Security Report Paints Mixed Picture of Protection at Biggest Crypto Exchanges

Coinbase Pro topped the rankings of a new report from ICORating into cryptocurrency exchange protection Wednesday, Oct 3, while researchers flag several shortcomings that continue to plague the sector. ICORating conducts analytical study in the crypto house in its role as an independent rating agency.

The report premiums just one hundred exchanges whose daily trade quantity is more than $1 million on different standards relating to protection styles, together with close consumer protection and robustness of code.

Several of the world’s optimum ranked crypto exchanges by trade quantity — such as Bitfinex, Bitstamp and Binance — scored fairly badly, with Binance’s total coming in at 63/100 and Bitstamp at 37/100.

“Over the past 8 yrs about 31 crypto exchanges have been hacked and far more than a 1 billion bucks (actually, $1.3 bn) stolen,” the report summarizes.

Ranking the exchanges by console problems, consumer account protection, registrar and area protection, and web protocols protection, ICORating finds many places in need of improvement.

32 % of the ranked exchanges, according to the report, have code problems that could influence consumer knowledge and “lea[d] to sure defects in functions.”

In conditions of consumer account protection, 41 % of exchanges make it possible for “simple” passwords of much less than 8 characters, contrasting with the a few % statistic relating to people which do not support two-aspect authentication.

Internet protection efficiency was uncovered to be even worse, with the the vast majority of exchanges failing registrar and area protection, as nicely as web protocol protection, in some way.

“Still no one is fully shielded from the loss of their crypto assets, therefore, spend in reliable assets, diversify your portfolio and decide on good crypto exchanges,” the report advises.

As Cointelegraph reported, Coinbase, which scored 89 in the report, had submitted a patent in August relating to boosting protection of Bitcoin (BTC) payments.

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