#Cryptocurrency #Singapore #HTX #Justin Sun

Justin Sun Calls for Enhanced Collaboration in Cryptocurrency Security

In a recent development following a staggering $1.5 billion hack that targeted a major cryptocurrency exchange, HTX's global advisor Justin Sun convened a live discussion to address pressing security issues within the crypto sector. The discussion was aptly titled "In the Face of the Industry Crisis, Is There a Better Solution for Cryptocurrency Security?" and featured notable insights from leading security firms such as SlowMist and GoPlus Security, as well as esteemed industry experts.

Prioritizing Security

Mr. Sun articulated that security is a "top priority" and demands continuous vigilance and learning. He highlighted the evolving tactics employed by hackers, which have progressed from initial hot wallet attacks to more complex multi-signature wallet breaches. Sun stressed the necessity for exchanges to perpetually enhance their security protocols. "Just like personal health management, security requires an internal effort and a proactive approach," he remarked.

HTX has implemented several advanced security measures, including multi-device connections, remote login alerts, abnormal transfer alerts, and has publicized its Proof of Reserves (PoR) using a Merkle Tree for 28 consecutive months, maintaining reserve ratios above 100%.

Sun's Influence on Security Practices

Justin Sun's advocacy for security extends to his vision for HTX and his influential role in shaping industry security practices. He believes that the principle of security is fundamental to any company and product. A notable instance of proactive security design was highlighted in his early adoption of native multi-signature functionality in TRON. This approach reflects his commitment to embedding security into foundational project designs. The recent launch of USDD 2.0 underscores his awareness of stablecoin security risks, fundamental to its development. "Security mechanisms should be reinforced from the core in both system design and operation to maximize the prevention of security incidents," Mr. Sun commented.

HTX also collaborates with various "white hat" teams to conduct continuous penetration tests, security drills, and vulnerability research. The platform maintains a vigilant observation of global cryptocurrency security incidents, analyzing hackers' techniques and principles for effective preventative strategies.

Collaborating to Tackle Issues

Addressing the controversy surrounding CZ’s suggestion to suspend withdrawals on the affected exchange platform, Sun recognized the merit of such advice from the exchange's perspective. He explained that the initial hours following a security breach are crucial for investigating the problem and ensuring safety. If a withdrawal suspension is essential for risk mitigation, it should be minimized to lessen user impact.

Mr. Sun advocates for closer cooperation between exchanges, security agencies, and the community to collectively address hacker threats. He promotes technology sharing, innovation in security, and information exchange to facilitate the healthy and sustainable development of the cryptocurrency sector.

HTX's Commitment to User Security

HTX demonstrates an unwavering commitment to security through a proactive and continually improving strategy. The platform's multifaceted security approach includes collaboration with leading security experts, rigorous continuous monitoring, robust internal protocols, and a keen focus on enhancing multi-signature support, security alerts, and addressing emerging threats such as hashtag scams. This comprehensive strategy reflects HTX's dedication to safeguarding user assets and promoting a secure and reliable trading environment, reinforced by specific security protocol requirements shared by Justin Sun during the Meetup on February 21 in Hong Kong.

About HTX

Founded in 2013, HTX has transformed from a virtual asset exchange platform into a complete ecosystem that encompasses digital asset trading, financial derivatives, research, investment, incubation, and other activities. As a global gateway to Web3, HTX leverages its worldwide capabilities to provide safe and reliable services to users. Its growth strategy—"Global Expansion, Thriving Ecosystem, Wealth Effect, Security, and Compliance"—underscores a commitment to delivering quality services and value to virtual asset enthusiasts worldwide.

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