4 months ago

Group-IB, a cybersecurity company, has collaborated with CryptoIns It platform to publish a rating of reliability of the leading bitcoin exchanges from an insurer safety point of view, reports The Next Web.

Hacker Noon

All exchanges were split into four groups depending on risk. The first group includes the safest ones, fourth – the least secure.

Criteria for determination of the insurance risk rate include the level of exchange’s technical security, key storage, passwords and personal user data safety. Quality of individual risk management systems and platform’s compliance with anti-money laundering (AML) and know-your-customer procedures have also been taken into account.

The most trustworthy exchange group includes only Kraken with an insurance premium of 1,25%. It means that 1BTC insurance for 90 days will cost 0.0125 BTC.

Next are Bittrex and Coinbase with an indicator of 1,5% The third group includes Binance, Bitfinex, Bithumb, BitMEX, Localbitcoins, MyEtherWallet and Poloniex – the size of insurance premium of these exchanges is 1,9%.

Interestingly, OKex, second exchange by daily trade volume in the world, is among the untrusted exchanges (from an insurance point of view) with Huobi and Coincheck.

The least trustworthy exchange, according to this rating, is YoBit. The list does not include such exchanges as Zaif, Bitstamp, TopBTC and Bit-Z.

As the publication notes, Group-IB and CryptoIns representatives have refused to disclose the criteria by which some exchanges were listed as not trustworthy, referring to confidentiality of this information.

Previously this week, Group-IB has announced the development of a model for exchange reliability evaluation.

In October, company’s specialists have presented the results of a research, according to which during the last 1,5 years hackers have stolen more than $880 mln from exchanges.