By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Live Trading NewsLive Trading NewsLive Trading News
  • Stocks
  • Forex
  • Gold
  • KNIGHTS
  • Luxury
  • Horse Racing
  • Trade Now
Search
Reading: Crypto: Self-Regulation Needed To Reduce Hacker Threat
Share
Live Trading NewsLive Trading News
  • Stocks
  • Forex
  • Gold
  • KNIGHTS
  • Luxury
  • Horse Racing
  • Trade Now
Search
  • Stocks
  • Forex
  • Gold
  • KNIGHTS
  • Luxury
  • Horse Racing
  • Trade Now
Follow US
© 2024 LiveTradingNews.com - All Rights Reserved.
Live Trading News > Blog > Crypto > Blockchain > Crypto: Self-Regulation Needed To Reduce Hacker Threat
2022

Crypto: Self-Regulation Needed To Reduce Hacker Threat

Paul Ebeling
Last updated: February 25, 2022 3:51 am
Paul Ebeling
Share
4 Min Read
SHARE

#crypto #DeFi #blockchain #cryptocurrency #hacker #threat #security #CSS #regulate #investors #knightsbridge #exchanges #traders

Since Y 2016, an estimated $3.1-B has been lost to malicious players attacking exchanges, DeFi protocols and marketplaces with decentralized exchanges and DeFi protocols being the primary target.

According to the analytics firm Crystal Blockchain, the number of hacks targeting the crypto industry has nearly 2X’d since Y 2020, so increased security measures are required to keep exchanges safe at the time of worldwide crypto adoption.

The record-breaking hack of the PolyNetwork decentralized exchange (DEX) cost the project $600-M in October 2021 because of mismanagement of access rights between 2 important Poly smart contracts. The biggest damage has been caused to projects falling victim to the exploitation of errors in code, access controls or flash loan attacks.

In part, this phenom is also due to the increasing number of projects jumping into the crypto sector without taking the necessary precautions. Exchanges and related services are usually caught off-guard by exploits in their code caused by a lack of regulation and oversight.

Since this sector is still at its early stage of development, many investors are exploring it for the 1st time, and likely unaware of the security risks the new tech poses.

With these problems exchanges must be proactive in the development of best practices. Regular code audits to ensure the security of exchanges and other security initiatives are becoming increasingly important. And of course Knightsbridge has done that

Since these problems are prevalent, a number of standards have been set for exchanges to follow. For example, SOC2 and ISO 27001 are among the primary standards, ensuring exchanges meet globally established security requirements.

Expert developers in the field have also found a niche by providing fully tailored security services like PeckShield that secure any crypto project. On the user side, scoring systems like CER assists users by making them aware of the safety of the platform they’re using.

Exchanges need to ensure that both they and their customers can transact safely, which is why during the last yr, various institutions have come to help solve this problem by auditing the code and providing safety certifications.

For an exchange to get a AAA rating they need a high CyberSecurityScore (CSS) in each of the following criteria – server security, user security, penetration test, bug bounty, ISO 27001 and funds insurance. Currently there are just 6 exchanges that have the highest 3-A rating by meeting all security requirements according to CER methodology.

As the crypto industry matures, exchanges are focus on securing participants and their funds. With more standards and bodies that ensure some sort of compliance to security and safety, it could lead to some quasi-form of regulation across the board if no official regulatory system is put in place.

With the influx of crypto traders, it is very important for exchanges to have their security measures set up to protect the billions flowing between them.

Reports from Binance have shown that there are now 300-M crypto users worldwide as compared to 100-M in the prior yr. With most of these individuals having to use some form of exchange or platform to buy crypto, so these highways of exchange have a responsibility to implement proactive security measures. This is happening.

Have a healthy, prosperous weekend, Keep the Faith!

You Might Also Like

WW3 Will Trump Attack Iran as a Show of Strength to Russia and China? $QQQ $SPY $BTC

Buy the War Stocks $LMT $GD $NOC $RTX $BA

$BABA, $BIDU, $JD, $NIO, and Other Chinese Stocks are Bargains

Tokenization of the Entire Financial Sector Is Inevitable

Knightsbridge: Pioneering a Corporate Currency Revolution

TAGGED:blockchaincryptocryptocurrencyCSSDEDeFiexchangeshackerinvestorsknightsbridgeregulatesecuritythreattraders

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.

Subscribe our newsletter for latest news around the world. Let's stay updated!

By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
Share This Article
Facebook Twitter Copy Link Print
Share
By Paul Ebeling
Paul A. Ebeling, a polymath, excels, in diverse fields of knowledge Including Pattern Recognition Analysis in Equities, Commodities and Foreign Exchange, and he is the author of "The Red Roadmaster's Technical Report on the US Major Market Indices, a highly regarded, weekly financial market commentary. He is a philosopher, issuing insights on a wide range of subjects to over a million cohorts. An international audience of opinion makers, business leaders, and global organizations recognize Ebeling as an expert.   
Previous Article Economy: “Inflation Not Due to Supply Chain, Price Gouging…”
Next Article Princess Zoe (GER) and the Longines Red Sea Turf Handicap


Latest News

Specific Parts of the Donald Trump Bill Upsetting Elon Musk
Headline News Opinion Politics Shayne Heffernan Shayne Heffernan Stocks June 7, 2025
Still a Strong Buy $BABA
Alibaba Group Holding Ltd (NYSE:BABA) America China Headline News Most Popular Opinion Politics Shayne Heffernan Tech today June 4, 2025
Top U.S.-Listed Bitcoin Companies $BMNR $MARA $RIOT $CIFR $CORZ $COIN
Bitcoin Headline News Must Read Opinion Shayne Heffernan Shayne Heffernan Stocks June 4, 2025
Saudi Red Sea: A Rising Star in Luxury Tourism
Featured Headline News Lifestyles of the RIch and Famous Living Luxury Real Estate Top Stories Travel June 4, 2025

Stay Connected

235.3kFollowersLike
69.1kFollowersFollow
11.6kFollowersPin
56.4kFollowersFollow
4.4kFollowersFollow
//

Stay informed with LiveTradingNews.com – your ultimate destination for timely and insightful updates on global markets, finance, and investment trends. Explore the latest news and analysis to empower your trading decisions.

Quick Link

  • About us
  • Advertise
  • Send us a tip!
  • Privacy Policy
  • Contact us

Top Categories

  • Knightsbridge Insights
  • Featured
  • Stocks
  • Shayne Heffernan
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

Subscribe our newsletter for latest news around the world. Let's stay updated!

Live Trading NewsLive Trading News
Follow US
© 2025 LiveTradingNews - For The Traders, By The Traders – All Right Reserved By Knightsbridge Group
Welcome Back!

Sign in to your account

Register Lost your password?