OKX CEO Calls for Industrywide Security Standards and Coordinated Response Mechanism

October 30: OKX founder and CEO Star said the recent security incidents at Bybit, Bitget and Binance should be a wake-up call for every leader in the crypto industry, that security should not be an area of business competition, and that protecting customers and the industry as a whole is a shared responsibility. He said major exchanges have made progress in private key protection over the past decade, and that he has not yet seen conclusive evidence of a private key leak in Binance's hot wallet, with the bigger concern likely lying in vulnerabilities in access control and wallet management systems.

Star said OKX has built multi-layered security defenses, but no system is absolutely secure. He believes industry CEOs should join forces to establish stronger industry security standards and a coordinated response mechanism. For example, verified inter-exchange transfers and settlements could be processed in real time, while large withdrawals to unknown or unverified addresses and transactions granting smart contract permissions should be subject to additional verification and security delays. These protections should be enforced at the cryptographic signature layer rather than relying only on application-layer controls. Star also suggested establishing industry-level security incident notification, coordinated monitoring of suspicious funds and rapid response mechanisms, and pushing the industry to transition to post-quantum cryptography to strengthen its response to AI-driven security threats.