OKX Founder Star Calls for Industry-Wide Real-Time Security Response and Freeze Mechanism

As reported by TechFlow on October 30, OKX founder Star said in a post on X that he commended Circle and Tether's handling of the suspected theft incident involving Binance and called on industry participants such as exchanges and stablecoin issuers to jointly build an industry-wide security response mechanism.

Star proposed that the industry needs a real-time early warning system: in the event of a hack, participants should share information immediately, coordinate a rapid response, and temporarily freeze suspicious funds before stolen funds are moved or laundered. He emphasized that speed is key, and that standardized procedures, clear responsibilities, and appropriate safeguards should be established to ensure response is completed within minutes rather than hours or days; protecting users and their assets should be a shared responsibility across the industry, not just for a single platform.

TechFlow previously reported that Circle said it had worked with law enforcement to freeze more than 800 million USDC related to the incident, and Tether had also frozen multiple related USDT transactions.

Source: TechFlow