To detect hacker attacks from the systems more and more, cryptocurrency trading exchanges must implement security protocols in coordination, said Yo Sub Kwon, CEO of the Hosho Group, a Smart Contract Auditing and a security company.
In his speech at Bloomberg’s “Sooner Than You Think” event, Mr. Kwon said most scammers would pay stolen funds to other exchanges as a security measure. Because security measures and exchange protocols are different and exclusive, they “help” hackers, he said.
Kwon then stated:
“They should develop a system that alerts any large and sudden deposit so that the transaction can be tracked in case of piracy.”
The CEO added that most attacks are fairly simple and do not involve significant technological elements. Therefore, it is easy to secure transactions when the exchanges work in tandem.
Stoll Scott, Kroll’s General Manager for Cyber Security and Investigations, agrees with Kwon’s view that this represents an ideal solution to the problem. In their opinion, most hacker attacks can not be found due to the technology used.
“Most hackers communicate through channels made possible through exchanges or through social media, and in order to prosecute the perpetrators, the investigative team must go through the tracks of the communication channels.”
In addition to collaboration, the exchange should inform users about the dangers, Scott said.
BLAKFX co-founder and COO Kara Coppa said that security in itself means integrity, cooperation and authentication. These parameters can be further improved if the exchanges work together and the users have a much safer environment, she added.
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