#USA #Singapore #Justin Sun #HTX Global #Crypto Security

Introduction

In response to a significant security breach involving a $1.5 billion hack of a leading cryptocurrency exchange, HTX Global Advisor Justin Sun led a live discussion on social media platform X. This conversation, titled "Together Against Industry Crisis, Is There a Best Solution for the Security of the Crypto Industry?" aimed to address pressing security concerns in the cryptocurrency landscape, featuring insights from top security firms like SlowMist and GoPlus Security.

The Importance of Security

Sun emphasized the necessity of placing security at the forefront of cryptocurrency operations. He described the evolving nature of hacker strategies, which have transitioned from basic hot wallet attacks to advanced multi-signature wallet breaches. His message was clear: cryptocurrency exchanges must remain vigilant and continuously improve their security measures to safeguard user assets.

HTX has introduced a range of security features such as multi-device logins, remote login alerts, abnormal transfer notifications, and the continuous public disclosure of the Merkle Tree Proof of Reserve for 28 months, ensuring reserve ratios above 100%. According to Sun, managing security is akin to maintaining personal health; it requires constant effort and proactive measures.

Setting a Standard for Security Practices

Sun's strong focus on security influences not only HTX but also broader industry practices. He highlighted the proactive security measures implemented early in the TRON ecosystem, exemplifying how fundamental security should be to every business and product. Recent advancements like the launch of USDD 2.0 were underpinned by a thorough understanding of stablecoin security risks, reinforcing the principle that security planning should be integral to system design.

In his efforts to bolster security across the industry, Sun revealed HTX's collaboration with various white hat teams to conduct continuous penetration tests and security drills. The platform remains proactive in monitoring global cryptocurrency security incidents, analyzing hacker methodologies to devise effective prevention strategies.

Addressing Controversies and Industry Collaboration

Sun touched on the controversial advice given by CZ regarding the necessity for the affected exchange to suspend withdrawals amidst the breach. He acknowledged the merits of such a perspective, especially in the critical hours following a security incident. While delaying withdrawals may be vital for investigating and mitigating risks, he stressed the importance of minimizing the suspension timeframe to alleviate user impact.

To fortify the industry, Sun advocated for stronger cooperation between exchanges, security agencies, and the cryptocurrency community. He emphasized the need for technological sharing, innovation in security protocols, and information exchange to combat hacker threats effectively.

HTX’s Commitment to User Safety

HTX’s commitment to security is exhibited through a comprehensive strategy encompassing ongoing collaboration with security experts, rigorous monitoring, and enhancing protocols that mostly focus on bolstering multi-signature support and staying ahead of emerging threats, such as fraud linked to hashtags. This approach aims to ensure a secure trading environment for users, as underscored by Sun's detailed presentation on security protocols at a meetup in Hong Kong on February 21.

About HTX

Founded in 2013, HTX has transformed from a virtual asset exchange into a full-fledged ecosystem for blockchain businesses, offering services in digital asset trading, financial derivatives, research, and investments. HTX is committed to global expansion and robust security compliance, striving to be the leading gateway to Web3 across the globe.

For more information about HTX and its offerings, visit HTX.com or engage with us on social media platforms like X, Telegram, and Discord.