Gate CEO Calls for Crypto Industry Security Alliance, Proposes 48-Hour Withdrawal Delay

Odaily reports: Lin Han, founder and CEO of cryptocurrency trading platform Gate, has called on the crypto industry to immediately establish a security alliance to unify security standards, intrusion detection protocols, and emergency response mechanisms in order to address security incidents like the one suffered by Binance. The Binance incident involved approximately $6.3 billion in losses.

Gate also proposed promoting a vault solution with split keys, distributing private keys among users, Gate, and recovery partners, so that funds can only be transferred after at least two parties are compromised; vault withdrawals would be subject to a 48-hour delay to allow users to freeze their funds.

Gate stated that it has flagged the relevant hacker addresses and will freeze any illicit funds transferred to its platform. (Bitcoin.com News)