JPEX asset security multi-signature cold wallet

JPEX asset security multi-signature cold wallet

JPEX Digital Bank Trading Platform, Put all the focus on the platform of user assets. The original intent of the blockchain BLOCKCHAIN ​​is a synonym for security

However, in the cryptocurrency market, exchanges are playing an irreplaceable role, But compared to decentralized exchanges, centralized exchanges are indeed faster, Therefore, centralized exchanges have gradually become the main target of hackers.

Wallet-the heart of the exchange

JPEX attaches great importance to customer assets. Since its establishment, it has not planned to use hot wallets, because the assets in the exchange will definitely become the target of hackers. Therefore, the technical department and operation team directly do not consider using hot wallets. It means directly eliminating the risk of wallet attack

Although hot wallets are very convenient, there are many pitfalls. Since there is no human review of the signing of the transaction, this is the preferred target for hackers to steal cryptocurrency assets. By the time the exchange discovered a loophole in its hot wallet, user assets had already disappeared and could not be recovered.

In the history of hot wallet theft, more than one million bitcoins were stolen, the largest of which were Bitfinex and Mr.GOX. Since we will not take this risk, users should avoid using hot wallet exchanges.

The hot wallet is convenient and fast to use, and instructions can be completed quickly regardless of recharge and withdrawal. However, this option has been removed under strict JPEX requirements. In the coming days, JPEX will actively develop a hybrid processing system for hot and cold wallets. We will not use this type of system until we pass the strict test.

Point-to-point multi-signature cold wallet

Most of JPEX’s client funds are stored in multi-signature cold wallets. To ensure the security of assets, we will store customer funds in a multi-signature cold wallet first. With current technology, there is no better alternative than this.

JPEX’s cold wallet must be signed twice by three professional auditors in the operation team. If all the audit conditions cannot be met, we will re-check until it is correct. All related signatures and audits are performed offline.

For an exchange with the same security mechanism, at present, only one withdrawal check is carried out within 24 hours outside, while JPEX will handle it flexibly, so that users can complete the entire withdrawal process within eight hours after submitting a withdrawal request .

We believe that the user’s property is the most important, so the most time and resources are spent on the structure of the entire platform, asset security and data review. Including tracking all chain data, platform access records, to ensure that the assets of all our accounts are safe and accurate.

JPEX Security Technical Team

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