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Vitalik Buterin

Cybersecurity Specialists Rank Crypto Exchanges By How Secure They Are

Group-IB data security company together with IT platform CryptoIns published a rating of security of leading bitcoin exchanges from the point of view of insurance of the funds stored on them, reports The Next Web.
All the exchanges are divided into four groups depending on the level of risk. The first group inclused the most reliable one, while the fourth includes less reliable exchanges.
Criteria used to determine the level of security risk include the level of technical safety of the exchange, reliability of key, password and user personal data storage. Also, the quality of individual risk management systems was taken into account, as well as following AML and KYC procedures.
Group-IB determines Kraken as the most reliable exchange, its rate of insurance is 1,25%. It means that insuring 1 BTC for 90 days will cost 0.0125 BTC.
It is followed by Bittrex and Coinbase having 1,5%. The third group includes Binance, Bitfinex, Bithumb, BitMEX, Localbitcoins, MyEtherWallet and Poloniex — the rate of insurance of these exchanges is 1,9%.
It is notable that OKex, second largest cryptocurrency exchange (in terms of daily trading volume), together with Huobi and Coincheck is considered to be unreliable from the point of view of asset insurance.
The least reliable exchange is Yobit. Zaif, Bitstamp, TopBTC and Bit-Z are not on the list.
As the media outlet notes, Group-IB and CryptoIns representatives refused to reveal the criteria accorsing to which they added particular exchanges to the list of the least reliable exchanges, saying that this info was private.
Earlier this week, Group-IB announced development of a model for estimation of reliability of crypto exchanges.
In October, the company’s specialists presented results of a research, according to which the hackers had stolen more than $880 million of cryptocurrency exchanges for last 1.5 years.