Sun Yuchen discusses how exchanges respond to security crises during a live broadcast, calling for the entire industry to work closely together to strengthen the security defense

Recently, a certain exchange was hacked overnight for nearly $1.5 billion, which sparked heated discussions and doubts within the industry. The security issues of centralized exchanges have once again been brought to the forefront. On February 22, in response to users' concerns about security at exchanges and the current security challenges facing the crypto industry, Huobi HTX held a themed Space on the social platform X titled "Industry Crisis, How to Cope Together? Is There an Optimal Solution for Security in the Crypto Industry?"

During the event, Huobi HTX Global Advisor Sun Yuchen engaged in in-depth discussions and analyses with two authoritative security institutions, SlowMist and GoPlus Security, as well as several KOLs, on topics such as how to handle theft for retail investors, how to maximize the reduction of security risks, security incidents on-chain and CEX, and how CEX should collaborate with institutions to protect fund security.

Security is a "Top Priority Project," Always Stay Vigilant and Keep Learning

In the live broadcast, Sun Yuchen stated that it is evident that the methods of hacker attacks are constantly evolving, gradually shifting from early hot wallet attacks to multi-signature wallet attacks. Therefore, exchanges must remain vigilant at all times and dynamically enhance their security defenses.

In his view, security issues are a "top priority project." Maintaining a sense of awe and continuously learning the latest security technologies in the industry is essential for achieving lasting security. Additionally, security is akin to personal health management; one cannot rely entirely on external guarantees. Exchanges need to continuously improve their internal capabilities and enhance security awareness and importance before issues arise, to remain invincible in long-term development.

Sun Yuchen added that every business and product should prioritize security as a core premise. This is not only a responsibility to user assets but also the cornerstone of healthy industry development. When TRON was established, it implemented native multi-signature functionality, effectively avoiding many security issues. The launch of USDD 2.0 is backed by years of in-depth observation, technical accumulation, and a profound understanding of security risks in the stablecoin sector. Similarly, exchanges should strengthen security mechanisms from the source in their system design and operations to minimize the occurrence of security incidents.

SlowMist suggested that exchanges should regularly conduct comprehensive security audits, including code audits, system vulnerability scans, and multiple security assessments of smart contracts. They should also actively participate in security communities, industry security conferences, and other activities to learn the latest security offensive and defensive technologies. Furthermore, regular internal security training should be conducted to enhance the security awareness and emergency response capabilities of all employees.

Regarding the controversy among community users about "CZ's suggestion for hacked exchanges to suspend withdrawals," Sun Yuchen analyzed that from the perspective of exchanges, CZ's suggestion is reasonable. He pointed out that the first few hours after an asset theft are crucial for investigating issues and ensuring security. Suspending withdrawals is aimed at completely eliminating risks, but the suspension time should be minimized to reduce the impact on users.

Sun Yuchen called for "the entire industry, including exchanges, security institutions, and the community, to work closely together, sharing technology, innovating security, and exchanging information to jointly address hacker threats and promote the healthy and sustainable development of the industry."

Huobi HTX's Security Defense: A True Reflection of the Iceberg Theory

Sun Yuchen candidly stated in the live broadcast that user security is very important for Huobi HTX, which has a twelve-year development history.

Previously, at the "TRON & HTX DAO Exchange Meeting" in Hong Kong on February 21, Sun Yuchen shared his requirements for Huobi HTX regarding security. He stated that the platform must ensure the safety of user assets, especially in enhancing multi-signature support and security prompts, and should explore how to better prevent security issues such as label scams.

In fact, in recent years, Huobi HTX has comprehensively upgraded its security measures, successfully implementing new features such as multi-device login, remote login, and abnormal transfer alerts. Additionally, it has publicly disclosed Merkle tree asset proof data 28 times, with reserve ratios exceeding 100%.

According to Sun Yuchen's introduction during the live broadcast, Huobi HTX has collaborated with numerous white hat teams to continuously enhance the platform's defense capabilities and risk response mechanisms through ongoing offensive and defensive testing, security drills, and vulnerability discovery. At the same time, Huobi HTX actively follows global crypto security incidents and conducts in-depth research on the principles and methods of hacker attacks for effective prevention.

As Sun Yuchen stated, Huobi HTX's security defense is a true reflection of the "iceberg theory." The good experience users see on the surface is backed by the tremendous efforts made by the platform in unseen areas. In the future, Huobi HTX will conduct security foundational design from a global perspective, systematically deploy security strategies, strengthen platform security reviews and management, and expand industry security cooperation, allowing this "iceberg" to have a larger security root system, thereby solidifying this security defense line for users and the entire industry.

About Huobi HTX

Huobi HTX was established in 2013 and has developed over 11 years from a cryptocurrency exchange into a comprehensive blockchain business ecosystem, covering digital asset trading, financial derivatives, research, investment, incubation, and other businesses.

As a global leading Web3 portal, Huobi HTX adheres to a development strategy of global expansion, ecological prosperity, wealth effect, and security compliance, providing comprehensive, safe, and reliable value and services for virtual currency enthusiasts worldwide.