In mild of current safety challenges inside the crypto business, Dr. Lin Han, CEO and founding father of Gate.io, delivered a compelling deal with at Seoul Meta Week (SMW), underscoring the crucial of strong safety measures within the crypto ecosystem.
His keynote, ‘Building Trust Beyond Blockchain,’ aimed to advance discussions on crypto safety with leaders throughout the tech, enterprise, and media sectors, emphasizing the important want for enhanced digital belief in as we speak’s crypto panorama.
“The crypto world is dangerous.”
It’s not a phrase you’d usually count on to listen to from the CEO of a serious crypto change, nevertheless it’s grounded in simple actuality. Throughout his presentation, Dr. Han shared compelling information on crypto hacks and thefts sourced from Gate.io researchers and Chainalysis.
From 2014 to 2024, probably the most prevalent incidents included rug pulls (253), contract bugs (232), and flash mortgage assaults (123). Notably, between 2021 and 2023, a staggering $8.7 billion price of crypto was stolen from platforms—a major rise in comparison with the roughly $2.5 billion within the previous three years. Though the overall quantity of stolen crypto decreased in 2023 in comparison with the earlier 12 months, the variety of incidents elevated from 219 to 231.
Over the previous three years, 77% of stolen funds originated from Web3 platforms, whereas 33% got here from centralized ones. Of explicit concern, North Korean-based hackers accounted for 36% ($3.1 billion) of those losses. Their prominence surged in 2023, with 20 reported hacks, up from 15 in 2022 and 9 in 2021.
“Everything starts with trust.”
Whereas a lot of the discourse in crypto revolves across the myriad advantages of blockchain know-how, Dr. Han emphasised the necessity to delve into more difficult subjects. He underscored the significance of addressing safety points, stating, “These are tough discussions, but they are crucial.”
Gate.io, established 11 years in the past in response to the MtGox incident, embodies a dedication to safety as a foundational precept. Dr. Han highlighted that safety shouldn’t be merely a guidelines however an built-in strategy, encompassing know-how infrastructure, custody options, transparency, and adherence to regulatory requirements.
Central to any crypto platform is the reassurance of safe and reliable on-chain information infrastructure. Dr. Han detailed Gate.io’s strategy, highlighting their sturdy in-house information middle bolstered by partnerships with AWS, Huawei Cloud, Microsoft Cloud, and Alibaba Cloud. He emphasised that safety varieties the foundational bedrock, built-in from the bottom up.
Moreover, Dr. Han identified that their information middle not solely ensures safe information entry but in addition bolsters safety by superior on-chain monitoring and detection capabilities. This proactive stance allows steady surveillance and swift responses to potential threats, thereby fortifying the reliability and resilience of Gate.io’s providers.
Dr. Han underscored Gate.io’s dedication to safety with initiatives like Proof of Reserves. “It guarantees that user deposits are backed 1:1,” he defined. “It’s been a cornerstone for us since we led the way in 2020, and we’ve since open-sourced our methodology. Today, this practice is widely adopted across top platforms, but at Gate.io, we’re committed to raising the bar with rigorous reporting standards.”
Dr. Han additionally harassed the significance of regulatory compliance within the crypto area, indicating that working inside the authorized framework is crucial for the business’s long-term success and sustainability.
Constructing Belief Past Blockchain
Dr. Han’s presentation at Seoul Meta Week illuminated the urgent want for enhanced safety measures and business collaboration in blockchain and cryptocurrency. By fostering an surroundings of belief and transparency, and by advocating for stronger regulatory compliance, Gate.io and different business gamers purpose to fortify the crypto ecosystem and instill confidence in blockchain. Because the crypto panorama evolves, the emphasis on safety and cooperation will stay instrumental in shaping a strong and reliable digital financial system.
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