Jump to content
  • Sky
  • Blueberry
  • Slate
  • Blackcurrant
  • Watermelon
  • Strawberry
  • Orange
  • Banana
  • Apple
  • Emerald
  • Chocolate
  • Charcoal

Welcome to your community. We would like you to take a minute and read our newcomers guide.

Sign in to follow this  
cryptofreak

Crypto security around exchanges

Recommended Posts

Wallets and Exchanges are always strong targets.

 

From when Wallets and Crypto exchanges came to be, they’ve been targets for hackers and thieves.

Some exchanges have experienced internal breaches of responsibility and trust i.e. Coinbase insider trading allegations. 

Binance, despite being ranked first on CoinMarketCap for Market with Fees based on reported daily trade volume in USD, experienced some serious security flaws in its security architecture, when the company's risk management system foiled a "well-organized phishing and stealing attempt" at the withdrawal stage. This was after "hackers used account information obtained through several months of phishing and strategically placed a large number of market buys on the VIA/BTC market… in an attempt to move the Bitcoin from the phished accounts to 31 accounts controlled by the hackers."

 

Encrybit (a decentralized crypto exchange) carried out a research few months back, and results revealed that crypto exchanges are faced with three major concerns: Lack of Liquidity, Security, and High trading fees. It was also revealed that, the most used exchanges as voted were in the order: Binance, Huobi.pro, and OKEx, which confirms the earlier results released by CoinMarketCap.

However, Jitendra Rajput (Encrybit's CEO and co-founder) referencing the results got from the survey, spoke about the industry’s present state of cybersecurity saying: "none of the exchanges are lauded for their approaches to security."

 

Lack of regulation is one of the reasons why scammers, hackers and the likes have flooded these crypto exchanges and wallets. Some countries have decided to make a positive move in this regard. Japan has already a regulatory task force for with main focus on cryptocurrencies. Throughout 2017, the United States SEC on countless occasions made crypto-press headlines. In China, a greater hardline stance has been taken on the matter in comparison, catalysing mass strategic relocations of key Chinese blockchain organizations to more lenient countries like Japan, Vanuatu and Malta.

 

 

 

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
Sign in to follow this  

×