The Daily: Security Experts Rank Exchanges by Safety, Malta Dominates Trade Volume
Also Read: Israeli Central Bank to Hold off on Issuing Digital ‘E-Shekel’ Coin
“In the first place, we assess how crypto exchanges deal with crypto and fiat assets: what are the exchanges assets keys’ storage and management procedures,” a Group-IB spokesperson explained to TNW Hard Fork. “In some cases, with founders’ consent, the assessment includes penetration testing using social engineering methods aimed at the network compromise through the most vulnerable link at any organization — humans.”
According to the rankings, Okex, Huobi Pro, and Coincheck are among the least safe exchanges. Binance, Bitfinex, Bithumb, Bitmex, Localbitcoins, Myetherwallet and Poloniex rank above those exchanges, but Group-IB views Bittrex and Coinbase Pro as even safer. It ranks Kraken as the safest exchange.
In terms of fiat pairs, the U.S. dollar represented 50 percent of BTC trading on average. The greenback was followed by the Japanese yen at 21 percent and the Korean won at 16 percent.
The report also shows that centralized exchanges continue to dominate trading. The combined average daily volume on the top five decentralized exchanges stands at just under $2.4 million, which is a mere 0.4 percent of total exchange volume.
Another interesting statistic from the report is that 11 percent of the top exchanges have been hacked in the past. And only one-third of the leading exchanges keep a majority of users’ funds in cold storage.
But now a new report by advisory firm Forrester (Nasdaq: FORR) concludes that “continued hype and unrealistic promises drive risk of a looming Blockchain Winter.” In fact, the research shows that companies are already switching out the term in exchange for “distributed ledger technology.” Now it remains to be seen how long companies will be able to milk “DLT” as a buzzword before moving on to the next one.
What do you think about today’s news tidbits? Share your thoughts in the comments section below.
Images courtesy of Shutterstock.
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