Group-IB, a well-known cybersecurity firm has rated the top cryptocurrency exchanges based on their securities, reported Next Web a tech news media outlet based in the U.S. on November 6.
As per the research conducted by the Moscow-based firm along with the partnership of CryptoIns, a crypto asset insurance platform, Kraken is the safest crypto exchange. Contrary to it OKEx, Huboi Pro and CoinCheck are few of the leading exchanges which are marked as being riskiest in term of security, noted the report.
According to the report, Group-IB based their research with a newly developed assessment system that analyses the insurance premium of cryptocurrencies held by the major exchange by calculating them.
Supported by the Swiss insurance broker ASPIS S, CryptoIns is now offering their insurance services to many leading crypto exchanges. The new insurance policy covers the losses related to “cyber-attacks on exchange software, theft, fraud and illegal actions of crypto exchange personnel.”
The study also takes into note the factors such as the reliability of basic storage, technical security levels, as well as the client’s private data. Along with considering risk management measures as well as Anti-Money-Laundering (AML) and Know-Your-Customer (KYC) policies.
Group-IB and CryptoIns have not disclosed their precise methodology used while determining the grades, reportedly to maintain the confidentiality of the process.
As more and more people are entering the crypto space the issues surrounding is becoming more and more mainstream. According to various reports, in the last eight year, around 31 exchanges have been hacked with an estimated $1.3 billion stolen.