OKEx Launches Security Response Centre to Fix Weaknesses

OKEx, a digital asset exchange based in Malta, announced today that it has launched a vulnerability reporting tool - OKEx Security Response Centre - which is designed to repair any weakness or flaws in the Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term’s security and a reward scheme.

The cryptocurrency and digital asset space are prone to hacking, with security being one of the biggest issues for cryptocurrency exchanges and trading platforms. The launch of OKEx Security Response Centre seems to be a direct response to this risk, as it aims to optimize its users’ security for digital asset trading.

The response center is powered by the users of OKEx. That is, traders can notify the exchange when they find any vulnerabilities, whether it be on the website, app or any other platforms.

OKEx Reward Scheme

When these weaknesses are reported, the company’s security team will follow these up immediately and take any necessary action, the statement said. As an incentive, users who give valid security vulnerability reports will receive digital asset rewards, which will be tailored to the risk level of the vulnerability. That means the bigger the flaw, the more rewards you’ll receive.

In order to receive the reward, users will need to provide enough information for the security team to investigate when submitting the report. Once the flaw is validated, the customer will receive the rewards in their OKEx wallet within two working days.

Commenting on the initiative, Andy Cheung, OKEx’s Head of Operations, said: “As security is one of the most important pillars we strive to enhance, this initiative not only benefits the platform, but in a deeper meaning, it will improve the whole ecosystem bit by bit. We encourage users to join hands with us and help to keep OKEx as one of the most secure places for digital assets.”

According to the statement, the vulnerabilities are categorized into four types - Web Platform Security Vulnerabilities, Mobile Client Vulnerabilities, API Security Vulnerabilities, and Token Smart Contract Smart Contract A smart contract is a piece of software that automatically executes a pre-determined set of actions when a certain set of criteria or met. One of the key tenets of smart contracts is their ability to perform credible transactions without third parties and are self-executing, with their conditions written into the lines of code that form themAdditionally, these transactions are both trackable and irreversible. For example, a smart contract could be used to give royalty payouts to a musical artist A smart contract is a piece of software that automatically executes a pre-determined set of actions when a certain set of criteria or met. One of the key tenets of smart contracts is their ability to perform credible transactions without third parties and are self-executing, with their conditions written into the lines of code that form themAdditionally, these transactions are both trackable and irreversible. For example, a smart contract could be used to give royalty payouts to a musical artist Read this Term Vulnerabilities. They are also divided into four risk classifications - serious, high, medium and low.

Customers who identify a serious risk will be rewarded with 8-10 ETH; High 5-7 ETH, Medium 2-4 ETH and Low 0-1.