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China youbi digital assets limited

China youbi digital assets limited

Home > News > Micro disclosure | coin ring ups and downs, you should know


Micro disclosure | coin ring ups and downs, you should know


Do you know how cryptocurrency exchanges work?Do you believe in their commitment to the safety of your assets?When hackers steal encrypted assets, encryption transactions all into a few master prevention?The latest news is chilling: only 46 per cent of the world's cryptocurrency exchanges meet the required security parameters, while the remaining 54 per cent are believed to have substandard security measures, exposing hundreds of thousands of traders and investors.

Since 2010, $1.3bn has been stolen from hacked cryptocurrency exchanges, but it appears exchange operators are still failing to take security seriously.ICO ratings published by the safety report in determining the safety rating when considering the following four factors:

Console error

User account security

Registrar and domain name security

Web protocol security

Console error

Console errors cause data loss before they occur, although this is usually not the result of a malicious attack, but rather a coding problem.The report found that 32 per cent of exchanges had code errors that caused operational failures.

User account security

To measure this, analysts created a separate account on each exchange and checked password security as well as email validation and 2FA measures.They found that 41% of exchanges allowed passwords less than eight characters long to be created and were therefore considered unsafe.Thirty-seven percent of exchanges allow users to create passwords using only letters or Numbers instead of combining the two, which is also considered a security breach.

Worse, 5% of exchanges allow users to create accounts without E-mail authentication, and 3% lack 2FA (two-factor authentication, which requires users to confirm their logins through separate devices, is considered a fundamental aspect of capital protection).

Registrar and domain name security

Analysts use Cloudflare to identify security holes in their domain names and registrars.

Here to consider many factors, such as the registry lock can prevent any use to communicate with outside people for domain name registry changes and registrar lock, and by strengthening the safety measures (e.g., needs to be more than just a authorization code) to prevent the domain name hijacking for domain access - role accounts are typically used to protect sensitive domain information is not leaked.

Analysts recommend that the six-month expiration period for domain names allow complications such as ownership, and that the existence of DNSSEC has been tested to authenticate all DNS queries using encrypted signatures to prevent cache poisoning.

Analysts found that only 4 per cent of exchanges used best practices in all these areas - only 2 per cent used registry locking and 10 per cent used DNSSEC, although no exchange completely ignored all five parameters.

Web protocol security

Use HT Bridge's WebSec to check the security level of the Web protocol.The analyst tested the HTTPS header in the URL, the x-sxx protection header, the content security policy header, the x-frame-options header, and the x-content-type header.

Only 10 per cent of exchanges used all five security measures, 29 per cent used any of the above and only 17 per cent used content security policy headers.

Analysts rank the 100 exchanges in most to least secure order.Coinbase Pro was the first to become the safest exchange, followed by Kraken.BitMEX, GOPAX, UB Coin and CDPAX account for the rest of the top 10.

The report highlights the continuing problems with cryptocurrency exchange security, and notes that the encryption market and the nature of cryptoexchange security and regulation are "very attractive to hackers".

Please pay attention for more information, UBexchange

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