OKX Founder Star: Security Should Not Become a Domain for Commercial Competition; A More Robust Coordinated Response Mechanism Should Be Established

on October 30, OKX founder Star posted on X stating that the recent string of security incidents involving Bybit, Bitget, and Binance should serve as a wake-up call for every leader in the crypto industry.

Star stated that security should never be a field of commercial competition, and protecting users and the entire industry is a shared responsibility across all parties. He believes that CEOs across the industry need to unite, much like during the Bitcoin fork crisis in 2017, to establish stronger industry-wide security standards and coordinated response mechanisms.

For example, transfers and settlements between verified exchanges could be processed in real time, while large withdrawals to unknown or unverified addresses, as well as transactions granting smart contract permissions, should undergo additional verification and appropriate security delays.

He emphasized that these safeguards must be enforced at the cryptographic signature layer, rather than relying solely on application-level controls. Even if attackers breach an exchange's wallet management system, they should not be able to bypass these fundamental security restrictions.

Star also called for the establishment of an industry-wide real-time security incident notification mechanism, collaborative monitoring of suspicious funds, and rapid responses to potential attacks. Exchanges, stablecoin issuers, and other key participants should work together to quickly and legally temporarily freeze suspected stolen assets when necessary.

Furthermore, he believes the industry should collectively accelerate the transition to post-quantum cryptography and strengthen defenses against emerging AI-driven security threats. No single company can solve these long-term challenges alone; it requires industry-wide coordinated research, shared standards, and collective action.