JAKARTA - The Catcrs crypto asset platform announced the completion of wallet architecture and custody system upgrades to strengthen user asset protection, especially in large-scale fund withdrawal transactions and institutional custody services.
The update includes the implementation of a layered security system, ranging from strengthening the verification process, monitoring anomalous activities, to stricter custody strategies.
Catcrs Chief Operating Officer Farid Hakim said the system upgrade was carried out as part of the company's commitment to maintaining the security of user assets amid the increasingly dynamic development of the digital asset industry.
"Users may still be able to accept market price fluctuations, but they will find it very difficult to accept the loss of assets due to system gaps or management errors. Therefore, we choose to strengthen each security point so that these risks can be suppressed as much as possible," said Farid Hakim in his statement, Tuesday, May 12.
In the latest update, Catcrs made thorough adjustments to the multi-point backup system, transaction authorization flow, and abnormal activity monitoring technology.
Withdrawals of large amounts of funds will now go through a more rigorous verification process. Meanwhile, institutional custody accounts get additional confirmation mechanisms to minimize potential security risks.
In addition, Catcrs also reclassified the custody strategy based on the level of risk of each crypto asset. For tokens with high volatility and risk levels, the company applies a more conservative withdrawal rhythm as a mitigation measure.
Farid emphasized that the improvement of wallet and custody architecture is not only a technological development, but a preventive step to anticipate potential security gaps early on.
"We prefer to add one layer of verification and slightly extend the review process than to take risks on the security of user assets. For us, security must always come before business growth," he said.
According to Farid, the company's internal evaluation is carried out through simulations of various extreme situations to measure the system's ability to protect user funds from the ever-evolving cyber security threat.
He assessed that the most noticeable change for users from this system update was the additional confirmation process when withdrawing large amounts of funds. Although it has the potential to increase transaction time, this step is considered to provide stronger protection.
"User trust is not built only from transaction convenience, but also from the belief that their assets are seriously guarded. That's what we want to make sure through this system upgrade," said Farid Hakim.
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