After numerous disastrous hacker attacks, investors expect that crypto exchanges took notice and have taken adequate security measures. Although most exchanges stress how secure they are, they have significant security gaps. A new study shows that 54% of all exchanges have weak security measures in at least one part of their system. This makes them and their customers vulnerable to hackers.
Security gaps in exchanges persist despite hacker attacks
Even though the crypto industry has changed significantly since Bitcoin’s early days, one thing has not changed. Exchanges are still regularly attacked by hackers. As the first major scandals at Mt. Gox or the hacker attack on Zaif last month prove, exchanges are still the target of hackers. A report by the ICOrating.com platform now reports on this phenomenon. This report reveals the extent of the lax attitude towards the security of many exchanges.
The website examined platforms where the daily trading volume exceeds one million US dollars per day. Among other things, the survey revealed:
41% of exchanges allow passwords with less than 8 characters.
37% of the exchanges allow passwords that consist only of numbers or letters.
5 % of the exchanges allow registration without an e-mail check.
3 % of the exchanges lack a 2FA.
Only 46 % of the exchanges meet all four requirements.
Okcoin lowest score
ICO.rating.com has published a list with the ranking of the awarded points on its homepage. None of the exchanges could reach a score of 90 or higher. Coinbase received the most points with 89/100, followed by Kraken with 80/100.
At the bottom of the list is Okcoin.cn with only 15 points. Mercatox (25/100), Zaif (29/100) and Bithumb (34/100) also performed poorly. Although attempts have already been made to investigate the security measures of crypto exchanges, the one at ICOrating.com is the most detailed. However, it does not cover all the security aspects that could be studied for such a study.
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