Gate CEO Calls for Crypto Industry Security Alliance, Proposes 48-Hour Withdrawal Delay

Odaily reports: Lin Han, founder and CEO of cryptocurrency trading platform Gate, has called on the crypto industry to immediately establish a security alliance to unify security standards, intrusion detection protocols, and emergency response mechanisms in order to address security incidents like the one suffered by Binance. The Binance incident involved approximately $6.3 billion in losses.Gate also proposed promoting a vault solution with split keys, distributing private keys among users, Gate, and recovery partners, so that funds can only be transferred after at least two parties are compromised; vault withdrawals would be subject to a 48-hour delay to allow users to freeze their funds.Gate stated that it has flagged the relevant hacker addresses and will freeze any illicit funds transferred to its platform. (Bitcoin.com News)