New Fire Technology announced that it will provide MPC wallet security solutions to Bybit free of charge

On February 22nd, Beijing time on the evening of February 21st, the cryptocurrency exchange Bybit's assets worth 1.50 billion US dollars were stolen due to the ETH multi-signature wallet transfer attack, which is the largest hacker attack in the Web3 industry so far. The crypto industry has been suffering from hackers for a long time, and Xinhuo Technology announced that it will provide MPC wallet security solutions for Bybit free of charge to jointly protect the safety of customer funds.

By using MPC-TSS (Muti-Party Computation-Threshold Signature Scheme) technology, Xinhuo Technology's MPC wallet solution supports users to manage private key sharding and collaborative signatures in a distributed manner, without relying on a single centralized institution, and supports T-N threshold signature settings (such as 3-3 multi-party signature scheme), eliminating the risk of traditional private key custody. At the same time, it solves the single-point risk of private keys, truly allowing users to achieve safe self-custody of assets. Up to now, Xinhuo Technology's MPC wallet security solution has provided products and services for many well-known trading platforms and institutions in the industry.