Security matters should not fall on users’ shoulders — Bitget exec

by

As a seasoned researcher with years of experience in the dynamic world of cryptocurrencies, I firmly believe that the responsibility for safety and security within the crypto space should be a collaborative effort among all parties involved. My personal journey has led me to understand that no single entity can shoulder this burden alone.

At the Blockchain Life conference in Dubai, attendees had varying viewpoints about which entities ought to ensure safety and security within the cryptocurrency sector.

During an interview with CryptoMoon, Bitget’s COO, Vugar Usi Zade, emphasized his belief that it is not appropriate for platforms to rely on users to handle issues related to security and safety.

“Safety and security matters should not be put as a responsibility on customer’s shoulders. The product should be intuitive.” 

Bitget’s top executive clarified that platforms like Bitget offer numerous methods to ensure consumer safety regarding security matters.

How exchange platforms can enhance security

As per Zade’s explanation, Bitget introduced a function known as delayed payments. This allows the platform to postpone or even halt transactions prior to execution. In other words, if a transaction appears suspicious, Bitget can proactively stop the transaction from going through.

Zade added that Bitget also implements anti-phishing codes. He told CryptoMoon: 

“As a user, you are able to put a special code that all the communication coming from Bitget will feature that code telling you that it actually comes from us, while the scammers will not be able to put that in print. It’s kind of a secret code between a user and the exchange.” 

Zade mentioned that if scammers have previously been identified, they will alert customers prior to moving funds to specific accounts, in an effort to minimize the possibility of fraudulent activities occurring. Furthermore, Zade emphasized their commitment towards preventing such incidents.

Security falls on many “layers”

“The crypto world is divided into different sectors, with each part handling specific security issues.

“It starts with the community and then goes to the projects, who needs to get audited and then, it goes to the exchanges who could freeze funds when a hack occurs.” 

Additionally, Jiang pointed out that it’s the duty of regulators to establish suitable regulations and enforce them, while law enforcement agencies should be involved in investigating the destination of these funds.

“It goes to many layers. And it takes all of us to get this space secure,” Jiang added. 

Read More

2024-10-23 15:44