Report: 54% of Exchanges Have Weak Security Measures

crypto_exchange_safety
What are the lucrative cryptocurrency exchanges doing to keep our funds safe?

This year has been a difficult one for the cryptocurrency space. Now only has there been a bearish downtrend all year, but 2018 has also seen its fair share of exchange hacks which have instilled fear in some investors.

According to Blockchain security firm CipherTrace, $731 million was stolen from crypto exchanges in just the fist half of 2018 alone. If we compare these numbers to last year, this means that in half of 2018 about triple the amount was hacked from exchanges compared to the entirety of 2017. This number has likely ballooned ever further since the report came out in July.

Many of these hacks originated in Japan. The Japanese National Police Agency reported last month that Japan lost a staggering $540 million to hackers in the first half of this year.

This poor level of security begs the question: what precautions have exchanges taken this year to prevent this disastrous year from repeating itself in 2019? Sadly, according to a new report by ICOrating, they’re not doing much.

In a new report detailing an overview of security amongst cryptocurrency exchanges exceeding a volume of $1 million daily, ICOrating found that 54% of these exchanges had weak security measures in at least one part of their system. The report details the lax attitudes some exchanges have taken in regards to security despite the hundreds upon hundreds of billion dollars lost this year alone.

Simple Security Flaws

The ICOrating report did not have to dig too deep to find a slew of security flaws and issues on most exchanges. For example:

  • 37% of all exchanges allowed passwords that consisted of only numbers or only letters.
  • 41% of all exchanges allowed passwords of less than 8 characters.
  • 5% of exchanges allowed for registration without requiring an email check.
  • 3% of all exchanges lacked basic 2FA authentication precautions.

In all, only 46% of exchanges met all four of these requirements.

Coinbase topped the list with a score of 89 out of 100, followed by Kraken with a score of 80. Other exchanges like Bitmex were not far behind, but Okcoin had the lowest rating in the report sitting at just 15 points out of 100. Other exchanges such as Mercatox, Zaif, and Bithumb also found themselves at the bottom of the list.

A Limited Study?

Some may argue that ICOrating’s study was too limited in scope. This may very well be true. But just based on these basic password protections and authentication requirements, most exchanges failed to pass the test. What this means is that there are likely a whole host of security issues under the hood of these exchanges that have yet to be discovered. These are just the limitations that the report was able to dig up.

If so many exchanges did poorly in this simple examination of security, then it would be safe to say that many more exchanges have further issues still unknown to the public. And that is a scary thought for the crypto industry as a whole.

Can We Trust Centralized Exchanges Anymore?

If anything, the report highlights the necessity of a move away from centralized exchanges. It was expected that this year, perhaps, centralized exchanges would move to more secure systems and would no longer find themselves at fault like they did in 2017. However, it seems the problem has only escalated, unsurprisingly. If these exchanges cannot be expected to step up their security, then perhaps the cryptocurrency industry should focus on using more on-chain trading mechanisms and decentralized exchanges that will provide the necessary layer of security the industry needs.

Although the volume on these decentralized exchanges is still quite low compared to most of the top centralized exchanges, it is only a matter of time before the security problem forces users to migrate to more-secure platforms. And the most secure platforms today, by far, are decentralized DEXs where the exchange does not hold your funds. Instead, you trade directly from your wallet through the use of their exchange protocol and its interface.

The ICOrating report reveals the security shortcomings of a space that wants the respect that comes with the maturity of a traditional financial market, but still fails to provide the basic security necessary for this to take place. Unless this fundamental problem is resolved amongst most exchanges today, we can expect to see more security breaches. However, next time, we shouldn’t be left scratching our head as to why; we know why. Instead, we should be putting these insecure exchanges out of businesses, especially once they have proven themselves to be faulty.

129 comments

  1. An interesting discussion is definitely worth comment.
    I do believe that you should publish more on this subject, it might
    not be a taboo subject but generally folks don’t speak about such issues.
    To the next! All the best!!

  2. I drop a leave a response each time I especially enjoy a
    post on a website or I have something to add
    to the discussion. It is caused by the sincerness communicated in the article I browsed.
    And after this article Report: 54% of Exchanges Have Weak Security Measures – BitcoinPrice.com.
    I was actually moved enough to leave a comment 🙂 I actually do have some questions for you if it’s
    okay. Could it be simply me or does it give the impression like a few of these
    remarks appear like written by brain dead individuals?
    😛 And, if you are posting at additional online sites, I would like to follow anything fresh you
    have to post. Would you make a list every one of all your community pages like your twitter feed, Facebook
    page or linkedin profile?

    Feel free to visit my website: Hempizor CBD Gummies

  3. I loved as much as you will receive carried out right here.
    The sketch is tasteful, your authored subject matter stylish.
    nonetheless, you command get got an nervousness over that you
    wish be delivering the following. unwell
    unquestionably come more formerly again since exactly the same nearly a lot often inside case you shield this hike.

    Have a look at my blog Royal Derma Cream Review

  4. I think that everything posted made a bunch of sense.
    However, think about this, what if you added a little content?

    I ain’t suggesting your content is not good., however suppose you added a title that grabbed folk’s attention? I mean Report:
    54% of Exchanges Have Weak Security Measures – BitcoinPrice.com
    is kinda boring. You ought to peek at Yahoo’s front page and watch how they
    create post titles to grab people to click. You might add a video or a pic
    or two to get people interested about what you’ve got to say.

    Just my opinion, it might make your blog a little livelier.

  5. An intriguing discussion is definitely worth comment. I think that you should publish more about this
    topic, it may not be a taboo subject but typically people do not talk about
    these subjects. To the next! Best wishes!!

    Also visit my webpage; WifiLift Review

  6. My family always say that I am killing my time
    here at net, but I know I am getting experience all the time by reading thes
    good articles or reviews.

  7. I feel this is one of the most significant information for me.
    And i am happy studying your article. But want to remark on some common issues,
    The web site taste is perfect, the articles is in point of
    fact great :D. Just right process, cheers.

    Look into my website :: D-Fine8 Review

  8. you’re actually a excellent webmaster. The website loading speed is
    amazing. It sort of feels that you’re doing any distinctive trick.
    Also, The contents are masterpiece. you have performed a fantastic activity in this topic!

  9. Its like you read my mind! You seem to know a lot about this, like you wrote
    the book in it or something. I think that you can do with a few pics to drive
    the message home a little bit, but instead of
    that, this is great blog. A great read. I’ll definitely be back.

  10. It’s remarkable to pay a visit this web site and reading the views of
    all mates about this paragraph, while I am also keen of getting knowledge.

  11. Have you ever thought about including a little bit more than just your articles?
    I mean, what you say is fundamental and everything.
    But just imagine if you added some great graphics or video clips
    to give your posts more, “pop”! Your content is excellent but with images and videos, this site could
    certainly be one of the best in its niche. Fantastic blog!

  12. Very great post. I just stumbled upon your weblog and wanted to say that I’ve truly enjoyed surfing around your weblog posts.
    In any case I’ll be subscribing on your rss feed and I’m hoping you write again soon!

  13. It’s actually a great and useful piece of info.
    I am satisfied that you just shared this useful info
    with us. Please stay us up to date like this. Thanks for sharing.

  14. After I initially commented I appear to have clicked the
    -Notify me when new comments are added- checkbox and now every time a comment is added I recieve
    4 emails with the same comment. Perhaps there is a way you are able to remove me from that service?
    Cheers!

  15. Hey there! I just wanted to ask if you ever have any problems with hackers?
    My last blog (wordpress) was hacked and I ended up losing several weeks of hard work
    due to no data backup. Do you have any methods to protect against hackers?

  16. Its like you read my mind! You seem to know so much about this, like you wrote the book in it or something.
    I think that you could do with a few pics to drive the message home a bit, but other than that, this is magnificent blog.
    A fantastic read. I will certainly be back.

  17. Hi! This post couldn’t be written any better! Reading through this
    post reminds me of my old room mate! He always kept talking
    about this. I will forward this write-up to him. Pretty sure he will
    have a good read. Thanks for sharing!

  18. Have you ever considered creating an ebook or guest authoring
    on other websites? I have a blog centered on the same topics you discuss and would love to have
    you share some stories/information. I know my readers would enjoy your work.
    If you’re even remotely interested, feel free to send me an email.

  19. I blog frequently and I really appreciate your content. This
    great article has really peaked my interest. I am going to book mark your website and
    keep checking for new information about once a week.
    I opted in for your RSS feed too.

    My web-site … Biodermeux Cream

  20. Cool blog! Is your theme custom made or did you download it from somewhere?
    A design like yours with a few simple tweeks would really
    make my blog stand out. Please let me know where
    you got your design. Cheers

    my web blog … Eagle CBD Reviews – Evelyne,

  21. hey there and thank you for your information ?

    I have definitely picked up something new from right here.

    I did however expertise several technical issues
    using this site, as I experienced to reload the web site lots of times previous to I
    could get it to load correctly. I had been wondering if your
    hosting is OK? Not that I am complaining, but slow loading instances times will very frequently
    affect your placement in google and can damage your high-quality score if ads
    and marketing with Adwords. Well I am adding this RSS to my e-mail and can look out for a lot more of
    your respective fascinating content. Make sure you update this again very soon.

    My web-site: Pure Keto Burn Pills

  22. Hi there! I know this is kind of off topic but I was wondering
    which blog platform are you using for this site? I’m getting sick and tired of WordPress because I’ve
    had issues with hackers and I’m looking at alternatives for another
    platform. I would be fantastic if you could point me in the direction of
    a good platform.

  23. magnificent points altogether, you just received
    a new reader. What could you recommend in regards to
    your submit that you made a few days in the past?

    Any sure?

  24. Very nice post. I just stumbled upon your weblog and wanted to say that I have really enjoyed surfing around your blog posts.
    After all I will be subscribing to your rss feed and I hope
    you write again very soon!

  25. I don’t even know how I ended up here, but I thought this post was good.
    I do not know who you are but definitely you are going to a famous
    blogger if you are not already 😉 Cheers!

  26. Hi there, I discovered your blog by way of Google whilst
    looking for a related matter, your site came up, it seems to
    be good. I’ve bookmarked it in my google bookmarks.

    Hi there, simply turned into aware of your weblog via Google,
    and located that it’s truly informative. I’m gonna watch out for brussels.
    I will be grateful should you continue this in future. Many people
    might be benefited out of your writing. Cheers!

  27. When someone writes an piece of writing he/she maintains the plan of
    a user in his/her mind that how a user can know it.
    Thus that’s why this piece of writing is perfect. Thanks!

  28. An intriguing discussion is worth comment. I do think
    that you ought to write more on this topic, it might not be a taboo matter but usually people don’t talk
    about such topics. To the next! All the best!!

  29. Fine way of explaining, and fastidious piece of writing to obtain information regarding my presentation topic,
    which i am going to deliver in university.

  30. Hi there, I discovered your blog by way of Google
    whilst searching for a related matter, your website came
    up, it seems great. I have bookmarked it in my google
    bookmarks.
    Hello there, simply was aware of your blog thru Google,
    and found that it’s truly informative. I am gonna be careful for brussels.
    I’ll be grateful in the event you proceed this in future.
    Many folks might be benefited out of your writing.
    Cheers!

  31. I’m not sure exactly why but this site is loading very slow for me.
    Is anyone else having this issue or is it a problem on my end?
    I’ll check back later and see if the problem still exists.

  32. I’ve been browsing online more than three hours today, but I by no means discovered any attention-grabbing article like yours.
    It is beautiful price sufficient for me. Personally,
    if all webmasters and bloggers made good content
    as you did, the net will likely be a lot more helpful than ever before.
    scoliosis surgery https://0401mm.tumblr.com/ scoliosis
    surgery

  33. Грубый секс с симпачной шалавой Секс версия сериала Игра в кальмара с азиатками Рыжая бестия в сексуальном наряде получает камшот Нежный домашний секс довел Tinna Angel до сквирта Пошлый любовник нежно выебал сексуальную брюнетку с самого утра Негр катта куток селка секс рус Любовники занялись чувственным анальным сексом прямо в сауне Пошлый любовник нежно выебал сексуальную брюнетку с самого утра для компьютера Массаж члена и нежный домашний анал с грудастой рыжей наездницей в белой майке Дед сочно кончил внучке на лицо после нежного утреннего секса Гимнастка блондинка нежно занимается сексом Нежный секс с мачехой Нежный секс студентки с молодым другом у него на квартире Романтическое утро и нежный секс с любимым Молодая парочка занимается чувственным анальным сексом на террасе Чашка кофе ранним утром и нежный секс для блондиночки https://coldnetwork.net/members/angeliadow.51035/ Чернокожий тренер выебал брюнетку кончив ей в рот Порно – кончают в пизду и в жопу. Бесплатные creampie (кремпай) видео с окончаниями внутрь попки и киски онлайн. А некоторые стервы просто этого не любят. Зато в бесплатном порно на 24 видео прелестные давалки разрешают кончать внутрь, как и сколько захочется. — Нет, — ответила Наташа и вдруг напряглась всем телом, и отстранилась от мужа Описание: Девка дико расслабилась на порно кастинге и разрешила в нее кончить. Парни вдвоем ебут мясистую шлюху, телка так старается, что у нее течет тушь и капает градом пот, но парни все не унимаются и кончают на нее по очереди Будит сводную сестру с красивой, упругой задницей и кончает толстым членом в киску. Мачеха трахается с пасынком и его девушкой в групповухе ?? Быстрый поиск порно erkiss.live не несет ответственности за содержание страниц, которые он размещает. Весь фото и видео контент на сайте является постановочным, найден в свободном доступе в сети интернет и предназначен строго для лиц старше 18 лет! Все модели на момент съемок старше 18 лет.

  34. You should also pay attention to how the betting lines for NBA games move in the days and even hours leading up to them. If you notice a wild change in NBA betting lines, it could be an indication that the so-called betting “sharks” have jumped on them and put a lot of money on them. O arquivo .htaccess contem diretivas (instrucoes) que informarao ao servidor como ele deve se comportar em determinados cenarios, e afeta diretamente o funcionamento de seu website. https://en.tgchannels.org/channel/ownacasino?start=222&lang=all If you are looking for a way to spend time at home, playing slots is a great option. Even if you’re not a fan of real money gambling, you can take advantage of demo modes, free games, or slots in social casinos. Regardless of the option you choose, slots are a great way to relax at the end of the day. That’s why it’s always worth trying one of them. And if you like it, there’s always a chance to switch to a real money game mode.

Leave a Reply

Your email address will not be published. Required fields are marked *