In recent time, there has been several report of crypto exchanges getting hacked. This is clearly indicating that no matter how secure you think a crypto exchange is, hackers will still attempt ways through which they can get into the system. This has led to many serious investors taking the ultimate measure of storing their tokens and coin on a hardware wallet. However, not everyone has the luxury of accessing a hardware wallet. This means people like this are now at the mercy of their various exchanges making sure to employ maximum security. In light of this, a cybersecurity firm— Group-IB has conducted an extensive research on how secured online crypto exchanges are.
Group-IB Assessed Insurance Risk
A report has been published by the firm documenting its findings from the research conducted. The released report ranks each crypto exchange based on the type of security measures put in place by each one.
A report made it known that the means of assessing insurance risk was used as the primary criteria for ranking each exchange on the list.
Going by these metrics alone, the company was able to ascertain that some crypto exchanges are so risky they shouldn’t even be allowed to still exist. These exchanges were deemed the riskiest exchange to keep your crypto right now according to the report.
An example of these risky class of exchanges includes OKEx, Huobi Pro, and CoinCheck.
The report also made it known that Group-IB has created the world’s first insurance assessment system for covering cryptocurrencies stored on exchanges. It should, however, be noted that the results presented by the company are not an actual reflection of any form of real security risk. The company has made it clear that it is only making reference to perceived insurance risks.
Kraken is the Most Secure Crypto Exchange
The report ranks Kraken as the most secure crypto exchange. This was made known through a comment in the report which states that:
“According to our estimates, Kraken is the most secure exchange, with 1.25 percent insurance rate,”.
Others on the list were divided into groups. The first group include Bittrex and Coinbase Pro which has 1.5 percent insurance rate. Another group on the list is made up of Binance, Bitfinex, Bithumb, Bitmex, Localbitcoins, MyEtherWallet, and Poloniex. This group has a percentage insurance rate of 1.9.