BitGo CEO: BitGo is not at fault in Bitfinex theft

Mike Belch, CEO of bitcoin payment processing firm BitGo , believes that the view of some people that digital currencies are unsafe is wrong.

Following Mt. Gox , earlier this month, a major security incident occurred at the Hong Kong Bitcoin trading platform Bitfinex , in which hackers stole Bitcoins worth about $70 million, raising questions about the security of blockchain technology.

As the world's leading Bitcoin and blockchain technology company, BitGo has been providing security for Bitfinex . Recently, BitGo CEO published a new article on his personal blog to boost people's confidence in the company. At the same time, BitGo also announced that BitGo had no fault in the Bitfinex hacking security incident .

He said :

If similar incidents occur in the future, we will lose the confidence of our customers forever and Bitcoin will become a thing of the past in financial history.

Cryptocurrency Alliance (C4)

In Belch's view , to solve this problem, a set of Bitcoin security standards must be established. To achieve this goal, BitGo and other major Bitcoin industry leaders jointly established the Currency Cryptography Certification Association (C4) a year ago .

The association's main work is to establish a set of working standards around currency security encryption, referred to as CSS. Other members of the association include accounting firms such as Deloitte and PricewaterhouseCoopers .