Only 45 Percent Of Cryptocurrency Exchanges Meet All Of The Security Parameters

A recent report that was conducted by ICO Rating Agency is in today’s crypto news, where it’s established that only 45% of crypto exchanges meet all the criteria and security parameters while the remaining 55% don’t fulfill all of the conditions leaving hundreds of investors and traders vulnerable.

The experiment was done including 100 exchanges which most have a 24-hour volume of more than $1 million.

Since 2010, more than $1.3 billion has been stolen from crypto exchanges and this year may have been the worst according to the number of hack attacks and security breaches. Many exchange operators still don’t take these statistics seriously.

According to the ICO Rating Agency, there are a few factors that influence security ratings such as user account security, web protocol security, domain security, registrar security, and console errors.

For example, console errors cause data loss because of the code errors that lead to malfunction.  Almost 41 percent of the exchanges allow users to create a password with less than 8 characters which are considered unsafe to use. About 36 percent allow users to create passwords only by using letters or words but not combining the two which is also considered a flaw.

Among the most serious problem, 5% of the crypto exchanges allow users to create accounts without having to verify their email and also many of them lack the two-factor authentication.

Only 10 percent of exchanges use of the above-mentioned security measures combined.  Among the most secure one, Coinbase Pro takes the lead and right after Coinbase Pro is Kraken.