ICORating Study Found Over 50% of Crypto Exchanges are Weak in Security

An ICORating Study Found Over 50% of Crypto Exchanges are Weak in Security

A recent analysis put together by ICORating found that nearly half of all existing cryptocurrency exchanges have failed to strengthen their positions when it comes to security. This is clearly a problem given that funds of the said firm are not the only ones at risk, but also those of investors.

So, what factors gave away the fact that crypto exchanges were not tightening security enough? Based on the compiled report, the structure of passwords was ridiculously weak. For instance, 40 percent of exchanges permitted investors’ passwords to contain less than eight symbols, with 37 percent allowing standard passwords which are homogenous.

Of all the crypto exchanges available, only four percent satisfies security to the fullest extent. This is fearful considering that the remaining 96% is prone to an attack!

To get a clearer image of the problem at hand, ICORating went as far as evaluating registrar and domain security. As per News.Bitcoin.com, some of subsets considered include registry lock, domain registry and DNSSEC (known to avert DNS cache attacks).

Like the previous statistics, digging into this specific area showed that four percent satisfies security protocols. Only 2 and 10 percent of crypto exchanges use registry lock and DNSSEC respectively!

Wouldn’t it be nice to see a list of the top crypto exchanges who has tightened security? ICO Rating has also provided its breakdown. Here is a quick look of each crypto exchange, with the security score (in terms of percentage) attained and the area that is the most troublesome:

• Coinbase Pro, Score: 89, Area of Weakness: Registrar & Domain Security
• Kraken, Score: 80, Area of Weakness: Registrar & Domain Security
• BitMEX, Score: 78, Area of Weakness: Registrar & Domain Security
• GOPAX, Score: 78, Area of Weakness: Registrar & Domain Security
• CPDAX, Score: 74, Area of Weakness: Console Errors
• Bitlish, Score: 74, Area of Weakness: Registrar & Domain Security
• BTC Turk, Score: 74, Area of Weakness: Registrar & Domain Security
• Cobinhood, Score: 71, Area of Weakness: Console Errors
• Hotbit, Score: 69, Area of Weakness: Registrar & Domain Security
• Coinut, Score: 69, Area of Weakness: Registrar & Domain Security, Console of Errors and User Security

Some of the poorly performed exchanges include Bithumb (34), Zaif (29), Mercatoz (25) and Okcoin.cn (15).

What are your thoughts on ICO Rating’s findings? Did your preferred crypto exchange make the list of top performers or the worst performers?

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