HTX Global Advisor Justin Sun has urged enhanced collaboration on cryptocurrency security after a major exchange’s recent $1.5 billion hack.
He highlighted the need for exchanges, security firms, and the crypto community to unite against cyber threats. This discussion was hosted by HTX in a session on X and featured insights from security firms SlowMist and GoPlus Security.
HTX prioritizes security, comparing it to personal health management and emphasizing constant vigilance. Sun noted the evolution of hacker tactics from hot wallet breaches to multi-signature wallet attacks, urging exchanges to strengthen their security. HTX has implemented multi-device login protections, remote login alerts, and abnormal transfer warnings. The platform has maintained 100% reserve ratios for 28 months through Merkle Tree Proof of Reserve disclosures.
Sun, also the founder of TRON, emphasized his commitment to security by highlighting TRON’s early adoption of multi-signature functionality for risk mitigation. He mentioned the launch of USDD 2.0, which includes improved stablecoin security. Additionally, HTX is working with white-hat hackers and conducting ongoing penetration testing, security drills, and vulnerability assessments to anticipate and address potential threats.
HTX also addressed industry concerns by responding to Binance founder CZ’s suggestion to suspend withdrawals following a recent hack. They acknowledged the necessity of this measure for immediate damage control; they emphasized minimizing delays to protect users. Sun also highlighted the importance of increased cooperation among exchanges, security firms, and industry stakeholders to enhance intelligence sharing and bolster cybersecurity defences.
Meanwhile, the crypto industry has seen increased scams due to social engineering and account hijackings. A report by Merkle Science highlighted how hackers targeted celebrities to promote fake token launches. A notable incident occurred on August 29 when hackers took over a soccer star’s account to introduce a fraudulent MBAPPE meme coin on Solana, which temporarily reached a $460 million market cap before crashing, resulting in over $1 million in investor losses.
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