TechFlow news — On August 22, Lennix Lai, Chief Business Officer at OKX, commented via social media on the incident regarding "input methods posing risks of leaking Web3 users' private data." He stated that using electronic devices and applications involves various risks that could lead to the loss of seed phrases or private keys. Although there are ways to mitigate these issues, once a seed phrase or private key is generated, it inherently carries a single point of failure risk, making it impossible to guarantee 100% security.
According to Lennix, the best way to address the single point of failure associated with seed phrases and private keys is to control the risk at its source. He recommends users opt for OKX's MPC Wallet—a keyless wallet designed to eliminate the risk of private key exposure from the ground up. It is currently the industry's first 2-out-of-3 multi-chain keyless wallet, fully decentralized and non-custodial. Not only does it prevent the leakage of users’ private keys, but through open-source algorithms, it also ensures transparent, clear, and verifiable computation and storage of users’ private key shards.
For details, click: GitHub - okx/threshold-lib: Threshold Signature Scheme, 2-of-n, for ECDSA and Ed25519
