Justin Sun Advocates for Enhanced Security Collaboration in Cryptocurrency Industry

A Call for Enhanced Security in the Cryptocurrency Industry

In the wake of a staggering $1.5 billion hack at a major cryptocurrency exchange, Justin Sun, the Global Advisor of HTX, has taken a stand to address the growing concerns about security within the cryptocurrency sector. At a live discussion titled "Together Against Industry Crisis: Is There a Best Solution for the Security of the Crypto Industry?", held on social media platform X, Sun shared insights into the current security challenges faced by the industry, alongside experts from leading security firms such as SlowMist and GoPlus Security.

Sun asserted that security must be treated as a "top priority" which necessitates continuous vigilance and proactive measures. He illustrated how hacker tactics have evolved over time, transitioning from initial hot wallet attacks to more sophisticated breaches of multi-signature wallets. According to Sun, cryptocurrency exchanges must constantly update and upgrade their security protocols to effectively combat these threats.

Identifying Security as a Core Principle

Describing security as akin to personal health management, Sun emphasized the importance of ongoing internal efforts and a forward-looking approach. HTX has implemented several security enhancements, including the use of multi-device login, remote login alerts, and notifications for unusual transfer activities. Furthermore, HTX has disclosed its Merkle Tree Proof of Reserve (PoR) for 28 consecutive months, maintaining reserve ratios exceeding 100%.

Sun's influence in shaping security practices across the crypto landscape signifies his commitment to embedding safety within HTX’s operational ethos. He cited the successful early integration of native multi-signature functionality in TRON as a testament to proactive security design. The recent launch of USDD 2.0 also reflects his deep understanding of stablecoin security risks, underscoring the necessity for exchanges to strengthen security mechanisms from the ground up to mitigate potential incidents.

Collaboration and Responsiveness in Crisis

Sun acknowledged the gravity of advice from industry leaders like CZ, who urged exchanges to suspend withdrawals post-security breaches. He highlighted that the initial hours following a breach are critical for investigation and ensuring digital asset safety. While the suspension of withdrawals may be essential to mitigate risks, Sun emphasized that such periods should be as brief as possible to minimize user impact.

He called for a more collaborative effort among exchanges, security agencies, and the broader community to address hacker threats jointly. More effective sharing of technological advancements and security innovations could foster a healthier, sustainable development of the cryptocurrency landscape.

HTX’s Commitment to User Safety

HTX’s dedication to user safety manifests through a proactive and adaptable strategy aimed at enhancing security measures. The platform has established a comprehensive security approach that includes partnerships with top security experts, rigorous monitoring, robust internal protocols, and enhanced multi-signature support. These initiatives are essential in tackling emerging threats, including hashtag scams, assuring users of the safety of their assets in this volatile market.

Justin Sun’s recent discourse during the Meet-Up in Hong Kong on February 21 further elucidates these specific security protocol requirements.

HTX: A Pioneer in Blockchain Integration

Founded in 2013, HTX has evolved significantly, transitioning from a virtual asset trading platform to a comprehensive ecosystem encompassing digital asset trading, financial derivatives, research, investment, and incubation activities. As a leading gateway to Web3, HTX possesses global capabilities that enable it to provide users with reliable and secure services. The company remains committed to its strategic growth initiatives centered around "Global Expansion, Flourishing Ecosystem, Asset Effect, Safety & Compliance," ensuring quality services and value for virtual asset enthusiasts worldwide.

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