The international company Group-IB, specializing in cyber security, has presented a rating of the cryptocurrency exchanges are ranked according to their degree of security.
Group-IB, with headquarters in Moscow conducted a study jointly with the insurance company CryptoIns. It is reported that CryptoIns provides insurance services to dozens of major cryptocurrency exchanges, and insurance involves the coverage of losses that occurred due to cyber-attacks, fraud and excess of powers of employees of the exchanges.
According to the study, the safest exchange was an American Kraken. One of the most unsafe company Group-IB called the site OKEx, Huobi Pro and CoinCheck, despite the fact that they occupy honorary places in the rankings by the daily trading volume.
Security exchanges, Group-IB was determined by using a newly developed rating system, which calculates the amount of insurance premiums to cover the amount of funds in cryptocurrency stored in marketplaces. Risk assessment was based on such factors as technical platform security, reliability, main storage of cryptocurrency tools, the degree of protection of user accounts and their personal data. Not the last role in the score played with respect to the enforcement procedures “know your customer” (KYC) policy and anti money laundering (AML).
Specific targets identified in the course of the study, Group-IB and CryptoIns media to provide were not in the interests of confidentiality.
The issue of security of cryptocurrency trading platforms is particularly important because of the growth of interest in the market of large institutional investors. According to Morgan Stanley, bitcoin is gradually becoming the “new institutional asset class”. President Fidelity Digital Asset Services believes that the cryptocurrency market has a lot of institutional investors who are not satisfied with the trading process. And that means providing them with suitable conditions can be a powerful factor in the development of the market.
Recall that the last major break-in occurred in September with the Japanese cryptocurrency exchange Zaif. Then the crooks stole about $60 million.
