An alarmist report claiming over 70% of all top-ranking cryptocurrency exchanges are vulnerable to attacks resulting from weak passwords was published on News.bitcoin.com last month. The report further states that 43 percent of the leading cryptocurrency platforms don’t have ways of helping users assess the strength of their passwords.
Among important security aspects investigated and cited in the report are password strength, assessment tools, as well as email confirmation and activation mechanisms. About half of the exchanges examined provide password strength assessments, such as meters or color-coded bars. Cases of exchanges being hacked have been reported widely, with traders losing substantial amounts of money to hackers. Coincheck, a Japan-based cryptocurrency exchange lost over $500 million in one of the most daring cases reported.
The report is an eye-opener for traders, who rely on exchanges to protect large sums of cryptocurrency. Developers must step-up their game to provide better security to protect their customers’ accounts.
From the onset and at a very early stage in its development, Saifu acknowledged the importance of applying the best security technologies to safeguard the interests of its customers. We partnered with Thales, the world’s leading and most trusted bank-grade security system developer to develop a security system that assures users of our platform the highest security levels.
Additionally, some of our team leaders have extensive experience working for leading technology companies. Evgeny Vigovsky, a Saifu co-founder, worked for over 12 years at Kaspersky Lab. He left the company as the Global Head of Kaspersky’s DDoS Protection Business Unit. That shows that above all things, Vigovsky is very familiar with all types of cyber attacks and prevention measures.