Welcome to the Daily Crypto section OLE777 – 1st Multiplatform Crypto Gaming in Asia. Today, the writer will highlight the most popular news in the crypto industry: BingX exchange introduced “ShieldX” protection following a $52 million hack, and $20 million in seized cryptocurrencies was reportedly stolen from U.S. government-controlled wallets. Adding to the crypto buzz, Binance has launched the GOATUSDT perpetual contract, sparking a 25% surge in GOAT’s value.

BingX Launching “Shield X” Security After a Wallet Hack

Singapore-based crypto exchange BingX is launching “ShieldX” to enhance security after losing $52 million in a September wallet hack. The new system, announced on Oct. 24, includes an upgraded wallet firewall designed to protect user assets from future threats. BingX has also partnered with unnamed security firms for 24/7 monitoring to prevent further attacks.

Chief Product Officer Vivien Lin called ShieldX a critical step in strengthening the platform’s security. BingX fully resumed operations after temporarily halting withdrawals for several assets due to the breach. Despite initial claims that the hack was minor, investigations revealed a significant loss.

BingX faced additional scrutiny earlier this year for allegedly allowing Iranian users to bypass sanctions, facilitating swaps between the Iranian rial and Tether, which violates U.S. regulations. Established in 2018, the exchange handles over $300 million in daily trading, ranking among the top 20 globally.

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U.S Wallet Reported Stolen

According to Arkham, unknown hackers may have stolen $20 million in seized cryptocurrencies, including Ethereum, Tether, and USDC from U.S. government-controlled wallets. 

Blockchain investigator ZachXBT confirmed the findings on Telegram, linking the stolen funds to those confiscated from the 2016 Bitfinex hack by Ilya Lichtenstein and Heather Morgan.

Arkham noted that the stolen assets were moved to wallet “0x348” where they are being converted to ETH. It is believed the hackers are laundering the proceeds through suspicious addresses tied to a money laundering service. 

Before this, government wallets withdrew over $6.5 million in crypto from the decentralized finance platform Aave. Additionally, one U.S. wallet paid $1,000 in Ethereum fees to transfer about $100,000 worth of crypto, as per Etherscan.

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Binance Announced to Launched GOATUSDT

Binance has announced the launch of the GOATUSDT perpetual contract, allowing traders to leverage up to 75 times. This contract, settled in USDT, features a tick size of 0.0001 and a funding rate between +2.00% and -2.00%, with funding fees settled every four hours.

The contract is linked to the meme coin Goatseus Maximus (GOAT) on Solana, promoted by the AI bot Terminal of Truths. Despite lacking traditional venture capital, GOAT gained attention after a $50,000 BTC donation from billionaire Marc Andreessen. 

Additionally, Binance is introducing a multi-asset mode, enabling traders to use different margin assets, including BTC, for more flexible strategies. After the announcement, GOAT’s price jumped 25%, reaching $0.84.