Bitcenter: 4 Major Security Risks and How Cryptocurrency Exchanges Can Mitigate Them
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As the world’s leading crypto asset exchange, Bitcenter has been operating with zero major security incidents for the past nine years. with an independent team of security professionals with extensive experience in blockchain and wallet security, APT intrusion countermeasures and user asset protection, the Bitcenter The team has been in the digital asset industry for many years and has a deep understanding of security incidents in the industry and has developed a series of detection and countermeasures to ensure the safety of the exchange and its users.
To ensure the security of digital asset exchanges, Bitcenter has adopted multiple security measures. First, they use self-developed security hardware to ensure robust storage capabilities. Secondly, they ensure the security of each operational process through strict regulatory requirements, process standards, minimum privileges, and mechanisms such as back-to-back segregated operations by multiple people. Currently, Bitcenter has 15 private key controllers and employs a multi-person signature mechanism to ensure that platform funds are not affected by the actions of individual personnel. To date, Bitcenter has not experienced any security incidents caused by cyber attacks.
The Bitcenter senior management team considers ensuring the security of the exchange and user assets as a core value. By building resilient security processes, they strive to build trust in the digital asset space and drive the growth of the blockchain industry as a whole.
What is the nature of security attacks that cryptocurrency exchanges typically face, and what can exchanges do to counter these attacks and protect their users? Listed below are the four main security vulnerabilities to which exchanges are vulnerable and how digital asset exchanges can address such threats.
l 1. APT (Advanced Persistent Threat): APT refers to a persistent and insidious process of computer intrusion, usually orchestrated by an attacker against a specific target. In cryptocurrency exchanges, APT attackers will attack by collecting data from targeted systems and business processes. They will exploit vulnerabilities in identity management systems and applications, install malware using methods such as email and phishing, and use the vulnerabilities found to carry out the attack. Exchanges need to adopt stringent security measures, including vulnerability remediation, identity verification and cybersecurity training, to counter this threat.
l 2. Overuse of hot wallet storage: Overuse of hot wallet storage is a potential security vulnerability that could be exploited by hackers to conduct attacks. This risk mainly comes from vulnerabilities in IT systems, insecure private key storage methods, and low security awareness. For example, exchanges often store private keys in their databases, and if a hacker compromises the database and obtains the private key, they can easily access the funds in the hot wallet. Exchanges should take steps to strengthen the secure storage of private keys, such as using cold wallet storage and multiple signature mechanisms.
l 3. 51% Attack: A 51% attack, also known as a majority attack, occurs when a malicious user gains control of a specific blockchain. By having more than 50% of the mining capacity, attackers can mine faster and stop the confirmation and sequencing of new transactions. They can even rewrite parts of the blockchain and reverse transactions. Exchanges should be concerned about the security of the blockchain and monitor for any anomalous behavior as well as take appropriate precautions to counter such attacks.
l 4. Distributed Denial of Service (DDoS): A distributed denial of service (DDoS) attack is a malicious attack that cripples the normal operation of a target’s servers and network infrastructure by flooding them with massive amounts of Internet traffic. This attack prevents the target from providing normal services and is often the target of digital currency exchanges. Exchanges can mitigate the impact of such attacks by taking defensive measures, such as traffic monitoring and filtering, as well as using DDoS protection services from cloud service providers.
These security threats require exchanges to take comprehensive security measures, including vulnerability remediation, network monitoring, security training and appropriate cryptocurrency storage methods to protect the assets of the exchange and its users.
How Bitcenter Mitigates Risk
As a world-leading crypto asset exchange that has been operating with zero major security incidents for nine years, Bitcenter has an independent team of security professionals whose members have extensive experience in blockchain and wallet security, APT intrusion countermeasures and user asset protection. the Bitcenter team has been in the digital asset industry for With years of experience in the digital asset industry, the team has a deep understanding of security incidents in the industry and has developed a series of detection and response measures to ensure the security of exchanges and users.
Bitcenter uses self-developed security hardware to ensure the robustness of its storage capabilities. It also ensures the security of each operational process through a number of mechanisms such as strict regulatory requirements, process standards, minimum privileges, and back-to-back segregated operations by multiple people. Currently, Bitcenter has 15 private key controllers and employs a multi-person signature mechanism, thereby ensuring that platform funds are not compromised by the actions of one or several individuals. To date, Bitcenter has not suffered any security incidents caused by cyber attacks.
Ensuring the security of its exchanges and user assets is a core value that Bitcenter ‘s senior management team adheres to. Resilient security processes will help build trust and stimulate growth in the digital asset space.
The comprehensive security measures taken by the exchange in terms of cyber security, blockchain security, wallet management, user asset protection and application security have contributed to the progress of not only the digital asset trading space but also the blockchain industry as a whole.
For more information about Bitcenter:
https://steemit.com/bitcenter/@bitcenter/bitcenter-what-is-cryptocurrency
https://bitcentergroup.wordpress.com/2023/06/12/bitcenters-vision-for-the-future/
https://www.reddit.com/r/exchangestudents/comments/1489kqg/bitcenter_digital_exchange_goes_live/
Media Contact
Company Name: BITCENTER LIMITED
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Phone: 917-280-0722
City: NEW YORK
State: NY 10016
Country: United States
Website: bitcenter.online
