PANews reported on September 25 that CoinEx founder Yang Haipo issued an article saying that although CoinEx is closing, the hot wallet system is still relatively advanced and worthy of learning from other practitioners in the industry.
CoinEx uses a dual signature scheme based on MPC to manage hot wallets to eliminate single points of failure. Its infrastructure consists of two completely independent systems, the business system and the wallet system. Each is responsible for an independent team, each holding a private key. All withdrawals or transfers must pass real-time risk review of the two systems. Even if one of the systems is compromised, the attacker still cannot directly steal the assets. Yang Haipo said that the difficulty of this solution lies in the need to independently implement the wallet signature process, rather than relying on the native mechanism of each node; CoinEx took more than a year to transform most of the nearly 300 chains it supports one by one.