After a recent security breach, crypto exchange BingX has released “ShieldX,” an advanced update geared toward improving the platform’s security from a similar attack.

After a recent security breach, crypto exchange BingX has released “ShieldX,” an advanced update geared toward improving the platform’s security from a similar attack. On Oct. 24, Singapore-based crypto assets platform BingX announced that it had released ShieldX to secure users against any further cyber attacks following the September hot wallet exploit that cost $52 million.

The ramp-up in security introduces an improved wallet firewall system, among others, in addition to partnerships with security firms to monitor and detect threats continuously. Vivien Lin, BingX’s chief product officer, said that the launch of ShieldX is an important move in proactively strengthening the defenses of their platform.

The attack, carried out on Sept. 20, targeted the exchange’s hot wallets on Ethereum, BNB Chain, Base and Optimism. After the attack, BingX reportedly temporarily halted withdrawals for major cryptocurrencies such as Tether, USD Coin, Bitcoin and Ether. It has since opened to normal operations again and pledged to cover all affected funds using its own capital reserves.

Lin first described the security breach as “minor” until investigations showed the magnitude of the theft, which amounts to $52 million. BingX is currently positioned among the top 20 exchanges globally, according to CoinMarketCap data.

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