Decentralized Crypto Exchange is Solution to Hacks, Will They be Ready?Not long after the successful hacking attempts on crypto exchanges Bithumb and Coincheck, Japan’s Zaif was hacked, losing $60 million in user funds. All three exchanges were found to have poor security measures.
Coincheck in particular, which lost more than $500 million in XEM, the native cryptocurrency of NEM, outraged investors in Japan after the company’s CEO Koichiro Wada admitted that the firm did not have enough security experts overseeing the exchange.
“We were aware we didn’t have enough people working on internal checks, management and system risk. We strived to expand using headhunters and agencies, but ended up in this situation,” said Wada.
The NEM team also stated in an official statement that while it has deployed an automatic tagging system to trace lost funds for the investors of Coincheck, the team emphasized that the exchange had extremely poor security systems in place.
Bithumb was similarly criticized by the government of South Korea and local security firms, which ultimately led the exchange to close down for over a month and overhaul its internal management systems.
...
read more :
https://www.ccn.com/decentralized-crypto-exchange-is-solution-to-hacks-will-they-be-ready/