Original source: Gate

In response to the recent security challenges in the crypto industry, Gate founder and CEO Dr. Han Lin delivered a keynote speech on "Building Trust Beyond Blockchain" at Seoul Meta Week, aiming to advance discussions on crypto security with leaders in technology, business and media. He emphasized that strengthening security measures and building digital trust are particularly critical in the current cryptocurrency environment.

"Crypto is lurking"

This candid statement may be surprising coming from the CEO of a major cryptocurrency exchange, but it reflects an indisputable fact. In his speech, Han Lin cited data from Gate researchers and Chainalysis to reveal the security challenges in the cryptocurrency field. From 2014 to 2024, the most common incidents included rug pull scams (253), contract vulnerabilities (232), and flash loan attacks (123). Notably, between 2021 and 2023, the value of cryptocurrency stolen from platforms reached $8.7 billion—a significant increase from the roughly $2.5 billion in the previous three years. While the total amount of cryptocurrency stolen in 2023 decreased compared to the previous year, the number of incidents increased from 219 to 231.

Over the past three years, 77% of stolen funds came from Web3 platforms, while 33% came from centralized platforms. Of particular note, North Korean hackers saw their visibility soar in 2023, with 20 hacking incidents reported, up from 15 in 2022 and nine in 2021, and losses from their attacks amounting to $3.1 billion, or 36% of the total.

"Trust is the cornerstone of everything."

While much of the discussion in the cryptocurrency space has focused on the many benefits of blockchain technology, Hanlin highlighted the need to explore more challenging topics. He specifically stressed the importance of addressing security issues, saying, "These discussions can be difficult, but they are critical."

Gate, founded 11 years ago, took the MtGox incident as a warning and adhered to the core principle of security. Han Lin emphasized that security is an integrated methodology that is not limited to technical architecture and custody solutions, but also includes transparency and compliance with regulatory standards.

For any cryptocurrency platform, it is crucial to ensure a secure and reliable on-chain data infrastructure. Han Lin elaborated on Gate’s security strategy, emphasizing its leading edge in data centers and further strengthening data security through partnerships with AWS, Huawei Cloud, Microsoft Cloud and Alibaba Cloud. He pointed out that security is the cornerstone of building a platform and needs to be integrated from the underlying architecture.

Han Lin further pointed out that Gate’s data center not only ensures secure access to data, but also strengthens security protection through advanced on-chain monitoring and detection capabilities. This proactive security strategy enables the platform to continuously monitor potential security threats and respond quickly, thereby enhancing the reliability and risk resistance of Gate’s services.

Han Lin emphasized Gate’s commitment to security and achieved this through initiatives such as 100% Proof of Reserves. “This initiative ensures that user deposits are 1:1 protected,” he explained. “Since we pioneered this measure in 2020, it has become a cornerstone of our service. In addition, we have also open-sourced the implementation of Proof of Reserves to promote the common progress of the industry. Now, this initiative has been adopted by many platforms in the industry, and Gate will continue to work hard to promote the improvement of reporting standards and lead the industry to a new level of security.”

Han Lin also emphasized the need to follow regulatory compliance in the cryptocurrency field, emphasizing that only by working within the legal framework can the industry achieve long-term success and sustainable development.

Building Trust Beyond Blockchain

In his speech at Seoul Meta Week, Han Lin emphasized the importance of strengthening security measures and promoting industry cooperation in the blockchain and cryptocurrency industry. Gate and other industry pioneers are committed to jointly promoting stricter regulatory compliance to improve the crypto ecosystem and enhance the credibility of blockchain by establishing a high-trust and transparent environment. As the cryptocurrency field continues to develop, security and cooperation are a solid foundation for building a stable and trustworthy digital economy.

This article is from a contribution and does not represent the views of BlockBeats

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