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DigitalBank Vault News : 50% Of Crypto Exchanges are not cyber secured
Recent woes in the crypto market, however, is partly linked to the series of hacks that have plagued cryptocurrency exchanges for years now. The hacking problem has deteriorated this year as hacking incidents have been happening on a daily basis and to large crypto firms which logically one will think have better security measures in place because of their status.
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The recent of these hacks happened 2 weeks ago when hackers stole about $59 million from Zaif, a crypto exchange base in Japan. Reports suggest that the hack occurred in the second week of September and the company lost about 5,965 BTC, with a value of over $6,000 each. The exchange also lost some undisclosed amount of Bitcoin Cash and Monacoin.
You may think these recent events would push Crypto exchanges to step up their security game, but that seems not to be the case. The last thing on the ‘to-do’ list of crypto investors would be to lose all their investment in this wild market, not due to volatility but rather a carelessness of behalf of crypto exchanges which also owns most of the online crypto wallets.
A recent study has found out that, crypto exchanges haven’t aren’t doing much in keeping their customers safe. The crypto trend is changing every day but one thing that stills remain constant is hacking and should be treated as the significant problem it is.
A survey examining over 100 exchanges with substantial daily volumes exceeding $1m, has revealed that those exchanges still have big loopholes which hackers can easily exploit.
The loopholes included exchanges allowing new users to create accounts with a traceable email address, no email verification is accounts creation, allowing passwords with fewer than 8 words, lack of 2 Factor Authentication, and allowing digits only or letters only passwords. Just 4% of the 100 crypto exchanges came out perfect for Domain Security, an alarming figure, given the recent rate at which hacking incidents are occurring.
The findings showed that only 49 percent of exchanges do not have console errors or warnings about console errors, which despite not being critical security failures, have been known to cause data loss in the past. Exchanges without code errors were 68 percent of the total, meaning that 32 percent of exchanges have code errors, possibly resulting in defective operation.
The analysis of user account security statistics showed that 41 percent of exchanges accept passwords with less than eight symbols, 37 percent of exchanges accept passwords with only letters or digits, 5 percent of exchanges permit account creation with no email verification, 3 percent of exchanges have no two-factor authentication, and most strikingly of all, only 46 percent of exchanges scale all four security queries.
In particular, their registry locks, registrar locks, role accounts, expiration and DNSSEC were asses for errors. The results of the assessment showed that only 2 percent of exchanges use registry locks, just 10 percent of exchanges use DNSSEC, and only 4 percent of exchanges are using best practice in 4 out of the 5 areas.
In assessing web protocols security, the presence of Strict-Transport-Security header , X-XSS-Protection header , Content Security Policy header, Content-Security-Policy (CSP), X-frame-options header, and X-content-type-options header was assessed.
The results showed that just 10 percent of exchanges have the five headers, 29 percent of exchanges don’t have any of the mentioned headers and only 17 exchanges have a Content Security Policy header
The results were surprising as some huge names failed to live up to their status. Binance, for instance, is the largest exchange by volume but came 17th of the list of most secured crypto exchanges. So far as the crypto market continues to thrive, hackers will be around to take advantage of any little form of a slip-up, and it’s about time crypto exchanges take them seriously.