CoinEx Founder Highlights Advanced Hot Wallet System Amid Shutdown
Yang Haibo, founder and CEO of ViaBTC, has commented on the recent shutdown of CoinEx, emphasizing the advanced nature of its hot wallet system. Despite the closure, he noted that the wallet's design, which incorporates a multi-party computation (MPC)-based dual-signature scheme, serves as a valuable reference for the cryptocurrency industry. This system was developed to eliminate single points of failure, enhancing the security of digital asset management.
Yang explained that CoinEx's infrastructure was divided into business and wallet systems, each managed by independent teams. Each team held one private key, ensuring that every withdrawal or transfer underwent a real-time risk control review by both parties. This structure means that even if one system were compromised, the assets would remain secure from theft.
The wallet signing process was designed to operate independently of the native mechanisms of each node, necessitating significant reconstruction efforts. The team dedicated over a year to transform the majority of the nearly 300 supported chains, ensuring robust security measures were in place. Yang's insights highlight the importance of advanced security protocols in the cryptocurrency sector, especially in light of recent theft incidents.
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Source: KLEA News