- Gate.io’s successful completion of the security audit conducted by Hacken underscores its commitment to maintaining the highest standards of security and transparency in the cryptocurrency industry.
- The exchange’s collaboration with Hacken and the subsequent improvements based on the audit findings highlight the ongoing evolution of PoR as a crucial standard for custodians, exchanges, lenders, and stablecoin issuers, contributing to the maturation of the broader digital asset ecosystem.
In a significant move towards reinforcing security and transparency in the crypto space, Gate.io, a prominent crypto exchange and Web3 innovator, announced that its Proof of Reserves (PoR) methodology has successfully passed a meticulous security review conducted by Hacken, a trailblazer in blockchain and Web3 security auditing. The comprehensive audit, which scrutinized the code and functionality of Gate.io’s PoR, found no severe issues, emphasizing the exchange’s dedication to user asset safety.
Hacken’s report, released on January 3, not only commends Gate.io’s PoR method for its balance of functionality and complexity but also acknowledges its substantial contribution to the field. The methodology demonstrates a clear understanding and application of key principles in blockchain technology and cryptographic systems, according to the report.
Dr. Lin Han, Founder and CEO of Gate.io, expressed gratitude for Hacken’s thorough review, emphasizing that ensuring the integrity of PoR is not just a commitment to user assets but also a broader commitment to the entire blockchain industry. Gate.io has consistently sought to set high standards for security, and Hacken’s role in fortifying this commitment is crucial.
The security audit covered essential aspects such as dependency management, cryptographic frameworks, code quality, error handling, and testing. While the audit found no severe issues, it did identify areas for improvement in non-critical aspects of the PoR method. Gate.io has affirmed its commitment to user asset security by pledging to iterate and enhance the PoR in response to the audit’s findings.
Hacken, known for its focus on blockchain and Web3 security, emphasizes the imperative for transparency in the evolving digital landscape. Yevheniia Broshevan, Co-Founder & CBDO at Hacken, highlighted the significance of Proof of Reserves, stating that it will soon become a standard for custodians, exchanges, lenders, and stablecoin issuers. Gate.io’s proactive adoption of PoR, alongside other pioneers in the industry, is setting a benchmark for transparency and accountability.
Gate.io’s PoR journey began in 2020 when it became one of the first exchanges to conduct PoR using a standard method. The exchange made its implementation open source in 2022, and in 2023, it further upgraded the system to include more regular reporting on over 100 assets, the most among any exchange. The latest PoR data covers 171 assets, validating reserves exceeding user deposits by over 100%, with excess funds totaling over $584 million.
Gate.io Achieves Distinction: Proof of Reserves Receives High Praise in Hacken Security Audit
Gate.io’s successful navigation through the rigorous security audit by Hacken stands as a testament to the robustness and reliability of its Proof of Reserves (PoR) methodology. The positive acknowledgment from Hacken, emphasizing Gate.io’s contribution to the blockchain and cryptographic systems, solidifies the exchange’s commitment to user asset safety and industry-wide transparency. As Gate.io continues to iterate and enhance its PoR, it sets a significant benchmark for the broader crypto industry, positioning Proof of Reserves as an essential standard for custodians, exchanges, lenders, and stablecoin issuers.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
