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Cube.Exchange Introduces Guardian Council to Prevent Fraud

26/03/2024 21:01

According to Blockworks, digital asset trading platform Cube.Exchange has established a Guardian Council to prevent fraud on the exchange. The council will consist of industry participants from the Solana Foundation, Everstake, Triton One, Juicy Stake, and Kiln. These participants will serve as independent third-party validators for Cube.Exchange, preventing fraudulent withdrawals from occurring. They will be part of a system that requires approval from multiple parties for transactions on the exchange to proceed, ensuring that no single group, including the exchange itself, can misuse customer funds. This multi-party accountability system aims to minimize the potential for risk or financial loss. Cube.Exchange CEO Bartosz Lipiński stated that the exchange is looking to 'raise the bar for asset security and user protection in Web3.' He added that the Guardian Council is just the beginning of this effort, and the company will continue to introduce more innovations prioritizing security and user trust. Cube.Exchange launched the public beta of its testnet in November last year and announced in February that it had secured $12 million in a Series A fundraising round led by 6th Man Ventures. The platform is designed so that the exchange never takes full custody of the assets traded, due to its hybrid nature. Users maintain ownership of their assets through MPC wallets, and withdrawals and trades are executed through an off-chain matching system, with trading settled on the blockchain.

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