A recent study conducted by an ICO rating agency claims that more than 50 percent of the cryptocurrency exchanges do not have a tight security in place at present.
ICORating conducted an analysis recently wherein it concluded that approximately half the digital currency exchanges have not taken proper steps to strengthen their security. Now, it is indeed a serious issue as apart from those funds being at a risk, investors also feel vulnerable. The compiled report further adds that the passwords that were used were too weak.
It gave an example that about 40 percent of the crypto exchanges allowed the investors to use passwords with less than 8 characters. Out of all the exchanges included in the report, just 4 percent complies with the security parameters completely. This is indeed a serious issue as it signifies that the rest of the crypto exchanges (96 percent) are under security threats.
ICORating wanted to offer a greater clarity on the existing problem and also evaluated the domain and registrar security in its report. The agency also gives an exchange-wise breakdown in its report. The report gives a security score to each exchange and also lists the most troublesome area for each one of them, according to a report on Bitcoin Exchange Guide.
Honest ICO Rating Sites Are Important
The Fintech sector really needs an honest rating of the Initial Coin Offerings in the crypto market. With the continuous advent of new technologies, advanced techniques are being used for doing transactions such as investing, selling, and purchasing.
There is a strong requirement for the presence of a genuine ICO rating website so that the scammers and the hackers can be put in check. For instance, when a reliable website sends an alert that an ICO, company or an organization is fraudulent, further funding can be immediately stopped. Plus, investors can make well-informed decisions, according to Coin Idol.
The post ICO Rating Agency Finds More Than Half Crypto Exchanges With Inadequate Security appeared first on OWLT Market.
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