Kraken Crypto Exchange Launches Security Labs; 2FA Now Mandatory To End Fraudulent Activities

Kraken Makes 2FA Mandatory To End Fraudulent Activities

After several reports related to fraudulent activities in cryptocurrency exchanges, Kraken has decided to add 2-factor authentication and create Kraken Security Labs. The exchange will also have a new Chief Security Officer in order to avoid fraudulent activities to take place in the exchange.

Exchange Kraken Takes Anti Fraudulent Measures

Nick Percoco, Kraken’s Chief Security Officer, announced in a blog post that the intention is to improve the exchange security to protect users and clients. With the 2FA, an additional component will protect users’ accounts. Individuals will have to provide a one time password (OTP) that will be received via SMS or any 2FA implementations such as Google Authenticator.

The intention is to comply with their security features roadmap that spans “into 2020 and beyond.” Although the roadmap is not publicly available, the exchange will be announcing all the relevant information to users.

The Kraken Security Labs is a team that will be working in order to enhance the company’s products and environments. They will also be performing vulnerability research against third party products. If they find any issue or vulnerability they will be disclosing the issue and improve the security in the cryptocurrency space.

Percoco commented about their goal:

“My vision for Kraken is to expand upon the strong, industry-leading security foundation we already have in place, utilize advanced features and techniques often only found in advanced security products.”

A few weeks ago, Bitwise announced that there were several exchanges that had their trading volumes faked to attract new users. Moreover, virtual currency exchanges tend to be very unsafe for users to store their funds. Dozens of exchanges have already been hacked in the last few years resulting in the loss of billions of dollars in digital assets.

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Carl T
Carl T
Carl is a legend in cryptocurrency space for his long-storied experience, history and insights. He is a digital nomad who fell in love with bitcoin and its offspring for many years now and prides himself on delivering quality perspectives in the emerging world of crypto-assets and blockchain technology.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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