BingX, a Singapore-based cryptocurrency exchange, has introduced a new security initiative named ‘ShieldX’ following a significant hot wallet exploit that resulted in the theft of $52 million in September. Launched on October 24, ShieldX features an upgraded wallet firewall intended to enhance protection against threats and secure user assets. In addition to the firewall, BingX has collaborated with several unspecified security firms to establish continuous monitoring and threat detection to avert future incidents. After the attack on September 20, which targeted the exchange's hot wallets and affected various blockchains including Ethereum and BNB Chain, BingX temporarily suspended withdrawals for multiple assets. The company has resumed normal operations and has committed to covering the lost funds. This move arrives after prior controversies, including a report that BingX allowed Iranian users to bypass sanctions, a matter that drew heightened scrutiny. Founded in 2018, BingX ranks among the top 20 cryptocurrency exchanges globally, handling over $300 million in daily trading volume.

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