In response to the recent security challenges in the cryptocurrency industry, Dr. Han Lin, founder and CEO of Gate.io, delivered a keynote speech on "Establishing Trust Beyond Blockchain" at Seoul Meta Week, aiming to advance discussions on crypto security with leaders in the technology, business, and media sectors. He emphasized the critical importance of strengthening security measures and establishing digital trust in the current cryptocurrency environment.

Hidden Crisis in the Crypto Field

This candid statement from the CEO of a major cryptocurrency exchange may come as a surprise, but it reflects an undeniable fact. In his speech, Han Lin cited data from Gate.io researchers and Chainalysis, revealing the security challenges in the cryptocurrency field. From 2014 to 2024, the most common events included rug pulls (253 cases), contract vulnerabilities (232 cases), and flash loan attacks (123 cases). It is noteworthy that the value of stolen cryptocurrencies from platforms reached as high as $8.7 billion from 2021 to 2023, a significant increase compared to approximately $2.5 billion in the previous three years. Although the total amount of stolen cryptocurrencies decreased in 2023 compared to the previous year, the number of incidents increased from 219 to 231.

Over the past three years, 77% of stolen funds came from Web3 platforms, while 33% came from centralized platforms. Of particular note, the notoriety of North Korean hackers surged in 2023, reporting 20 hacking incidents, higher than the 15 incidents in 2022 and 9 incidents in 2021, resulting in losses of $3.1 billion, accounting for 36% of the total.

Trust is the Foundation of Everything

While discussions in the cryptocurrency field mostly focus on the numerous advantages of blockchain technology, Han Lin emphasized the necessity of addressing more challenging topics. He particularly stressed the importance of addressing security issues and stated, "These discussions may be difficult, but they are crucial."

Gate.io, established 11 years ago, has always adhered to the core principle of security, taking the MtGox incident as a warning. Han Lin emphasized that security is an integrative methodology, not limited to technical architecture and custody solutions, but also includes transparency and compliance with regulatory standards.

For any cryptocurrency platform, ensuring a secure and reliable on-chain data infrastructure is crucial. Han Lin elaborated on Gate.io's security strategy, highlighting its data center's leading advantages and further strengthening data security through partnerships with AWS, Huawei Cloud, Microsoft Azure, and Alibaba Cloud. He pointed out that security is the foundation of building a platform and needs to be integrated from the underlying architecture.

Han Lin further pointed out that Gate.io's data center, through advanced on-chain monitoring and detection capabilities, not only ensures secure access to data but also strengthens security protection. This proactive security strategy enables the platform to continuously monitor potential security threats and respond rapidly, thereby enhancing the reliability and risk resistance of Gate.io services.

Han Lin emphasized Gate.io's commitment to security and highlighted measures such as Proof of Reserves to achieve this. "This measure ensures a 1:1 fund guarantee for user deposits," he explained. "Since we first introduced this measure in 2020, it has become the cornerstone of our service. In addition, we have also open-sourced the implementation of Proof of Reserves to promote industry-wide progress. Today, this measure has been adopted by many platforms in the industry, and Gate.io will continue to work towards improving reporting standards and leading the industry to new heights of security."

Han Lin also emphasized the necessity of regulatory compliance in the cryptocurrency field, stressing that long-term success and sustained development can only be achieved by operating within a legal framework.

Establishing Trust Beyond Blockchain

In his speech at Seoul Meta Week, Han Lin emphasized the importance of strengthening security measures and promoting industry collaboration in the blockchain and cryptocurrency industry. Gate.io and other industry pioneers are committed to jointly promoting stricter regulatory compliance and improving the credibility of the blockchain by establishing a highly trusted and transparent environment. Security and cooperation are the solid foundation for building a stable and trustworthy digital economy on the path of continuous development in the cryptocurrency field.

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