Security Update - Partnership with BitGo

Posted by Sangho on Jun 20, 2019 3:18:53 PM

We’re excited to announce that we are partnering with BitGo.

Thank you for your patience in regard to the temporary suspension of deposits and withdrawals. Our wallet services experienced a warning of a possible security incident and were disabled as a precaution. There was no loss of funds and all security safeguards worked as intended.

The incident further intensified our focus on security, and to significantly increase safety, we are implementing BitGo’s multi-signature wallets.

The benefits of this security update are:

  1. Multi-signature wallets restricting access to funds to trustees.
  2. Cold storage automation.
  3. Optional insurance on crypto assets.
  4. Faster listing of cryptocurrencies.
With the multi-signature solution, larger withdrawals need multi-signature approval by Bullex and BitGo appointed trustees. Furthermore, system-wide limits on withdrawals per timespan are imposed.

We expect the BitGo integration to be ready on July 1st. Until then: deposits are suspended, but withdrawals are still processed with a slight delay.

We are excited about the road ahead and we thank you for your trust in us.

 

Sangho Grolleman

Chief Executive Officer

Topics: Bullex