Safety, Reliability, And Education: The Exchange Choice Matters

Currency token prices have been falling since May at a time when the number of security incidents has been climbing. According to data, there have been more than 60 security incidents in the past two months. Runaway scams and phishing have been on the rise, thunderstorms from public chain, DeFi security incidents, and the collapse of decentralized lending institutions have brought huge losses to users and impacted the development of the industry. Talk of long-term financial recession is on everyone’s minds. How users can ensure the safety of their assets in the event of drastic changes? Here are some suggestions:

● Choose a safe and reliable platform to store your existing assets

Since the inception of the blockchain, security incidents have occurred from time to time. As an important part of the blockchain industry, the security of assets is a centralized exchange’s top priority. Any breach on centralized exchanges will cause direct losses to users in the event of a security accident.

Over the past ten years, since Bitcoin was developed, there have been more than 20 exchanges hacked and more than 1.2 million bitcoins stolen. These exchanges include: Mt.Gox, Poloniex, Bitfinex, and Binance. According to the price at the time of the hacking incidents, the cumulative losses amounted to more than US$53 billion.  Some exchanges, such as Mt.Gox went bankrupt and collapsed overnight. Other exchanges, such as BitFinex, required platform users to share losses; some exchanges partially compensated users, but the incidents still resulted in loss and inconvenience for users.

Huobi Global attaches great importance to the security of its users’ assets. Since its establishment nine years ago, Huobi Global has not had a single major security incident that has resulted in the loss of users’ assets, and the exchange has continued to ensure security of users’ assets and transactions.

Huobi Global has adopted various methods such as hot and cold wallet separation, multi-signature, professional distributed architecture, and an anti-DDOS attack system to protect user assets. While ensuring the security of assets, Huobi Global continues to optimize its trading services for users. Currently, the Huobi Global system has been upgraded to V7.0.6, doubling the response speed of order placement and greatly improving system efficiency, especially in response to rapidly changing market conditions.

● Pay attention to the macro market and look for opportunities

According to a recent survey report released by the Economist, 36.6% of respondents want Bitcoin or other crypto assets to be legalized; 43.5% are neutral, and only 17.9% disagree with such a move. At the same time, attitudes towards cryptocurrencies and Web3 at the individual, regional and national levels have begun to improve, which will contribute to development of the blockchain industry. That’s a positive trend. At present, El Salvador and Central Africa have begun to fully embrace encrypted assets, and the new Prime Minister of Japan, Fumio Kishida, has indicated disapproval of the country’s regulation of listing digital tokens, with his administration working to abolish current rules focused on token listing. The United States, Singapore, Russia, and other countries are also actively developing relevant policies and regulatory frameworks surrounding the blockchain industry.

Web3 and the encryption industry have increasingly been integrated into the mainstream market. As a nine-year-old company with zero safety incidents, Huobi Global has been actively innovating in anticipation of Web3.In the past year, Huobi Global has launched a large number of products in the GameFi and NFT space; Huobi Global is also seeking new, active avenues for innovation, such as leading the investment in Cube, Cube Chain is a new, modular and permissionless blockchain designed from multichain architecture.

●      Be patient and confident and learn more

Following the collapse of the UST de-anchoring event, the market value of Terra, previously worth tens of billions of dollars, evaporated within a few days and a large number of institutional users also suffered heavy losses. The encryption industry has suffered an unprecedented test in investor confidence.  

Not all paths to success run smoothly. Proper discretion and research are advised before any investment decisions are made. Huobi Global has focused on user education since its establishment, and users can obtain information on the basics of investing through Huobi Global. Data on the blockchain is open and transparent, and the integrated analysis of the data is an essential step toward reducing the information gap between new users and professionals.

It has only been 10 years since the blockchain was born. From the perspective of the long-term historical cycle, the blockchain industry is still in its infancy. In this regard, we need to maintain confidence and patience, and take a longer-term view of the entire crypto market.