Gate founder and CEO Lin Han has called on the crypto industry to form a security alliance immediately, arguing that exchanges and other platforms should align on security standards, intrusion detection protocols, and emergency response procedures after an incident similar to the one that hit Binance. The event was said to involve roughly $6.3 billion in losses.
Gate also proposed a vault model built around split key management. Under that setup, private keys would be distributed among the user, Gate, and a recovery partner, with funds only becoming movable if at least two of the three parties were compromised. The company said vault withdrawals should include a 48-hour delay, giving users time to freeze assets if suspicious activity is detected.
In addition, Gate said it has already flagged the relevant hacker addresses and will freeze illicit funds tied to the incident if they are transferred onto its platform. The report was cited by Bitcoin.com News.
Gate founder and CEO Lin Han has urged the crypto industry to immediately establish a security alliance, calling for unified security standards, intrusion detection protocols, and emergency response mechanisms after an incident similar to the one that affected Binance.
According to the report, the Binance incident involved about $6.3 billion in losses.
Gate also proposed promoting a vault structure based on split key management, with private keys distributed among users, Gate, and a recovery partner. Under that design, funds could only be moved if at least two parties were compromised. The company said vault withdrawals should carry a 48-hour delay so users would have time to freeze funds.
Gate added that it has flagged the relevant hacker addresses and will freeze related illicit funds if they are transferred to its platform.
Source: Bitcoin.com News.
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