727 FinancePANews October 30 news: OKX founder and CEO Star stated that the recent security incidents at Bybit, Bitget, and Binance should serve as a wake-up call for every leader in the crypto industry, and that security should not be an area of commercial competition—protecting customers and the entire industry is a shared responsibility. He said that over the past decade, major exchanges have made progress in private key protection, and that no conclusive evidence of a Binance hot wallet private key leak has been seen so far; the greater concern may lie in vulnerabilities in access control and wallet management systems.
Star stated that OKX has established multi-layered security protections, but no system is absolutely secure. He believes that industry CEOs should unite to establish stronger industry security standards and coordinated response mechanisms. For example, verified inter-exchange transfers and settlements can be processed in real time, while large withdrawals to unknown or unverified addresses and transactions granting smart contract permissions should undergo additional verification and security delays. These protections should be enforced at the cryptographic signature layer rather than relying solely on application-layer controls. Star also suggested establishing industry-level security incident notifications, coordinated monitoring of suspicious funds, and rapid response mechanisms, and promoting the industry's transition to post-quantum cryptography to strengthen responses to AI-driven security threats.