Gate.io’s Proof of Reserves implementation has passed Hacken’s security audit.
Posted: January 22, 2024 12:43 PM Updated: January 22, 2024 12:43 PM
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Hacken said Gate.io’s PoR makes a “significant contribution to the field.”
January 22ndnd, Panama – Gate.io, a leading cryptocurrency exchange and Web3 innovator, announced that its latest Proof of Reserves (PoR) methodology has passed a comprehensive security review conducted by Hacken, a pioneer in blockchain and Web3 security audits. The attached report found no serious problems.
The report, released on January 3, describes Gate.io’s PoR method as a balance of functionality and complexity, saying it “makes a significant contribution to the field by demonstrating a clear understanding and application of the key principles of blockchain technology and cryptographic systems.” explained.
Hacken’s Comprehensive PoR Security Review
Hacken’s security audit process includes rigorous analysis of the Gate.io PoR’s code and functionality, checking it against known vulnerabilities. The review covered key areas such as dependency management, cryptographic frameworks, code quality, error handling, and testing.
Gate.io’s founder and CEO, Dr. Lin Han said: “We appreciate Hacken’s thorough and diligent security review that left no stone unturned. Ensuring the integrity of PoR is a promise not only to the safety of user assets, but also to the entire blockchain industry. Hacken plays an important role in strengthening this commitment and continuing to set the bar high.”
Hacken’s review also described improvements to non-critical issues associated with the PoR method. Gate.io will further iterate and improve PoR as part of its ongoing commitment to securing user assets.
“As the digital landscape evolves, the imperative for transparency has become non-negotiable. At Hacken, we began our proof-of-reserve journey in 2019, laying the foundation through extensive market research. Since 2022, we have been conducting reserves certification audits. Centralized exchanges must embrace this standard to ensure accountability and transparency. Pioneers like Gate.io have set the benchmark for the entire industry. Proof of Reserves will soon become the standard for custodians, exchanges, lenders and stablecoin issuers,” said Yevheniia Broshevan, co-founder and CBDO at Hacken.
Proof of Reserve Early Adopters and Leaders
In 2020, Gate.io became one of the first exchanges to conduct PoR using the now standard method of combining Merkle trees with a third-party auditing firm and independent user verification. Gate.io repeated this process in 2022, making its implementation open source after the collapse of FTX. It will then be upgraded in 2023 to include more regular reporting on over 100 assets, the most of any exchange, and utilize ZK-SNARKs for increased security and privacy.
The latest PoR data from Gate.io now covers 171 assets, 59 more than the previous report. According to publicly available data, reserves exceed user deposits by more than 100%, with excess funds amounting to more than $584 million, or 15.47% of user deposits.
for Gate.io:
Founded in 2013, Gate.io is one of the world’s first cryptocurrency exchanges and a leader in compliant and secure digital asset platforms, offering a variety of trading services with 100% user-verifiable proof of reserves. Additionally, the platform is consistently ranked as one of the top 10 cryptocurrency exchanges based on liquidity and trading volume by CoinGecko. In addition to its main exchange services, Gate.io has diversified its ecosystem to provide decentralized finance, research and analytics, venture capital investment, wallet services, startup incubation, and more. The platform currently serves more than 13 million active users worldwide.
Media Contact: Elaine Wang
Email: (email protected)
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About the author
Gregory, a digital nomad from Poland, is not only a financial analyst but also a valuable contributor to various online magazines. With his extensive experience in the financial industry, his insights and expertise have been recognized by numerous publications. Making effective use of his spare time, Gregory is currently devoted to writing books on cryptocurrency and blockchain.
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Gregory, a digital nomad from Poland, is not only a financial analyst but also a valuable contributor to various online magazines. With his extensive experience in the financial industry, his insights and expertise have been recognized by numerous publications. Making effective use of his spare time, Gregory is currently devoted to writing books on cryptocurrency and blockchain.