Coinbase Agency's open source MPC library promotes industry-wide security

Coinbase Institutional publishes a multi-party computing cryptographic library to improve security in the cryptocurrency sector.

MPC technology reduces the risk of theft and illegal access by allowing multiple parties to sign transactions without disclosing their private key. On March 27, Coinbase announced that it has an open source tool for transaction signing and secure key protection technologies, along with technical documentation to help developers integrate MPC into their systems.

It opens upsourcing multi-party calculation (MPC) cryptographic libraries and sets new industry benchmarks for encryption transparency.
This technology already helps protect Coinbase assets, but it has raised standards for security across the industry…
– Coinbase Institutional

With code now available on GitHub, developers and organizations can easily integrate MPC into their security systems. By open-sourcing these tools, Coinbase hopes to promote the wider adoption of cutting-edge security features in the industry. The company has also launched a bug bounty program for security researchers to help identify errors in the code.

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Since its debut in 2021, its institutional platform, Coinbase Prime, has grown rapidly, securing $440 billion in assets and driving quarterly in-facility trading volume. Currently, custody supports over 430 assets, 250 for transactions. Improved security remains a top priority as more institutions adopt Coinbase Prime for secure transactions and custody.

Coinbase Institutional’s latest move coincides with a rapid surge in cyberattacks on the crypto industry. According to Immunefi’s first quarter report, hackers stole $1.64 billion in the first quarter alone, making it the worst quarter in history for a security breaches.

94% of all losses were on the centralized platform. The Bibit Hacks alone account for $1.53 billion, making it the biggest abuse in the history of the code. Ethereum (ETH) and BNB chains (BNB) were the main targets of chain exploits with 15 and 19 attacks, respectively.

Only $6.5 million in total funds stolen in the first quarter, or only a few have been recovered so far. The Coinbase move to open source MPC libraries may be a step towards improving sector security measures as hackers become more refined.

read more: https://crypto.news/bybit-hack-security-measures-would-prevent-a-repeat/