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Koinex Finally Responds to Proof of Keys, Has Conducted Confidential 3rd Party Audits

January 09, 2019 07:19

Koinex has finally spoken in response to the Proof of Keys movement. Like other exchanges this company has also made a self-declaration that it will be able to honor all withdrawal requests in time.

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So finally it has happened – Koinex, one of the biggest crypto exchanges in India, has responded to the Proof of Keys movement. Though it has been considerably late in its response, it’s great to see that it didn’t remain mute altogether. Given below is what company’s Co-founder and CTO Rakesh Yadav said on the matter:

“We fully support the #ProofOfKeys movement & the security of our users’ funds has always been our topmost priority. Read on to know more about how we set the best security standards as India’s largest and most advanced digital assets exchange. We maintain less than 3% of the total crypto assets in hot wallets and the rest is distributed amongst different multi-sig cold wallets. No transactions can be initiated without authentication from multiple authorised personnel. Strict security protocols, including 2FA, have always been mandatory on @koinexindia and we have recently added more comprehensive withdrawal protection and account security features to our platform. We have robust internal maintenance systems for monitoring changes in the status of the wallets. IVR calls/alarms alert our engineers about any event at all times which are fully logged. We have conducted numerous third-party assisted audits successfully (this information is confidential). We affirm that we never use or move our users’ funds for any lending activities. Users can withdraw their crypto assets anytime without any hassle.”

An interesting thing in this statement is that unlike other exchanges which largely didn’t say anything about 3rd party audit in their statements Koinex has said that it successfully went through “numerous third-party assisted audits”. However, these guys too don’t want to provide any information related to those audits as it is confidential, which means that we need to believe the whole thing without seeing it.

Nevertheless, it’s comforting to see that Koinex has said at the end of its statement that it will be able to honor all withdrawal requests in time, and it hasn’t used the cryptocurrencies deposited by its users. As it was the only major exchange remaining to respond to the movement there were concerns being raised about everything being Okay at it. Now we can at least take a sigh of relief.

Technology and business were my core interests, so it wasn't surprising that I got interested in cryptocurrencies, which operate at the intersection of both these things. Now I live my passion by trading cryptocurrencies and covering Cryptocurrency news. You can connect with me on Facebook to learn more about me. :)


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