In his last message, the CEO of CoinEx indicated the measures his company is taking to prevent the hacks from being repeated.
CoinEx CEO Sends Letter to Crypto Community
Today, October 27, 2023, CurrencyEx CEO Haipo Yang published an open letter to his platform’s clients and all cryptocurrency professionals, enthusiasts, traders and investors.
First, he apologized for the inconvenience caused by the September attack on the platform. CoinEx remains committed to 100% compensation for all affected users, regardless of deposit size and trading volume.
It then announced plans to implement comprehensive updates to CoinEx’s security architecture. The updates are intended to further improve the security capabilities of hot and cold wallets and early warning systems.
In addition to that, CoinEx will reconsider team management and secure new partnerships in the cybersecurity segment. The exchange will work together with Web3’s leading cybersecurity teams to minimize the attack surface across all technology layers.
Yang values feedback and community support, which is particularly important amid prolonged bear markets:
2023 has been a challenging year for the crypto industry: increased regulation, market crashes, and shutdowns. Few survive the endless crypto winters. In our 6 years, CoinEx has weathered storms alongside you. Our progress was not always smooth, but we persisted. Your support is what fuels our commitment to stable and sustainable growth. Users come first. With you we will grow more. (…) I thank everyone who has believed in us. I promise to keep user experience at our core – driving innovation and security to safeguard your assets 100% and shape a better crypto future.
Additionally, the CoinEx team will establish a security fund and launch a large-scale community building program to spread information about safe and responsible trading and security best practices on Web3.
The exchange launched a 100% compensation program, setting a new standard in the industry.
Strategic updates for advanced security
To make these plans a reality, CoinEx presents a strategic security roadmap. It will strengthen private key control and implement multi-signature hot and cold wallets. Additionally, the team’s strengthened management is designed to make asset security the core mission across all CoinEx business lines.
Through a series of partnerships with top-tier security companies to strengthen security systems, CoinEx aims to build a better security design. As an additional layer of asset protection, CoinEx Shield Fund begins to strengthen emergency response capabilities.
As such, CoinEx is on the path to providing strong protection to customer assets to uphold “user-centric” brand values.
CoinEx highlights user-centric business approach
During this challenging period, CoinEx shows its full commitment to remaining resilient and flexible. The exchange will continue to innovate and improve various products for the retail segment on Web3.
CoinEx will seize new opportunities to enhance brand influence globally through a new hierarchy of international expansion goals. To do this, each cryptocurrency project must be prepared to face future challenges and uncertainty.
Despite growing regulatory hostility and macroeconomic challenges, the CEO’s letter reveals that CoinEx maintains its firm focus on users and adheres to the spirit of responsibility and resilience in all its interactions with new and existing customers.
