How to secure cryptocurrency exchanges?

Good morning today I'm going to talk about securing cryptocurrency exchanges. We saw a few weeks ago that Bithumb got attacked and it lost over 31 million dollars. It raises very important questions and interesting ones as to what are these exchanges doing to secure them and how and what level of trust do custom customers have in such exchanges?

So to answer this question, we looked at 22 different cryptocurrency exchanges all around the globe and reviewed their whitepapers and their privacy policies from their website. The idea was to identify what security features they have implemented. Some of these features were not explicitly mentioned on the websites, so we had to dig down into their privacy policies or their whitepapers to find this information.

So in the process of doing that, we end up developing a short security report. You can download the report here. In this report, what we have done is we picked these 22 exchanges, reviewed their documentation and listed all the different security features that they have implemented.

In total, we found more than 50 different security features and grouped them into 14 different categories, such as mechanisms used for authentication or what was their database security policy or how were their databases secured, or what was the network security plan? How well the employees screened before they started working at these exchanges. What standards did they comply to, did they comply with the cryptocurrency security standard, or the ISO information and data management standard and so on.

It was an interesting exercise to review these reports and these websites, their security features and putting it all together in a report for you all to read and learn from it.

In short, security is a functional requirement for any cryptocurrency stock exchanges because the financial loss incurred as a result of the hack on the crypto exchange is enormous, it is severe.

You can take an example of what happened with Bithumb. They had one of the best security mechanisms in place, but they still ended up losing over 31 million dollars. So what is it that went wrong. We're still looking to get uh full explanation from Bithumb, but I'm looking forward to seeing what their responses says.

However, I believe the security features that we have identified in this report will give you some insights as to where you need to beef up your security.

So if you are running a cryptocurrency exchange or if you're planning to do, please feel free to contact me, and we can have a chat over it. Thanks a lot and once again have a read of the report and hope you learn from that.

You can watch the video here and download the security report here.