Taking security seriously: How WOO X protects the user

Taking security seriously: How WOO X protects the user

A look at the different systems, controls, and tools that WOO Network uses to defend assets on the network.

Security in the digital asset space is too big to ignore. Many people list security as one of the reasons they are hesitant to fully enter the space, a concern that isn’t lost on WOO Network. The goal is to let users feel empowered by the WOO Network line of products and use them in a worry-free manner.

Protecting the WOO token with multisig storage

The WOO Network team has withheld a large number of tokens that will be used to drive adoption in the ecosystem. In order to prevent these tokens from having a single source of failure, they’ve recently been moved to a Gnosis Safe Multisig wallet. Gnosis is one of the top solutions for Ethereum-based tokens and is used by many industry leaders including Synthetix, Aave, and SushiSwap. The Gnosis solution requires a predefined number of signatures to confirm transactions, preventing theft or unauthorized access to funds.

Basic security measures

Users, especially novice or intermediate users, should familiarize themselves with best practices for investing in digital assets. Here’s a list of features that WOO X will provide to help users secure their accounts and prevent losses due to theft of hacking:

  • 2FA: Two-factor authentication requires users to prove their identity in multiple ways. The most common ways are with Google Authenticator, SMS verification, and email verification.
  • Anti-phishing code: These are unique codes set up by the users that appear in communications from WOO X. This prevents bad actors from setting up fake versions of WOO X and luring users into depositing funds.
  • Funds passwords: Funds passwords are a final level of security, similar to a pin number on a debit card, that must be entered before funds can be withdrawn from WOO X. In the event an account is compromised, attackers would still be unable to withdraw without this password.
  • Whitelists: Users can whitelist IP addresses and withdrawal addresses so that regular investing activities can be streamlined and heavier security processes will be placed on new or suspicious activities.

Why are security measures important?

Exchanges are constantly receiving attempts to access the site via emails and passwords leaked from other websites. If users registered on other sites with the same email and password, attackers might be able to steal these credentials, then use them to log in on WOO X. That’s why it’s important to regularly update accounts with unique passwords, and always connect 2FA devices.

Additionally, the WOO X team has built a number of measures to proactively recognize when suspicious activities are occurring on the platform. Earlier this year, WOO X detected that multiple accounts were compromised by a third-party data leak. The users were notified of their vulnerability, asked to re-verify their identity, and of course, all funds were safe on the platform.

Third-party custody

2021 saw a number of high-profile exchanges hit by hackers. Unlike those exchanges, user funds on WOO X are stored by institutional-grade asset management services, not self-custodied by WOO X themselves. These assets are then stored by security professionals in a mixture of hot and cold wallets, eliminating a single point of failure. Withdrawals must pass through a series of internal and external checks, limiting the likelihood of losing funds to attackers, both externally or inside WOO Network.

Website security

WOO X itself uses a combination of processes to defend against attack, ranging from fairly basic to more advanced. This includes:

  • SSL encryption for all data communication
  • Automated protection against DDOS attacks
  • Regular stress testing to detect potential vulnerabilities
  • Periodic security scans

Internal Controls

WOO X might be a new platform, but the founders are far from short on experience. Jack, Ran, and Mark have been in the industry for years with quantitative trading firm Kronos Research, a team that trades billions of dollars in digital assets each day. WOO Network worked carefully with the risk management team at Kronos Research to develop and implement top internal controls.

And if all else fails…

10% of the WOO token supply is set aside for insurance, as a means to reimburse users in the event of a platform hack, exploit, or critical issue. Naturally, we don’t anticipate this happening, but as part of our commitment to user service, we want users to feel safe when trading on WOO X.

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The content above is neither a recommendation for investment and trading strategies nor does it constitute an offer, solicitation, or recommendation of any product or service. The content is for informational sharing purposes only. Anyone who makes or changes the investment decision based on the content shall undertake the result or loss by himself/herself.

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