Key Takeaways
OKEx has printed new guidelines on the way it will handle the non-public keys of its multi-signature crypto wallets.
The change’s pockets keys might be backed up, however saved in isolation to forestall abuse of privileges.
The choice is a response to OKEx’s October key loss.
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OKEx CEO Jay Hao has introduced that the change is making its fund storage strategies safer. Hao broadcast his assertion on Telegram, which was later posted to OKEx’s web site.
OKEx Responds to October Incident
On Oct. 16, OKex introduced it was going to freeze consumer withdrawals of cryptocurrency, sending shockwaves throughout the business. The incident occurred as a result of one of many non-public keys to the change’s multi-signature wallets went lacking, stopping the change from processing withdrawal requests.
Roughly 200,000 BTC (an quantity value $2.three billion on the time) was locked in OKEx change wallets through the incident, in keeping with blockchain evaluation agency Glassnode.
The funds remained frozen for one more 5 weeks, after which the change resumed withdrawals.
Hao acknowledged on this week’s announcement the incident was a lesson for the corporate and its administration. “I believe that the incident highlighted a number of essential factors,” Hao defined at present. “It uncovered some weaknesses in our inner processes, which we at the moment are steadfast in correcting.”
New Personal Key Coverage
Based on OKEx’s announcement, the crypto change will proceed to make use of multi-signature wallets, however its non-public keys might be backed up to allow them to be retrieved in an emergency.
Most significantly, these keys might be separated. The important thing backups might be saved in financial institution safes in three separate international locations, in keeping with the change. Moreover, staff who maintain non-public keys should not journey collectively in the identical car, and all three non-public key holders should not be in the identical nation concurrently.
In an emergency that makes a non-public key holder unavailable, comparable to demise or a private accident, the change will be capable to retrieve the backup non-public key inside 48 hours.
Using multi-signature wallets is normal throughout centralized exchanges comparable to OKEx, and as such, OKEx’s resolution ought to proceed with none severe points.
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