Cybersecurity Firm Ranks Kraken as the Safest Crypto Exchange


Total News – Atlanta, GA 11/08/2018. Group-IB, a Moscow-based cybersecurity firm, has compiled a graded list of online cryptocurrency exchange according to the report by Nextweb.

The research was done alongside CryptoIns, a crypto insurance platform. They found that Kraken to be the most secure exchange, while OKEx, Huobi Pro, and Coincheck as the riskiest.

The report stated that the list was done to assess insurance risk. The insurance framework used "technical security, the reliability of key storage, passwords, and personal data of customers provided by each exchange" as the criteria. The framework also considers individual risk management systems, how rigid know-your-customer (KYC), and anti-money laundering (AML) procedures.

A Group-IB spokesperson said:

"In the first place, we assess how crypto exchanges deal with crypto and fiat assets: what are the exchanges assets keys' storage and management procedures. In some cases, with founders' consent, the assessment includes penetration testing using social engineering methods aimed at the network compromise through the most vulnerable link at any organization – humans."

Per Nextweb, the cryptocurrency exchanges are grouped into four in order of risks. First group being the most secure, while the fourth group to be uninsurable. The only exchange being labeled as the most secure is Kraken while the least secure exchange was Yobit but decided to remove it from the exchanges CryptoIns serve.

The exact methodology and metrics on how Group-IB and CryptoIns label the exchanges are not revealed.

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