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Billions of dollars in money stolen encryption, this measure can help strengthen the safety of assets
Source:      Date:2018-02-06
Coincheck is one of Japan's biggest encryption currency exchange, in January 26, 2018 was hacked, loss of $534 million worth of encryption currency XEM, but this is not the case, the past four years have witnessed a serious digital theft multiple trading platform.

Those platforms only cost about 1 billion 300 million dollars. The users of the encrypted currency exchange can get billions of dollars in value because of security holes on the platform. Most of these encrypted currency exchanges are based on the centralization platform and are so vulnerable to hacker attacks.

Kenny Au is a reporter in block chain and network security field. After interviewed three encryption cipher and block chain security experts, the following three methods have been summed up, which can be used to enhance the security of encrypted currency trading platform. (respondents including encryption currency exchange Evercoin co-founder Miko Matsumura, vice president of the NEM Foundation block chain platform Jeff McDonald, Narf and Industries block chain platform by the U.S. Department of Homeland Security Investment Affiliated Companies Polyswarm CTO and co-founder of Paul Makowski.)

One, a cold Purse

The cold purse is also called a hardware purse, which is a far more secure form of storage than a network purse (also called a hot wallet). The hardware wallet is not affected by the penetration of the computer virus and the network. It is a more secure way to store money. The encrypted currency trading platform should only store limited funds in the network wallet, and store the rest in the offline wallet, so as to ensure that most of the funds will not be attacked by malicious. In addition, the trading platform should try to avoid asking the user's private key or storing the user's funds on the platform.

Two, annual penetration test

The encrypted currency trading platform must be regularly audited on the platform to ensure that the security level of the platform is at the highest level.  Many exchanges do not do this. As mentioned above, these trading platforms are worth tens of millions or even hundreds of millions of dollars in encrypted currencies, such as failing to carry out safety or penetration testing, and will suffer huge losses. In addition, in the employment of audit institutions, good reputable institutions should be selected to provide useful information and guidance for the platform to strengthen security.

Three, loophole report reward plan

Polyswarm's CTO Makowski mentioned in the interview that Polyswarm will carry out the vulnerability report reward plan to continue to improve the security of the block chain platform. Vulnerability reporting incentive plan would use "white hat hackers" (morality) professional skills to find security vulnerabilities on the platform, and give rewards according to their contribution. However, the vulnerability report reward scheme can not be used as a substitute for the third party audit, only as a supplement to the second methods.

In conclusion, when it comes to security, the encryption currency trading platform must be more cautious. Whether it is centralization platform or centralization platform, strengthening security is not only conducive to the platform itself, but also to the encryption currency and even the entire block chain industry. A major advantage of block chaining technology is safety, but if it leads to frequent theft of encrypted currency trading platform due to carelessness, the public will lose confidence in the technology.


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