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FameEX Commits to User Funds Safety With Top Security, High Standard, and First Priority

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FameEX Commits to User Funds Safety With Top Security, High Standard, and First Priority

August 01
02:57 2023

FameEX, a secure and global cryptocurrency exchange, has reiterated its commitment to ensuring the safety of user funds, maintaining that financial trust is paramount for its long-term operations. During a recent media interview, FameEX Founder, Lee BoonGin, emphasized that the platform prioritizes user fund safety above all else in order to employ an intricate four-fold fund security guarantee system. This system includes a user asset protection mechanism, four-tiered technical protection, multi-nation and hierarchical management, and exclusive users’ fund access mechanism, all aimed at safeguarding user assets to the highest standards.

In December 2022, FameEX introduced a “Fund Reserve” section on its official website, a move that has significantly enhanced the transparency and security of user funds. The platform announces the total user assets and platform risk reserves daily. As of now, the platform has reported 10,346,597 USDT in total user wallet assets and 2,839,324 USDT in total platform insurance fund reserves. This innovative initiative underscores FameEX’s dedication to reducing the risk of user investment while boosting trading confidence and user experience.

Adopt Leading Encryption Technology for User Security

As part of the four-tiered technical protection mechanism, FameEX employs industry-leading four-layer ladder encryption technology to safeguard the security of funds. The main advantages and features of this technology include:

Tamper-Proof Full-Node Wallet

FameEX adopts a “full-node wallet” system for storing funds, ensuring complete synchronization with all block data. This approach guarantees the integrity of the data and the security of funds for both users and the platform itself. The full-node wallet system provides a highly secure and faster verification process.

Split Storage Between Cold and Hot Wallets

FameEX puts the safety of user assets at the forefront by implementing several protective measures. These include segregating hot and cold wallets, and randomly dividing wallet private keys. The keys are kept distinct and encrypted. FameEX also employs a multi-tiered authority separation storage approach to enhance security and reduce potential risks related to human errors.

Asymmetric Encryption With a One-Way Hash Function

FameEX uses a one-way hash function algorithm to create a private key from each corresponding public key. This operation is irreversible. This technique necessitates the alignment of each private key with its public key, thus guaranteeing that funds on the chain remain unreadable on FameEX.

Decentralized Encrypted Management of Wallet Storage

FameEX utilizes a decentralized storage system for private keys along with a “symmetric encryption technique” to secure the database where these keys are stored. To further ensure the privacy and security of the wallet, access to this database is divided into several permissions for viewing and reading. This multi-layered control mechanism provides robust safeguarding of user information.

Multi-Nation and Hierarchical Management

FameEX strategically divided its operations and  R&D efforts across multiple countries to develop different encryption methods for different currencies. The private key servers and their maintenance are strategically distributed in various regions including Australia, Southeast Asia, and American countries. This management strategy ensures the codes and authority rules of each department are not interoperable, thereby avoiding potential financial risks due to human factors.

Authorization to Access Only From Users

FameEX’s strict operations separate the user fund pool from the operating fund pool. All platform fund withdrawals are initiated from the operating fund pool while user recharge funds are stored in fixed wallets. This practice is coupled with daily system checks at 00:00 and an early warning system for any fund changes to underpin FameEX’s commitment to secure and transparent user transactions.

In line with its brand mission to minimize user transaction risks and foster a fair and free trading environment, FameEX continues to iterate and innovate its security measures. As the cryptocurrency landscape evolves, FameEX remains steadfast in its mission to provide the highest standards of security for its users’ funds.

About FameEX

Launched in 2020. FameEX is a global cryptocurrency exchange that currently provides fiat-crypto, crypto-crypto, grid trading, futures, options, margin, spot and a hugely popular referral and affiliate program. With more than 600,000 registered users across 50 countries and regions. FameEX provides a secure, stable and efficient 24/7 trading platform. In addition, FameEX keeps pushing the boundaries of the crypto exchange industry, exploring frontier growth opportunities and strengthening core competencies, expanding into adjacent product offerings and developing innovative business models that lead the way in bringing Web3 solutions into the crypto ecosystem including recruiting more Web3 developers and researchers to enrich the Web3 product that will support those visionary traders.

Find FameEX on:

Website: https://www.fameex.com/

Twitter: https://twitter.com/FameEXGlobal

YouTube: https://www.youtube.com/c/FameEX

Telegram: https://t.me/fameexgroup

Discord: https://discord.gg/V8yvKPxVCk

Trade on-the-go with the FameEX app (iOS/Android)

Media Contact
Company Name: FAMEEX
Contact Person: Mia Shi
Email: Send Email
Country: Australia
Website: https://www.fameex.com/