The Exchange Security Report published by ICORating on October 2, stated that the majority of the top cryptocurrency exchange platforms have insufficient security framework. That is why a lot of exchanges are still likely to fall prey to hackers. As per the report, these hacking attacks took place because of poor security on the part of the affected crypto exchange platforms.
The year 2018 witnessed a couple of major hacking attacks. The year began with the Coincheck exchange hack in which more than $500 million in NEM tokens were stolen by hackers. Later during the year, crypto exchange Bithumb, Coinrail and more recently Zaif also became a victim in the hands of cryptocurrency hackers.
ICORating elected to utilize four main criteria while it was attempting to catalog the respective security weaknesses and strengths of these cryptocurrency exchange platforms. These four main criteria entail user account security, code errors, web security and domain security. The field of inquiry was limited to exchanges that recorded average daily trading volumes that exceeded $1 million.
As per the report, many exchange platforms had several security shortcomings. There were areas of grave concern even among the top-ranked platforms. However, on the plus side, the majority of exchanges showed no code errors, and less than half of the exchanges did have top-of-the-line user account security features.
The majority of issues pertaining to user account security came from two-factor authentication, email verification and password strength. The report stated that another major area of concern is domain security. Since the hackers hatch elaborate schemes, the report stated that this is a glaring vulnerability, as mentioned in the Live Bitcoin News report.
The report stated that over the last eight years, around 31 cryptocurrency exchanges have been reportedly hacked and more than 1 billion dollars have been stolen. The report added that while some of the exchanges learned from their mistakes and managed to recover, there were others that went bankrupt. Also, there were others such as Bitcoinica, PicoStocks, Mt. Gox and Bitcurex which were attacked even multiple times, as stated in the report published by ICORating.
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