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Why security breach of exchanges like Bithumb cannot be avoided?

On 20 June, Bithumb, the biggest Korean crypto exchange, disclosed that the Company has lost around 30 million USD worth of crypto-assets. However, the loss would be covered by the exchange but the news has caused bitcoin price to drop around 2%.

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In 2018 alone, we have witnessed a series of security incidents in the crypto world.
In January 2018, Coincheck, the leading crypto exchange in Japan, was hacked and 530 million U.S. dollars worth of NEM were stolen.
On April 22, BEC had an abnormal transaction. The number of tokens transferred by hackers exceeded the number in circulation, which resulted in almost zero valuation of the token.
On May 23, a vulnerability in EDU (EduCoin) was found in its contract coding. The EDU Token in any account could be randomly transferred and billions of tokens were stolen.
In early June, 360 security exposed critical bug in EOS, which had caused much fluctuation on price and delayed the launch of the mainnet.
On 20 June, Bithumb announced around 30 million worth of cryptos were stolen and the exchange are transferring assets to cold storage.

Security has become a major issue surrounding exchanges, wallet or contract-based tokens. Every single security breach has impacted the market negatively.

Why exchange become the “primary target” of hackers?
How to improve the counter measures against risks?
How to spot vulnerabilities in development stage?
How to protect one’s own digital assets?
How should the participants in the blockchain world work together to build a secure environment?

The Wuzhen Blockchain Conference will focus on blockchain security with a dedicated session with the theme: Digital assets and user privacy-blockchain application and security.

Yang Xia, founder and CEO of Lian’an Technology, will share “Automatic Smart Contract Verification Platform: vaas”. As an important component of the underlying blockchain protocol, “smart contracts” plays an important role in any blockchain network. The “one-button” verifier can track down the location of buggy contract code, effectively avoiding security breaches such as the BEC contract.

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Yang Xia, founder and CEO of Lian’an Technology

 

Wen Hao, founder of bitpie, will also participate in the round table forum theming “Security risks of blockchain technology”. As a well-known development team in cryptocurrency wallet, bitpie the only wallet recommended by Bitcoin.org. The product helps individual and corporate users to secures millions worth of cryptocurrencies. The chaincloud platform provides API cloud services for many companies.

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Wen Hao, founder of bitpie

In addition to this, many industrial professionals will also be present in Wuzhen:

“Reflections on the Next Generation Digital Asset Exchange Security Technology Standard” by Wang Guijie, founder of ThinkBit.
“Exchange based on community consensus” Ji Jingyan, founder and CEO of BKEX
“Application of Blockchain in Distributed Computing Market” Liu Shuang, CEO of Rrchain
“Financial Ecology of Digital Assets” Zeng Xi, CEO of Yi Tang Data
“Application of Blockchain Technology in the Food Supply Chain Industry” by Dr. Chen Xianda, founder of DropChain

Come and join us in the 2018 Wuzhen World Blockchain Conference. For more information, please download 8btc APP or official website to get admission tickets.

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