The post Inside Gate.io’s ‘Multi-Layered’ Approach to Crypto Platform Security appeared on BitcoinEthereumNews.com.

Centralized cryptocurrency exchanges have always been a target for hackers, with increasingly sophisticated malicious actors finding ever more ingenious ways to loot their multimillion-dollar holdings. Over half a billion dollars was lost to hacks and fraud in Q2 of 2024, according to recent research, with the bulk of that accounted for by centralized crypto financial institutions like exchanges. “Some exchanges don’t adequately use cold wallets to protect user funds,” Gate.io Chief Security Officer D told Decrypt. “They fail to update and patch software vulnerabilities in a timely manner, and they don’t publicly disclose security audit results and vulnerability reports.” One of the top 10 crypto exchanges by volume, Gate.io has developed a “multi-layered security approach” in order to safeguard the accounts of its 16 million users, along with proactive strategies to address the threat posed by hackers. Proactively addressing threat vectors There are four main attack vectors for centralized exchanges: hacks, phishing attacks, internal threats, and software vulnerabilities. Phishing attacks are when a user is tricked by a bad actor into giving away their account information, either directly or via phishing links. Internal threats relate to individuals within organizations going rogue and becoming bad actors, or their negligence creating opportunities for hackers to take user funds. When an attack is based on a software vulnerability, it means that a bad actor has exploited the platform’s own code. To combat these threats, Gate.io told Decrypt, the exchange employs a team of dedicated security experts who use a risk-based strategy to “uphold the highest levels of user asset protection.” Whereas some exchanges take a reactive approach to security, only focusing on security when it becomes a problem, Gate.io proactively audits and stress tests their platform against potential threats regularly, on an ongoing basis. Gate.io “actively collaborates with regulatory authorities to ensure the…

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Filed under: News - @ July 5, 2024 1:26 am