Sun Yuchen livestreams discussion on how exchanges can respond to security crises, calling for tight industry-wide collaboration to strengthen security defenses
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Sun Yuchen livestreams discussion on how exchanges can respond to security crises, calling for tight industry-wide collaboration to strengthen security defenses
Security is a "top-priority initiative" that requires eternal vigilance and continuous learning.
Navigating Web3 tides with focused insightsRecently, a cryptocurrency exchange was hacked overnight, losing nearly $1.5 billion, sparking widespread discussion and skepticism within the industry. Centralized exchange (CEX) security has once again come under intense scrutiny. On February 22, in response to user concerns about exchange security and the current security challenges facing the crypto industry, Huobi HTX hosted a Space event on social platform X titled "Industry Crisis: How Can We Respond Together? Is There an Optimal Solution for Security in Crypto?" During the event, Sun Yuchen, global advisor at Huobi HTX, joined authoritative security firms SlowMist and GoPlus Security, along with several KOLs, in an in-depth discussion analyzing topics such as how retail users should respond after being hacked, how to minimize security risks, on-chain and CEX security incidents, and how CEXs can collaborate with institutions to protect fund security.
Security is a "Top Leadership Priority"—Always Stay Vigilant and Keep Learning
During the livestream, Sun Yuchen noted that hacking techniques are clearly evolving, shifting from early hot wallet attacks toward more sophisticated multi-signature wallet breaches. Therefore, exchanges must remain constantly vigilant and dynamically enhance their security defenses.
In his view, security is a "top leadership priority." Only by maintaining a sense of reverence, continuously learning the latest security technologies, and staying up to date can long-term security be achieved. Moreover, just like personal health management, security cannot rely entirely on external safeguards. Exchanges must strengthen internal capabilities and elevate awareness and prioritization of security before issues arise, ensuring resilience in long-term development.
Sun added that every business and product must treat security as a core prerequisite—not only out of responsibility to users' assets but also as a foundation for healthy industry growth. TRON launched natively supporting multi-sig functionality from day one, a design choice that effectively prevented many potential security issues. The launch of USDD 2.0 reflects years of deep observation in the stablecoin space, technical accumulation, and profound understanding of security risks. Similarly, exchanges should reinforce security mechanisms at the source during system design and operations to maximize prevention of security incidents.
SlowMist recommended that exchanges conduct regular comprehensive security reviews, including code audits, system vulnerability scans, and multiple assessments of smart contract security. They should also actively participate in security communities and industry conferences to learn the latest offensive and defensive techniques. Additionally, regular internal security training should be conducted to improve employees’ overall security awareness and emergency response capabilities.
Regarding community debate over "CZ's suggestion for hacked exchanges to suspend withdrawals," Sun analyzed that from an exchange perspective, CZ’s advice was reasonable. He pointed out that the first few hours after a breach are critical for identifying problems and ensuring safety. Suspending withdrawals aims to fully eliminate risks, but the duration should be minimized to reduce impact on users.
Sun called for "the entire industry—including exchanges, security agencies, and communities—to work closely together through technology sharing, security innovation, and information exchange to jointly combat hacker threats and promote healthy, sustainable industry development."
HTX's Security Defense: A Real-World Embodiment of the Iceberg Theory
Sun Yuchen admitted during the livestream that user confidence in security is extremely important for HTX, an exchange with twelve years of history.
Earlier, at the "TRON & HTX DAO Meetup" in Hong Kong on February 21, Sun shared his expectations for HTX regarding security. He emphasized that the platform must ensure user asset security, particularly strengthening support for multi-sig wallets and security alerts, while also exploring better ways to prevent label scams and similar threats.
In fact, in recent years HTX has comprehensively upgraded its security measures, successfully implementing new features such as multi-device login detection,异地 login alerts, and abnormal transfer notifications. Additionally, HTX has publicly disclosed Merkle tree proof-of-reserves data 28 times, consistently maintaining reserve ratios above 100%.
According to Sun’s livestream remarks, HTX has partnered with numerous white-hat teams, conducting continuous penetration testing, security drills, and vulnerability discovery to comprehensively enhance platform defense and risk response mechanisms. Meanwhile, HTX actively monitors global crypto security incidents and deeply studies hackers’ attack principles and methods to enable effective prevention.
As Sun stated, HTX’s security defense perfectly embodies the "iceberg theory"—the smooth user experience visible on the surface is supported by massive, unseen efforts beneath. Going forward, HTX will adopt a holistic approach to foundational security design, systematically deploying security strategies, strengthening platform security audits and management, and expanding industry-wide security collaborations—building a deeper and broader "iceberg" root system to fortify this security barrier for users and the entire industry.
About Huobi HTX
Huobi HTX was founded in 2013. After 11 years of development, it has evolved from a cryptocurrency exchange into a comprehensive blockchain business ecosystem encompassing digital asset trading, financial derivatives, research, investment, incubation, and other services.
As a leading global Web3 gateway, Huobi HTX adheres to a development strategy centered on global expansion, ecosystem prosperity, wealth effects, and security compliance, delivering comprehensive, secure, and reliable value and services to crypto enthusiasts worldwide.
To learn more about Huobi HTX, visit HTX Square or https://www.htx.com/, and follow X, Telegram, and Discord. For inquiries, contact [email protected]
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