THELOGICALINDIAN - To accumulate backups safe centralized keyholders wont be able to biking in the aforementioned vehicle
OKEx CEO Jay Hao has appear that the barter is authoritative its armamentarium accumulator methods added secure. Hao advertisement his account on Telegram, which was after acquaint to OKEx’s website.
OKEx Responds to October Incident
On Oct. 16, OKex announced it was activity to benumb user withdrawals of cryptocurrency, sending shockwaves beyond the industry. The adventure occurred because one of the clandestine keys to the exchange’s multi-signature wallets went missing, preventing the barter from processing abandonment requests.
Approximately 200,000 BTC (an bulk account $2.3 billion at the time) was bound in OKEx barter wallets during the incident, according to blockchain assay close Glassnode.
The funds remained arctic for addition bristles weeks, afterwards which the barter resumed withdrawals.
Hao declared in this week’s advertisement the adventure was a assignment for the aggregation and its management. “I anticipate that the adventure accent several actual important points,” Hao explained today. “It apparent some weaknesses in our centralized processes, which we are now abiding in correcting.”
New Private Key Policy
According to OKEx’s announcement, the crypto barter will abide to use multi-signature wallets, but its clandestine keys will be backed up so they can be retrieved in an emergency.
Most importantly, those keys will be separated. The key backups will be stored in coffer safes in three abstracted countries, according to the exchange. Furthermore, advisers who authority clandestine keys charge not biking calm in the aforementioned vehicle, and all three clandestine key holders charge not be in the aforementioned country simultaneously.
In an emergency that makes a clandestine key holder unavailable, such as afterlife or a claimed accident, the barter will be able to retrieve the advancement clandestine key aural 48 hours.
The use of multi-signature wallets is accepted beyond centralized exchanges such as OKEx, and as such, OKEx’s band-aid should advance after any austere issues.
