Huobi HTX's proactive security and control is not the end of danger, but the beginning of safety.
Author: Deep Tide TechFlow
In "The Three-Body Problem," civilizations facing external dangers have three solutions. One is to voluntarily degrade their civilization and shroud it in darkness, hoping that advanced civilizations will spare them. The second is to develop branch civilizations, distributing the civilization in various locations to counter the destructive consequences of a single attack with quantity.
The last method is for the civilization to bravely face the danger, experience a technological explosion, and rapidly advance to a higher level of civilization, even being able to defeat opponents and thus preserve themselves.
This is the case for Luo Ji, and also for Hassan Sunny.
Singaporean goalkeeper Hassan Sunny, 40 years old this year, possesses a fighting spirit akin to a daredevil, making numerous thrilling saves to lead the national team to advance. On June 14, Sun Yuchen, a member of the Huobi HTX Global Advisory Committee, officially announced the signing of Hassan as the Chief Security Officer and brand ambassador for Huobi HTX. As the cryptocurrency market flourishes, and with the rebirth of Nirvana, Huobi HTX is no exception.
In the flourishing jungle of cryptocurrency, people once thought that the on-chain was the most dangerous No Go Zone. However, recent security incidents at exchanges have made everyone realize that there is no absolute safe zone in the world of cryptocurrency. Huobi HTX has decided to take the initiative, proactively eliminating problems before they arise and ensuring proactive security.
In the world of cryptocurrency, exchanges prioritize security
As the bull market at the end of 2023 begins, malicious attackers are already seeking new targets.
According to security agency SlowMist's statistics, between January 2012 and February 2024, exchanges were hacked 148 times, with total losses exceeding $11 billion. Recent hacking incidents continue to occur frequently, and fate remains in an endless loop.
These theft cases are not only attacks on the exchanges' own assets, but also targeted attacks on "whales," even constituting their entire wealth. Afterward, the victims can only lament helplessly, with no recourse.
Asset security, high standards are "internal competition"
Regarding exchange security, since the brand upgrade in 2023, Huobi HTX has practiced a "global layout" strategy centered on "global expansion, ecological prosperity, wealth effect, and security compliance," aiming to achieve global reshaping and win the trust of global users.
Being prepared for danger, Huobi HTX has always emphasized security protection, especially as hacking methods evolve into the era of artificial intelligence, where any technical defense can be breached.
To date, Huobi HTX has accumulated over 46 million registered users, with over 5 million new registered users in 2023, and nearly 54.3 billion visits on both web and mobile platforms. The total trading volume in 2023 was nearly $13 trillion.
In the face of such a large user base and fund size, both users and hackers are drawn in. Users are attracted by the trading volume and liquidity, while hackers seek opportunities to exploit. For example, on January 19, 2024, Huobi HTX suffered a DDOS attack, but thanks to the efforts of the security team, it successfully overcame the challenge.
Exchanges with large assets are the subject of special attention from hackers. However, on the other hand, this also drives the industry to continuously improve. For example, Proof of Reserves (PoR) simultaneously uses the standards of Merkle Trees and industry audits, which are important standards for the development of the cryptocurrency industry. Anyone can verify the true security level of the exchange.
In terms of fund transparency, Huobi HTX's reserve ratio has always been maintained at over 100%, ensuring the secure deposit and withdrawal of assets for users at any time and place.
Since the end of 2022, Huobi HTX has maintained the habit of updating the reserve situation on the 1st of each month. According to the latest data, Huobi HTX's reserve ratio exceeds 100%. In terms of assets in the Huobi wallet, including USDT, BTC, ETH, HTX, and TRX, the scale exceeds user assets, providing complete compensation capability.
In addition to the monthly disclosed reserve ratio, Huobi HTX also provides open verification of Merkle Trees, wallet address ownership, and on-chain asset verification.
The Merkle Tree is a computer data structure that can be used to verify large-scale data sets without exposing the specific content of the data. Huobi HTX will regularly publish audit results on the 1st of each month.
Any user can verify the data according to the guidelines, eliminating the possibility of falsification. By combining the Merkle Tree, Huobi HTX has efficiently, transparently, and securely managed user assets at the highest standard to safeguard fund security.
In terms of fund size, Huobi HTX currently ranks in the Top 10, with an asset size of $865 million, mainly composed of BTC, ETH, and USDT, accounting for 98.8% of the total, creating a mainstream secure exchange.
Even in the face of a major security crisis, Huobi HTX has 100% protection capability. For example, in September 2023, after a hacker attack, Huobi HTX tracked down the hacker and awarded them 250 ETH as a white hat bonus, recovering the vast majority of the assets.
In March 2024, Huobi HTX established a partnership with the cybersecurity company FearsOff to improve the security of the trading platform through integrated professional knowledge.
FearsOff is a cybersecurity company focused on offensive security research and protecting the security of assets on cryptocurrency trading platforms, renowned for providing professional "white hat" testing. FearsOff will continue to follow up on Huobi HTX's security protection, aiming to find potential vulnerabilities before hackers launch attacks, acting as a constant defense mechanism. Huobi HTX has entered the era of proactive security protection.
Security also requires user cooperation.
The fact that users need to pay attention to security does not mean that Huobi HTX will shirk its responsibility, but rather that both parties need to cooperate to deny hackers any opportunity, achieving absolute security. For example, after a security incident, some users self-deprecatingly mentioned that their fund size is small and would not attract hackers.
In fact, most security incidents target individual small retail investors. Although the profit from a single attack may be small, the attack cost is low, and the success rate is high. Over time, the profit may exceed that from attacking a single large investor. It is important to note that individual retail investors often have less influence, resulting in less public pressure after a hacker attack.
Therefore, every user must develop a sense of security and not assume that security protection has nothing to do with them. It is necessary to establish an overall secure trading concept and keep security awareness in mind while navigating the Web3.
With user cooperation, Huobi HTX proposes key points for security protection:
Before using Huobi HTX on a mobile device, ensure the security of the device and refrain from installing untrusted third-party apps. Download the Huobi HTX app from official channels and legitimate app stores.
When logging into the Huobi HTX exchange on a PC, pay attention to the security of the PC, install necessary antivirus software, and refrain from installing untrusted third-party applications or browser extensions.
User awareness comes first, and Huobi HTX's protection accompanies users. Exchange security protection has also entered the era of proactive security. Dual-end protection is in place, and Huobi HTX takes care of all aspects and levels of user interaction.
Conclusion
Facing the dark forest of the cryptocurrency universe, Huobi HTX has not chosen to passively surrender, but to take the initiative. Whether facing advanced civilizations or communicating with the barbaric outside the domain, real dangers exist, but they also contain our own historical coordinates.
Only through continuous exploration of the boundaries between safety and danger can we find the limits of user convenience and security control. Huobi HTX's proactive security and control is not the end of danger, but the beginning of safety.
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