The problem of security in the Cryptocurrency World is continuously increasing. Where Crypto hackers target many crypto firms They have been done, while continuously making security vigilance of big exchanges, it makes it easy for hackers to enter their security system which is a big concern. Recently, CEO of Coindcx, Sumit Gupta has criticized Prime Crypto Exchange Wazirx and Phemex. They allege that these exchanges tried to hide their security breech, causing a huge financial loss to the Crypto Community.
Sumit Gupta believes that if these exchanges had shared their security daraback transparently, the attach would have been stopped. Gupta also mentored Gnosis Barricade Multisig Wallets, which the hackers explores in these attackers. Let’s know Gupta’s criticism and his point of view at the issue of security.
Wazirx and PHEMEX’s concern over the security breech
Sumit Gupta said that if Wazirx and Phemex had made their security breech public like bybit, the draft of gnosis barricade pockets could have been caught early, which caused the hack of Bybit. Bybit recently hacked $ 1.4 billion, where hackers took advantage of the weaknesses of Gnosis Barricade Wallets. According to Gupta, bybit had publicly informed about this hack, which gave the remaining exchange a chance to tighten its security.
However, Wazirx and Phemex tried to hide their shortcomings, causing damage to the entire crypto community. Gupta says that transparency could have prevented these attachments and could be improved in security.
Security violations lost more than $ 230 million in Wazirx and more than $ 100 million in April 2024 in Phemex. Gnosis Barricade Wallets were used in both the indents. Taking advantage of the weaknesses of these wallets, hackers used unauthorized transactions and stole money.
Coindcx’s Strong Security Strategy
Sumit Gupta also cleared that Coindcx has adopted strong security users to avoid such incidents. Gnosis barricade wallets are not used in coindcx, which protects against such dangers. In addition, smart contracts are not used on coindcx, which could further increase the risk. All transactions on coindcx require manually approval, which further improves security and prevents unauthorized transfer.
Gupta also underline the solving of the security team. He said, hackers have become quite active these days. We and our security team are always careful in terms of security. Our commitment remains towards security. Recently CONDCX kept in mind the interests of the Indian Crypto Community Important declaration of change in coindcx phrases and statuses Has also done.
Conclusion
Criticism of Sumit Gupta highlighted the lack of transparency of exchanges such as Wazirx and Phemex. He cleared that if these exchanges had publicly publicized their security breech, many major losses could have been stopped. Also, the strong security majority Majors COINDCX can become a role model for other exchanges. Giving security to security and working with transparency is necessary to reduce such hazards in the future. Gupta’s comment is a warning to Crypto Community that security violation is not just a technical problem but a serious financial threat.
