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Dear Tapbit Community Members,
At Tapbit, we have always considered the security of your assets to be our highest priority. Security concerns regarding user assets have been a critical aspect of the cryptocurrency market. In light of recent security incidents within the cryptocurrency market over the past two days, it has once again emphasized the paramount importance of security across exchanges.
We want to assure both our existing Tapbit users and potential users that we greatly appreciate your trust. Tapbit is not only deserving of your trust but also stands resolutely committed to safeguarding your digital assets.
Our Commitment to Addressing Security Concerns
We are well aware that a recent hacked event may have raised concerns. However, please rest assured that we have always been diligently working to ensure the utmost protection for your assets.
Tapbit has long implemented a series of exceedingly stringent measures to ensure the ongoing safety and reliability of your digital assets.
Assets Security
$40 Million Insurance Fund
We understand that, despite our best efforts, unforeseen risks can persist. This is why we have established a substantial $40 million insurance fund. This fund stands ready to cover any potential losses stemming from actions on our platform. In the unlikely event of a security incident, rest assured that your losses will be promptly reimbursed within 24 hours.
Two-Factor Authentication (2FA)
To fortify the security of your accounts, we have implemented Two-Factor Authentication (2FA). This additional layer of security significantly reduces the risk of unauthorized access.
Mandatory Whitelisting for Bitcoin Addresses
We have introduced mandatory whitelisting for Bitcoin addresses. Only pre-approved addresses can be used for withdrawals and transfers, further diminishing the possibility of unauthorized transactions.
Comprehensive Risk Assessments
Following each order placement and execution, we conduct meticulous risk assessments to promptly identify and forestall any suspicious or potentially detrimental activities.
Encrypted SSL Protocol
Our website is fortified with an encrypted SSL (https) protocol, ensuring that all data transfers between you and our platform are fully encrypted and protected. This effectively thwarts any attempts by malicious actors to intercept or manipulate your information.
Data Encryption
We encrypt all sensitive data, including passwords, using bcrypt with a cost factor of 12. This ensures that even in the improbable event of a data breach, your information remains impeccably secure.
Amazon Web Services (AWS) Hosting
Our platform is hosted on Amazon Web Services (AWS), a renowned provider celebrated for its robust physical security and internal controls. Our choice of hosting guarantees the highest echelons of security for your assets.
Ongoing IT Security Evaluations
We continually engage in IT security evaluations to proactively detect and resolve potential vulnerabilities as they arise. This proactive approach ensures that we consistently remain at the forefront of asset protection.
Wallet Security
Cold and Hot Wallet Separation
We place great emphasis on the security of your digital wealth. The majority of customer digital assets are securely stored in offline storage, known as Cold Wallets, with only a minimal amount stored in our online wallets, the Hot Wallets. This segregation effectively minimizes the risk of unauthorized access, thereby ensuring the safety of your assets.
Multi-Signature Authentication
We employ multi-signature authentication (Multisig) for wallet access. This advanced security feature can effectively withstand attacks and eliminate single points of failure, thereby ensuring the perpetual security of your assets.
Manual Secondary Review
The transfer of assets from Cold Wallets to Hot Wallets necessitates a second manual review. This additional security layer guarantees the comprehensive protection of your assets and serves as a deterrent against unauthorized transactions.
At Tapbit, we are unwavering in our commitment to providing you with a secure and reliable platform for your digital asset trading. Your trust is of paramount importance to us, and we will continue to work tirelessly to uphold the highest security standards.
Thank you for choosing Tapbit. Your digital wealth is in safe hands.
Warm regards,
The Tapbit Team
