We all have heard about the hacks on many exchanges with millions
of dollars being lost. Despite this many exchanges still haven't improved their security.
ICOratings.com published a list of exchanges according to their security score.
- Coinbase pro has scored the highest with 89/100
- Okcoin.cn is placed at the bottom with a score of 15/100.
Cryptocurrency has changed significantly since the inception of Bitcoin, but the number of
security breaches on exchanges remains unaltered.
https://news.bitcoin.com/54-of-cryptocurrency-exchanges-have-security-holes/While calling them out is a way to get them to be security conscious, I think this would further make them subject of targets because a typical hacker who would not have targeted Okcoin.cn before would as a result of this report would definitely want to give a try at the expense of those who keep their funds there because a lot of them would not be lucky to see this report and do the right thing by moving their funds to other safe platform. Another concern is the report could be said to be sponsored because it means that Coinbase is a more reputable platform to keep funds than others but not perfect at the same time could sniffle out competition if news like this get publicized beyond necessary.
I have not seen a report that compare how secure banks are to hold depositors fund because they know by default that they must meet certain benchmark on a regular basis before being given a clean bill to continue operating by the regulatory bodies and the management can be held responsible should anything go wrong and until when such is paramount in crypto, we might still be grappling with cases like this with no end in sight.