OKX Founder Star: Security Should Not Become a Business Competition Arena; Stronger Coordinated Response Mechanisms Should Be Established

According to TechFlow, on October 30, OKX Founder Star posted on X that the recent string of security incidents at Bybit, Bitget, and most recently Binance should serve as a wake-up call for every leader in the crypto industry.

Star said security should never become a field of business competition, and protecting users and the industry as a whole is a shared responsibility. He believes CEOs across the industry need to come together, as they did during the Bitcoin fork crisis in 2017, to establish stronger industry-wide security standards and coordinated response mechanisms.

For example, transfers and settlements between verified exchanges can be processed in real time, while large withdrawals to unknown or unverified addresses, as well as transactions granting smart contract permissions, should undergo additional verification and appropriate security delays.

He emphasized that these safeguards should be enforced at the cryptographic signature layer, rather than relying solely on application-layer controls. Even if attackers compromise an exchange's wallet management system, they should not be able to bypass these fundamental security restrictions.

Star also called for an industry-wide real-time security incident notification mechanism, collaborative monitoring of suspicious funds, and rapid response to potential attacks. Exchanges, stablecoin issuers, and other major participants should work together to carry out rapid, lawful temporary freezes on suspected stolen assets when necessary.

In addition, he believes the industry should jointly accelerate the transition to post-quantum cryptography and strengthen defenses against emerging AI-driven security threats. No single company can solve these long-term challenges alone; they require industry-wide coordinated research, shared standards, and collective action.

Source: TechFlow