Home » Enhances Security by Fully Switching to Multisig Treasury via

Enhances Security by Fully Switching to Multisig Treasury via has upgraded its treasury security by moving all earned fees from a traditional EOA address to a more secure multisig address.

by V. Sinclair
0 comment, the decentralized social application operating on Coinbase’s Base blockchain, has made notable shifts in its treasury management and security measures, reflecting broader trends in blockchain and cryptocurrency management. Analyst Tom Wan recently highlighted that in December, the platform moved all earned fees from an externally owned account (EOA) address to a multi-signature (multisig) address. Additionally, it transferred half of its earned revenue, amounting to 7,800 ETH (approximately $16.6 million), to Coinbase.

The move to a multisig address is a significant step in enhancing the security and governance of’s funds. Multisig addresses require multiple signatures to execute transactions, thus reducing the risk of unauthorized withdrawals.

This shift also followed an unsettling event in October when users became victims of SIM-swapping attacks, resulting in a theft of about $400,000 within a day. Furthermore, in November, another sophisticated phishing attack targeted users, emphasizing the growing need for robust security measures.

Related Posts :

footer logo

@2023 – All Right Reserved.

Incubated bydesi crypto logo