Given the rampant hacking and associated losses on cryptocurrency platforms, CrypKart believes the industry needs a more secure exchange ecosystem.
CrypKart Aims to Provide Better Security
The exchange claims that is the most secure cryptocurrency exchange Ecosystem can easily be categorized under common Marketing strategies. However, to explore facts about the company’s features, which could make their platform unique. CrypKart uses multi-sig security and claims to conduct daily audits aim to detect any bug in the system.
Crypkart revealed that the audits are conducted by a variety of external entities with some dedicated team of programmers and ethical hackers monitoring the system. The company says it constant test for Denial of Service Attack (DDoS) as well of the test against other penetration attacks. CrypKart hired a Cryptocurrency Security Standard expert who is directly responsible for user security.
The company also uses Cold wallet storage of coins as soon as users deposited their coins into the system. Further, the platform reroutes the funds into the cold storage until they are required. To ensure maximum security the company employs multi-factor login tools that use 2FA/Captchas/text messages/biometrics, email, and mobile verification.
What are the other Players doing?
Security is the major issue in every digital currency platform, in the event of an infiltration into the system hundreds of millions can be lost. Recent history confirms that inside jobs and weak security mechanism are responsible for successful hacks into crypto platforms. Although, Hackers deploy many tricks and strategies to get into the system.
Cryptocurrency exchanges deploy a series of high tech security mechanism to ensure their system runs smoothly. Investigators found out that either the founders of the platforms themselves or other vital staff of the company orchestrate most of the recent attempts on crypto platforms. It is common for companies to jump into ICO before proofing resilience of their idea.
To remain on the safer side, cryptocurrency users are advised to deal only with well-established regulated platforms for their crypto involvements.