Faced with the hacking incident encountered by CoinEx, CEO Haipo Yang did not choose to remain silent or evade. Instead, he recently issued an open letter through social media platforms, apologizing to the vast number of users and demonstrating the company’s serious and responsible attitude towards the users.
Following this incident, CoinEx has enhanced security measures from multiple aspects to prevent similar events from happening again. According to the official announcement, in addition to expressing deep apologies to the users, the company also emphasizes its determination and responsibility to protect customer assets, highlighting CoinEx’s core brand value of “user first”.
CoinEx’s comprehensive enhancement in security:
CoinEx understands the importance of private keys as essential components of encrypted assets, hence strengthened the management and control mechanisms of private keys. Additionally, by implementing multi-signature cold and hot wallets, they can better protect user funds, balancing the usability of hot wallets while minimizing external risks that most custodial assets may face. Furthermore, CoinEx’s security team has enhanced the platform’s security mechanisms comprehensively, including the adoption of multi-signature mechanisms, trusted execution environments, independent infrastructure, physical isolation, real-time monitoring of abnormal activities, multiple storage backups of important information, and automated security alert systems.
Moreover, CoinEx’s security team has upgraded the underlying cold wallet architecture through various mechanisms, including the use of in-house cold wallet storage systems, offline private key management methods, multi-signature mechanisms, real-time monitoring of abnormal transactions, strict whitelisting mechanisms, and a separate hardware key verification system to provide users with the highest level of asset protection.
Upgrade at the team level:
Asset security relies not only on technology but also on the full participation of the team. CoinEx has re-educated internal management to ensure that every employee understands the importance of asset security and considers it a core mission of the company.
Collaboration with top security companies:
CoinEx recognizes the importance of external experts and has chosen to cooperate with a top security company – Slowmist, to continuously strengthen and update security systems, providing users with the highest level of protection.
Establishment of protection funds:
To minimize the potential impact on users in the event of unexpected incidents, CoinEx has established protection funds as an additional layer of protection against external attacks. This fund not only provides compensation protection for users but also demonstrates CoinEx’s serious attitude towards the security of user assets.
Furthermore, CoinEx continues to enhance user education by delivering security knowledge to users through various channels, helping them increase self-protection awareness.
Since its establishment, CoinEx has always adhered to the principle of “user first”. This incident not only demonstrated transparency and responsibility to users under this value, but also provided an opportunity for internal self-examination.
When a crisis occurs, CoinEx chooses to respond positively and handle it actively, demonstrating the brand’s integrity and honesty. With this cultural drive, users can expect CoinEx to maintain its serious attitude of putting users first in the face of any challenges in the future.
After the crisis, CoinEx stated that asset security is its top priority. This is not just a slogan, as seen in its subsequent actions, CoinEx’s firm commitment to this is evident. Whether it is establishing protection funds or collaborating with top security companies, every step demonstrates care and commitment to customers.
In the current cryptocurrency market, user trust is the core pursued by every exchange. Through the CEO’s open letter, CoinEx successfully established a sincere connection with its users.
For the future, CoinEx recognizes the room for platform improvement and swiftly undergoes comprehensive upgrades. This involves not only technological or product innovations but also the experience of crisis management and user experience. It is believed that CoinEx will learn from this incident and uphold its “user first” corporate spirit in the face of future volatility and risks, expecting to grow with its users and jointly face future challenges, driving industry development.
CoinEx’s incident this time is not only a test for itself but also a reflection for the entire cryptocurrency industry. While pursuing efficiency and convenience, security should not be ignored.
Every crisis is an opportunity for learning. CoinEx hopes that through this incident, the industry’s attention to security issues can be raised, jointly creating a safer and more reliable cryptocurrency environment for users. At the same time, it is hoped that this incident can serve as a warning to the entire industry, reminding everyone that security is always paramount.