In light of the recent hacking of Coinrail at the weekend, Blockbid COO David Sapper offers his insight on the hacking and if the crypto market can recover. Blockbid are an ultra-secure cryptocurrency trading platform who aim to facilitate the highest volume of trades from the most cryptocurrencies on one platform. They will also allow trades using seven different fiat currencies, all whilst only charging a 0.1% flat fee.
“The recent Coinrail hack shows that the fast-paced, evolving world of cryptocurrency is continuing to hold strong appeal to fraudsters and hackers, which in turns grows the level of risk for the market. With little regulation in place across exchanges and cryptocurrency trading, unauthorised access from external parties on core systems and customer accounts are a potential threat. The more popular an exchange becomes, the harder the platform must perform, thus leaving any potential holes in security open for interception.
However hacks on exchanges aren’t a new thing and prices of cryptos will recover as they have done so before. Bitcoin is already up $200 which is positive, seeing as the hack only took place a couple of days ago. The hack will definitely increase talk within the community for greater security protocols and more regulation within the cryptocurrency sphere which will also affect the price of coins in the short term but again, prices will recover. Introducing new regulation has to be executed efficiently, through a comprehensive understanding of the digital landscape. Without this understanding, exchanges and traders are left vulnerable.
At Blockbid, we implement strict security protocols to protect both our users and ourselves. Users have the ability to lock their account access from specific IPs, providing them with the reassurance that their assets are safe.
All our cryptocurrency assets are insured against potential cyberattacks and our funds are secured by multi-signature wallets. We have also recently partnered with LexisNexis-ThreatMetrix, who provide risk analysis of users. Again, ensuring we are providing the most secure trading experience available for users.”