Participants at the Blockchain Life event in Dubai expressed different opinions about who should be responsible for safety and security within the crypto space.
In a Cointelegraph interview, Vugar Usi Zade, chief operating officer of the Bitget crypto exchange, said platforms should not put matters concerning security and safety on their users’ shoulders:
“Safety and security matters should not be put as a responsibility on customer’s shoulders. The product should be intuitive.”
The Bitget executive said exchanges such as Bitget have many ways to help consumers with security.
How exchange platforms can enhance security
According to Zade, Bitget implemented a feature called delayed payments. With this, the exchange can delay or cancel transactions before they happen. This means that if a transaction is suspicious, the exchange can prevent it from occurring.
Zade added that Bitget also implements anti-phishing codes. He told Cointelegraph:
“As a user, you are able to put a special code that all the communication coming from Bitget will feature that code telling you that it actually comes from us, while the scammers will not be able to put that in print. It’s kind of a secret code between a user and the exchange.”
Zade said if scammers have been flagged before, Bitget can notify customers before transferring funds to certain addresses. “We are trying our best on our end to prevent any sort of scam happening,” Zade said.
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Security falls on many “layers”
Meanwhile, in a panel discussion moderated by Cointelegraph, Jason Jiang, the chief business officer of blockchain security firm CertiK, said the crypto industry comprises multiple layers, which must be responsible for different security-related matters. He said:
“It starts with the community and then goes to the projects, who needs to get audited and then, it goes to the exchanges who could freeze funds when a hack occurs.”
Jiang said regulators are responsible for putting proper policies in place and enforcing them, with law enforcement also having a role to play in investigating where funds went.
“It goes to many layers. And it takes all of us to get this space secure,” Jiang added.
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