Justin Sun Advocates for Enhanced Crypto Security Collaboration Following Major Hack

In light of the recent $1.5 billion cyber attack on a leading cryptocurrency exchange, Justin Sun, the global advisor of HTX, hosted a live discussion on platform X. The event titled "Together Against the Industry Crisis: Is There an Optimal Security Solution for the Cryptocurrency Sector?" gathered insights from major security companies such as SlowMist and GoPlus Security alongside prominent figures in the industry. This dialogue comes at a time when security concerns in the cryptocurrency sector are reaching unprecedented levels.

Security as a Top Priority for HTX

Sun asserted that security has become a paramount priority, necessitating constant vigilance and ongoing learning. He elaborated on the evolution of hacker tactics, transitioning from simple attacks on hot wallets to more advanced breaches of multi-signature wallets. He emphasized that exchanges are required to continually improve their security protocols to stay ahead of malicious actors. According to Sun, security management is akin to personal health management; it demands consistent internal effort and a proactive approach.

HTX has implemented a range of safety features including multi-device access, remote access alerts, and notifications for unusual transfer activities. Significantly, HTX has published its Proof of Reserve (PoR) using Merkle Tree for 28 consecutive months, ensuring reserve ratios exceed 100%. This transparency aims to instill confidence among users in the wake of security breaches.

Sun's Influence on Crypto Security Practices

Justin Sun's commitment to security significantly shapes the practices within the cryptocurrency ecosystem. He believes that security principles should be essential to all companies and products within the industry. As a prime example of proactive security measures, he highlighted the early adoption of native multi-signature functionality in TRON, showcasing a deliberate approach to integrating security at the core of projects. Additionally, he pointed to the launch of USDD 2.0, which reflects an understanding of security risks associated with stablecoins.

Sun stressed that exchanges need to reinforce security mechanisms from the foundational stages of product design and operational practices to minimize risks effectively. He revealed that HTX collaborates with various white-hat teams for continual penetration testing, security drills, and vulnerability assessments. The platform is actively monitoring global cryptocurrency-related security incidents, studying hackers' methodologies for effective preventive measures.

Addressing the Situation Through Industry Cooperation

In response to the controversy surrounding advice from CZ to suspend withdrawals from the affected exchange, Sun acknowledged the merit of such recommendations from an exchange perspective. He explained that the critical initial hours post-security breach are vital for investigation and risk mitigation. While it is necessary to halt withdrawals to manage risks, he emphasized that this suspension should be as short as possible to minimize user impact.

Sun has called for closer cooperation between exchanges, security agencies, and the broader community to combat hacker threats collectively. He advocates sharing technology, fostering security innovation, and facilitating information exchange to promote the sustainable growth and resilience of the sector.

HTX's Commitment to User Security

HTX demonstrates its commitment to security through a proactive and ever-evolving approach. The platform's multifaceted security strategy includes collaborating with top security experts, continuous monitoring, robust internal protocols, and enhancements in multi-signature support and emerging threat mitigation, such as hashtag scams. This comprehensive strategy underscores HTX's dedication to protecting user assets and maintaining a safe trading environment. Sun further emphasized HTX's specific security protocol requirements shared during the meetup on February 21 in Hong Kong.

About HTX

Founded in 2013, HTX has transitioned from a virtual asset exchange to a comprehensive blockchain activity ecosystem, encompassing digital asset trading, financial derivatives, research, investment, incubation, and more. As a leading global gateway to Web3, HTX's global capabilities enable it to provide users with secure and reliable services. The growth strategy of HTX—"Global Expansion, Flourishing Ecosystem, Wealth Effect, Security, and Compliance"—is paramount in delivering quality services and value to virtual asset enthusiasts worldwide.

For more information on HTX, visit HTX Square or https://www.htx.com/ and follow HTX on X, Telegram, and Discord. For press inquiries, contact [email protected].