Which Cryptocurrency Exchange is the Safest One?

Group-IB, a Moscow-based cybersecurity firm, has developed a ranking system to grade cryptocurrency exchanges by the level of safety they offer clients. It ranks Kraken as the safest exchange. Then there go Bittrex and Coinbase Pro. Binance, Bitfinex, Bithumb, Bitmex, Localbitcoins, Myetherwallet and Poloniex are on the list of safe exchanges as well. OKEx, Huobi Pro, and Coincheck are among the least safe exchanges

Related news

New CER Report Puts Kraken, Coinbase, Binance and BitMEX as Safest Crypto Exchanges

As many of our readers already know, the past few weeks have hit the crypto industry hard— with the market being subject to immense bearish pressure causing many of the top altcoins to tumble even further. Additionally, in the recent past, many altcoin enthusiasts have taken to different social media platforms in order to voice their opinions regarding the need for better security within this burgeoning domain. In this regard, a brand new study released by Cryptocurrency Exchange Ratings [CER] has looked closely at the security protocols/ measures taken by the world’s top 100 cryptocurrency exchanges in order to protect customer funds. To be more specific, the scores were devised on the basis of certain parameters such as: The individual Cyber Security Score [CSS] of a particular platform— a metric that grades various niche’ privacy parameters on a 10-point scale. The degree of server security provided by a particular exchange. More On The Matter Over the course of the past 12 months, security agencies across the globe have noted that a mammoth sum of $1.3 billion has been stolen from various cryptocurrency exchanges by miscreants. This data was then collated by the CER team through the use of their native assessment models for carrying out a host of security audits. These audits took into consideration some core privacy aspects such as: User Security Ongoing Crowdsource Security Assessment [OCSA] Server Security To elaborate further on the matter, we can see that statistical data provided by the CER shows that only a total of “nine crypto exchanges scored above eight points out of ten” (on the CSS scale). In this regard, the platforms that performed the best were Kraken, Coinbase Pro, Binance and BitMex. However, quite surprisingly, a whole host of popular exchanges such as Bithumb, DOBI, ZBG, Coincheck, and Zaif came in over the 90th spot. Source: Cryptocurrency Exchange Ranking So Where Did Most Exchanges Fall Short? A closer look at the report shows that there are three factors that have been the most worrisome for a large number of exchange platforms. These include: The existence Of Bug Bounty Programs DNSSEC Record HTTP Headers Not only that, out of the above-stated problems, the DNSSEC records and HTTP Headers were the two aspects that had a direct impact on the “server security” of most exchange platforms. For those of our readers who may not know, the DNSSEC protocol (abbreviation for ‘ Domain Name System Security Extensions’) makes use of a public key encryption module to verify DNS servers so as to ”prevent the usage of forged or manipulated DNS data”. According to the above mentioned CER study, a whopping “60% of the analyzed platforms did not possess the appropriate records for their domains.” As far as HTTP Security Headers go, they can be thought of as security-related fields in the header section of ‘HTTP request and response module’ which if installed correctly can counter the effects of ‘scripting attacks’. According to the CER study: 59% of the exchanges had missed six to seven of the headers. 17% missed four to five 13% missed just two to three headers, 11% of the exchanges missing just one header Other Data Worth Considering Out of all the examined platforms, only a meager 13% had ongoing bug bounty programs that were reliable. Around 6% of the firms were found to be hosting Bug Bounty programs by themselves while an additional 7% made use of specialized platforms (such as HackenProof or Bugcrowd) to serve the purpose. Final Take In closing out this article, it is worth noting that a couple of weeks back, Cryptopia released a statement saying that it had fallen victim to a security breach that had caused the firm to lose quite a substantial chunk of their stored customer funds. While they did not reveal the amount that was compromised, day to day operations for the exchange have been put on halt until further notice.
Bitcoin Exchange Guide

Bidooh Tokens to List on OKEx Partner Exchange CoinAll and DDEX Exchange

Bidooh, a real-time, real-audience, digital billboard advertising platform, is pleased to announce that its DOOH Token has been admitted to list on CoinAll, a partner exchange of global leader OKEx, and DDEX, a world-leading decentralised exchange. The exchange listings follow the completion of Bidooh’s ICO in December 2018 and have been planned to coincide with the distribution of tokens to ICO participants starting on 21 January 2019. Bidooh is the world’s first facial analysis, digital billboard software platform on the blockchain. Its platform uses GDPR-compliant, anonymised facial analysis to provide targeted digital billboard advertisements. Live in multiple locations with partnerships across the globe, the platform promises to revolutionise the $34.8bn Out-of-Home (“OOH”) advertising industry through democratisation, engagement and transparency. CoinAll Exchange Bidooh’s DOOH Token has been admitted to list on CoinAll, a white-label sister exchange of OKEx, the world’s second largest digital asset exchange handling over US$500 million worth of daily trades (CoinMarketCap) and serving users in over 100 countries. OK Blockchain Capital, the investment arm of OKEx, is a large and supportive holder of DOOH Tokens as well as an advertiser on Bidooh’s digital billboard platform. The initial admission to list on CoinAll is a new requirement of the OKEx listing process. It will make Bidooh’s tokens accessible to OKEx’s shared userbase of 20 million registered users, all of whom are able to trade on CoinAll without further registration.  DDEX Exchange Bidooh is also pleased to announce the admission of its DOOH Token on DDEX, a decentralised exchange for secure trading in Ethereum and ERC-20 tokens.  DDEX has been selected due to its decentralised nature and Bidooh’s commitment to removing barriers to trade its tokens. DDEX facilitates the secure trading of tokens without the need to share personal information or deposit tokens in order to fill an order. This provides further liquidity to DOOH Tokens and, through a shared focus on democratisation, aligns with Bidooh’s core value of opening up the Out-of-Home advertising industry to businesses of all sizes.  Direct Token Sales on Bidooh Platform Following the completion of the ICO in December 2018, Bidooh continues to sell its tokens within the Group’s own platform via a proposed commercially controlled pricing schedule available here: Bidooh.io/token-pricing. A single Bidooh DOOH Token purchases a 10 second advert on the Bidooh platform at a price that is 14x cheaper than the fiat price of 1.4 cent, equating to $0.001 per token. As the Bidooh network continues to expand and demand in the DOOH Token increases, the Group plans to increase the price at which it sells the DOOH Token on its platform with a target of US$1 by February 2021.  William Lee, Listing Manager of CoinAll, commented: “We’ve been watching Bidooh since the very beginning, it’s very rare to see a project live with an MVP and already servicing clients. We have been very impressed with the team and the backing they have from Michael Edelson. As a result, we are very happy that they have chosen to list with CoinAll Exchange. We are always keen to support exciting projects and wish Bidooh all the success for the future.” Abdul Alim, co-founder and CEO of Bidooh, commented: “The listing of DOOH Tokens on the CoinAll and DDEX exchanges marks a significant milestone for Bidooh following our successful ICO. The size and scope of these exchanges’ userbases is very impressive and should provide a high level of liquidity capable of meeting demand for our tokens. This strengthens our token ecosystem and furthers the case for participants in the ICO to keep following this exciting growth story as we continue to roll out our transformative digital billboard platform around the globe.” The post Bidooh Tokens to List on OKEx Partner Exchange CoinAll and DDEX Exchange appeared first on The Fintech Times.
The Fintech Times

Hot news

By continuing to browse, you agree to the use of cookies. Read Privacy Policy to know more or withdraw your consent.