Bitcoin Forum

Economy => Exchanges => Topic started by: readytogooo123 on March 07, 2019, 10:00:41 AM

Title: When it will end?
Post by: readytogooo123 on March 07, 2019, 10:00:41 AM
As the cryptocurrency is used everywhere, there is a need to apply the latest security measures to protect digital wallets. Each user assesses the risks and chooses ways to protect his crypto assets. But everything changes when you work with the exchange and completely trust it with your money. The exchange is obliged to do this well and take care first of all about the security of its platform.

According to a recent analysis of ICORating crypto exchanges by independent analysts, only 16% of 135 crypto exchanges, whose daily trading volume exceeds $ 100,000, received the highest security rating.

Recently, New Zealand Crypto Exchange of Cryptopia, suspended the service, claiming that a major hack was discovered which resulted in the theft of more than 16.1 million dollars.

In other cases, no less well-known to the public, the attacks of rogues led to a disruption of the infrastructure of the exchange, to an increase in costs. Companies had to spend additional funds on compensation to customers, to restore their reputation, repair servers, and so on.
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The administrations of the exchanges do not bear serious responsibility; therefore, they can afford to be frivolous about security. In the absence of regulation, everybody wants the exchanges to take responsibility to ensure the safety of the assets of their users in advance, creating a secure smart contract.

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