year, BingX sparked raised eyebrows when its Telegram managers confessed that the crypto exchange let its users in Iran dodge sanctions. Back then, the exchange not only publicly showed an Iranian version of its site, but its top dogs were also speaking Persian in the exchange’s official Telegram group. Adding fuel to the fire, BingX has been allowing rial-Tether swaps on its platform, which is a big no-no according to the rules of the United States Treasury Department’s Office of Foreign Assets Control (OFAC).

Despite its rocky start in 2018, BingX now handles over $300 million worth of trades per day, making it one of the world’s top 20 crypto exchanges, as per CoinMarketCap data.

Source: Cointelegraph