OKX founder and CEO Xu Mingxing has urged cryptocurrency exchanges to work together on security instead of treating it as a competitive advantage. His call follows a series of serious security breaches involving Bybit, Bitget, and Binance.
In a public post, Xu proposed creating a joint security system similar to the industry alliance formed during the 2017 Bitcoin fork crisis. His proposal includes real-time settlements between verified exchanges and deliberate delays for large withdrawals to unfamiliar addresses.
The recent security incidents involving Bybit, Bitget, and now Binance should serve as a wake-up call for every leader in the crypto industry.
Security should never be an area of commercial competition. It is a shared responsibility to protect our customers and the entire industry.
Over the past decade, major crypto exchanges have made significant progress in protecting private keys. We have seen relatively few incidents involving direct private key compromises in recent years. So far, we have not seen conclusive evidence that Binance’s hot wallet private key was leaked. The greater concern may lie in vulnerabilities in access controls and wallet management systems.
Companies that have never experienced a major security incident should not assume they are inherently safer or immune to attacks.
At OKX, we have built multiple layers of sophisticated security protection and maintained a strong security track record over the past decade. But we also recognize that no system is absolutely secure. We must remain humble, vigilant, and constantly challenge our own security assumptions.
A major security breach at any exchange undermines trust in the entire crypto industry, ultimately hurting every company and every customer.
I believe CEOs across the industry need to come together, just as we did during the Bitcoin fork crisis in 2017, to establish stronger industry-wide security standards and coordinated response mechanisms.
For example, transfers and settlements between verified exchanges could be processed in real time, while large withdrawals to unknown or unverified addresses, as well as transactions granting smart contract permissions, should be subject to additional verification and appropriate security delays.
Crucially, these safeguards should be enforced at the cryptographic signing layer, rather than relying solely on application-level controls. Even if an attacker compromises an exchange’s wallet management system, they should not be able to bypass these fundamental security restrictions.
We should also establish industry-wide mechanisms for real-time security incident notifications, coordinated monitoring of suspicious funds, and rapid responses to potential attacks. Exchanges, stablecoin issuers, and other major industry participants should work together to enable the rapid, lawful temporary freezing of suspected stolen assets when necessary.
We should also work together to accelerate the industry’s transition to quantum-resistant cryptography and strengthen our defenses against emerging AI-powered security threats. These are long-term challenges that no single company can solve alone, and they require coordinated research, shared standards, and collective action across the industry.
Security is everyone’s responsibility. No company can protect the future of crypto alone.
— Star_OKX (@star_okx) October 30, 2026
He stressed that these security measures should be built directly into the cryptographic signing layer rather than handled only by regular application software. He also called for real-time security alerts between exchanges, coordinated temporary freezes of stolen funds, and joint research into quantum-resistant cryptography.
Read also: OKX CEO Warns Users Over High-Risk Crypto Transfers and Account Restrictions
AI-driven attacks strengthen the case for shared exchange security
Xu’s proposal to introduce withdrawal delays at the cryptographic level would change how cryptocurrency exchanges protect their users’ funds.
Most exchanges currently depend on application-level software to identify suspicious transactions. However, if hackers gain control of an exchange’s internal wallet management system, they may bypass these security alerts and transfer funds directly.
Moving security rules to the cryptographic signing layer would provide another level of protection. Even if hackers completely compromise an exchange’s server, they would not be able to immediately approve a large withdrawal to an unverified address.
A commenter on X, @DLO868, observed that artificial intelligence is making network attacks faster and more intense.
DLO868 supported Xu’s proposal, arguing that exchanges cannot keep working independently while advanced hacking groups exploit the weaknesses of individual platforms. According to the commenter, the security efforts of one company could ultimately benefit organized hacking groups if exchanges refuse to share information and coordinate their defences.
虽然老徐平时梗不少，每个人对他的看法也不一样，但这件事上的立场我是真认同。
最近几个大所接连出事，AI 又让攻击越来越快越来越猛，行业要是还各管各的，大家辛苦做出来的东西最后都是在喂黑客。
安全不该拿来竞争，这句话没毛！
OKX 这些年没出过交易所钱包被大规模盗的事，营销和行情上大家吐槽归吐槽，安全这块确实一直做得扎实。
— 牧羊🐂🀄️ (@DL0868) October 30, 2026
However, introducing shared cryptographic delays would mean adding intentional waiting periods to a system originally designed to support instant, permissionless transactions.
Another commenter on X, @Glorious king, supported this compromise. He argued that major exchange leaders must put their corporate egos aside and work together. Rather than competing to offer the fastest withdrawals, exchanges should focus on building a more secure and sustainable cryptocurrency ecosystem.
Finally, here’s what needs to be done! I must admit, this time you spoke with such wisdom!
I hope that you, the major players, will come together and put your egos aside to bring about a sustainable solution for the ecosystem.
@star_okx
Always be humble!— Glorious King 225 🇨🇮 👑 (@GloriousKing225) October 30, 2026
Exchange security, corporate culture, and user protection
Xu’s call for industry-wide cooperation also draws attention to the different security records and operating practices of major cryptocurrency exchanges.
While competing platforms work to address vulnerabilities and reassure users after security breaches, OKX has maintained a stable custodial record without experiencing a major hot wallet drain in recent years.
Another commenter on X, @Dongmoom, linked this record to the company’s internal culture. The user suggested that Xu’s steady leadership style may have influenced OKX’s more conservative approach to product development and security.
Dongmoom also highlighted the different levels of protection available to spot traders and leveraged traders when an exchange suffers a security breach.
According to the commenter, users who buy and hold spot assets generally have a stronger safety net because centralized exchanges often compensate them when company-controlled wallets are hacked. However, traders who lose money on leveraged contracts receive no similar assistance.
目前 okx 是唯一没有被黑客盗走的交易所，这从侧面也说明了一个问题：
老徐应该也是比较稳的人，这种性格的人做的产品也很稳，性格决定命运是第一原理。
就像我自己几乎从不玩合约，虽然赚不到什么大钱，但是基本也亏不了大钱，这也是性格决定了命运。
买现货好处很明显：
币被盗了，交易所会赔给你！
合约被爆了，交易所不会管你！
— 河马 (@Dongmoom55) October 30, 2026
Users usually accept the financial risks associated with market movements, price volatility, and forced liquidations. However, they expect exchanges to take responsibility for protecting their funds against platform security failures.
When an exchange cannot protect its spot reserves, it damages the trust users need to continue trading on the platform, particularly in high-volume derivatives markets.
Xu’s proposal therefore raises a broader question of whether major platforms can move beyond competing individually and adopt shared measures to protect users and prevent large-scale losses.
Enjoyed this? Bookmark DeFi Planet, explore related topics, and follow us on Twitter, LinkedIn, Facebook, Instagram, Threads, and CoinMarketCap Community for seamless access to high-quality industry insights.
Take control of your crypto portfolio with DEFI PLANET PRO, DeFi Planet’s suite of analytics tools.
