4Alpha Group upgraded its security system due to recent assets theft incidents on OKX and Binance

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New York, NY, June 18, 2024 (GLOBE NEWSWIRE) — Following recent asset theft incidents on OKX and Binance, 4Alpha Group contacted the relevant persons in charge of OKX and Binance at the first time to carry out a security risk investigation of all managed accounts, and adopted a series of measures to upgrade the security system.

On June 3rd, a user named Nakamao posted on platform X, “I have become a victim of the crypto world, with $1 million disappearing from my Binance account.” According to Nakamao, despite being in a secure environment with all communication devices within reach, hackers managed to steal all the funds from his account without needing a password or two-factor authentication (2FA).

Following this, a similar incident was reported on the OKX exchange. A user in the community claimed their account was attacked by AI “face swap” technology, resulting in the transfer of $2 million in assets. As a cryptocurrency trading platform, OKX has a responsibility to ensure the safety of user assets. This incident exposed the platform’s lack of focus on security, inadequate investment in safety measures, and insufficient risk management capabilities.

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Following these two security incidents, the person in charge of 4Alpha Group’s asset management business quickly contacted the relevant persons in charge of OKX and Binance, carried out a security risk investigation of all managed accounts, and adopted a series of measures, including restricting withdrawal amounts and managing trading pairs, to ensure the safety of customer assets and the stability of strategy returns, and prevent malicious behaviors such as knocking and stealing. This move once again reflects 4Alpha Group’s emphasis on asset security and its responsible attitude.

In order to enhance the security of your funds and information protection, 4Alpha Group has recently upgraded a series of risk control measures, including but not limited to the following aspects:

Strengthened identity verification system: We have enhanced the identity verification process to ensure that only users who have undergone rigorous verification can access their assets.

Multi-signature technology: We have implemented multi-signature technology that requires multiple authorizations to complete key operations, effectively preventing internal and external threats.

Real-time monitoring system: We have established a 24/7 real-time monitoring system that can promptly detect abnormal activities and take targeted measures.

Encrypted communication transmission: All information transmission between us and our clients is conducted using the highest level of encryption technology to safeguard the privacy and security of communication.

Security training and testing: We conduct regular security awareness training for employees and simulate tests to ensure that employees can respond to various security threats.

Through these upgraded measures, we are committed to providing you with a more secure and reliable asset management service to protect your funds. Thank you for your trust and support.

Based on 4Alpha Group’s years of risk-free operation experience, it is wise for inexperienced traditional asset managers and investors to choose centralized exchanges or custodians that value security and compliance. At the same time, in the field of asset management, it is essential to cooperate with larger-scale and longer-running professional institutions to ensure the safety and stability of assets.

In the field of crypto assets, security is the lifeline. 4Alpha Group calls on all parties in the industry to work together to strengthen supervision and self-discipline and create a safe and reliable investment environment for investors.

Disclaimer: This press release may contain forward-looking statements. Forward-looking statements describe future expectations, plans, results, or strategies (including product offerings, regulatory plans and business plans) and may change without notice. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements.

CONTACT: Flora Li business (at) 4alphagroup.com

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