The exchange is troubled, how does BateX ensure the safety of funds

The exchange is troubled, how does BateX ensure the safety of funds

As of June 2022, data from CoinMarketCap shows that there are more than 525 crypto exchanges worldwide. To invest in Bitcoin, you must first choose a reliable trading platform. Chain Tower once divided the evaluation of exchange security into eight indicators in the “Top 20 Security Rating of Global Digital Currency Exchanges” report, and each indicator is based on different importance. Divided into four levels, giving different weights. Among them, the system security weight accounts for 20%, the account information security accounts for 15%, the security of the listing target accounts for 15%, the exchange hardware equipment accounts for 15%, the login security accounts for 10%, the leverage multiple accounts for 10%, and the risk control ability accounts for 10%. 10%, and other factors account for 5%.

The number of stolen coins becomes the main indicator of system security

Throughout the development history of digital currency exchanges, almost all security incidents are caused by insufficient security of the exchange system. For example, the system is hacked, various servers are interrupted, etc., which eventually lead to the loss of user assets or even bankruptcy. The most famous case is the bankruptcy of Mt. Gox, the world’s largest bitcoin exchange, in 2014. Mt. Gox was stolen by hackers due to technical loopholes with about $475 million worth of bitcoins, accounting for about 7% of the total (75% of the total). 10,000 belong to users and 100,000 belong to exchanges). At that time, the bankruptcy of Mt.Gox caused market turmoil, and the price of Bitcoin fell by 36%. Many people have fled the crypto industry since then.

Due to the rapid development, many exchanges have not paid enough attention to security, which has prompted the attention of hackers. As a result, hacking has become the “normal” in the industry. In addition, the ups and downs of the market itself further stimulated speculation in the market, making everyone pay attention to the ups and downs, while ignoring the basic safety construction. Therefore, it is imperative to improve the security of exchanges and build a good blockchain ecosystem.

So, how does BateX do it in terms of security?

Build and develop in accordance with regulations, industry norms and standards

For example, the multi-currency wallet system independently developed by BateX. The system is industry-standard, multi-signature, has no single point of failure; does not depend on a single source of security, and has robust recovery protocols.

In order to ensure the security of funds, BateX stores 95% of encrypted assets in cold wallets, and only 5% in dry hot wallets to meet users’ transaction needs. Through semi-offline signature and other technologies, the security of private keys is guaranteed. BateX adopts advanced technologies such as GSLB, distributed server cluster, distributed storage, high-speed memory transaction engine with multi-machine mutual backup, cold wallet, hot wallet with offline private key and other advanced technologies. Provide customers with safe, stable and credible encrypted asset trading services.

For users, BateX implements security measures such as mandatory secondary verification and anti-phishing codes. After binding the mobile phone and Email, as long as the user does not lose their mobile phone, 99% of them can resist attacks from hackers!

Strengthen the construction of its own security system

The overall security of the system is inseparable from the scientificity and security of the overall architecture, and even more inseparable from the security of each link.

In order to deal with the security problems faced by the blockchain more comprehensively and systematically, BateX not only considers the security risks faced by each level of the technical architecture, but also integrates security solutions into every link of blockchain development. BateX understands whether there are hidden vulnerabilities and security risks in the system from the perspective of attack, especially the penetration test conducted before the security project, which can gain a profound perceptual understanding of the security of the information system, which is helpful to further improve the security construction system.

Moreover, as a center that collects a large number of capital transactions, the exchange will inevitably have requirements for information security level protection, so measures such as storage security should meet the corresponding level of security protection requirements. Therefore, most of the digital assets of the BateX platform are stored in offline storage with cross-level industry-standard encryption technology, and the sensitive data on the server is completely disconnected from the Internet. Insured crypto custody is also available in fully regulated entities upon user request.

Top technical team

In addition, the professionalism of the team is also essential. The core team members of BateX have the background and experience of working or cooperating in multiple exchanges, and have a deep understanding of the culture and technology of the exchanges.

In a word, the rapid development of the Internet industry makes no one dare to ignore the growth of disruptive technologies, let alone ignore the security risks behind them, and ensure security through professional security management and protection strategies. important. From the perspective of the security of the exchange, BateX has strong technical ability to prevent hacker attacks. Since its establishment in 2018, it has never been hacked.