It’s natural for cryptocurrency traders to be concerned about the cybersecurity of their favorite crypto exchanges. The crypto scene’s track record of hacks is particularly alarming, considering the enormous $850 million stolen from exchanges in 2018 and already $219 million hacked in 2019 so far. Recent cybertheft victims include DragonEx ($7 million), CoinBene ($105 million),
Transparency As the price of Bitcoin rises and the crypto world continues to evolve, the crypto exchange industry still lacks maturity and transparency. Striving to add valuable contributions to the development of the exchange industry, the Crypto Exchange Ranks (CER) team has been continuously analyzing, investigating, and reporting on malpractices and manipulation cases for over
It goes without saying that liquidity is essential for smooth and effective trading for any financial instrument. And the crypto exchanges that provide sustainably high liquidity gain high credit and loyalty of the users. While in traditional financial markets the liquidity provision is regulated strictly by the set of rules and legal frameworks, the crypto
It is no secret that the crypto industry is still in its infancy. Lack of governmental regulation and industry rules has created a space for unfair players to use unethical and sometimes fraudulent techniques to gain an advantageous market position. One of the areas of major concern is trading volume numbers that are reported by
As defined by Investopedia, liquidity “describes the degree to which an asset or security can be quickly bought or sold in the market without affecting the asset’s price.” Hence, liquidity is one of the most essential qualities that traders and investors usually look for in modern crypto exchanges. The liquidity of a given currency on
Nowadays hundreds of crypto exchanges are offering their services to users worldwide but very few assure smooth, fair and safe trading experiences. The struggle to acquire new users in the extremely competitive industry during the current bear market induces many exchanges to sugarcoat their liquidity with fake trading activity. Furthermore, in the rush for profit,
Collaboration Background Regular observers of crypto news will have noticed that the conditions of the crypto exchange market are continually becoming more and more volatile. Incomprehensible hacks (such as the Cryptopia Exchange), constant cases of exit scams, unexpected closures of seemingly successful projects, suspicious deaths and abnormal crypto assets storage systems (like that of the
Multi-million and billion dollar daily trade volumes fueled the confidence of the community in the inevitable prosperity and bright future for the crypto economy. Unfortunately, we were wrong… 10 years ago, Bitcoin changed the world, becoming the first cryptocurrency to carry out fast, secure and cheap peer to peer transactions without intermediaries and across borders.
In November, we announced the launch of a special global project, the Transparency Hackers Initiative, that is dedicated to detecting exchanges’ hot and cold wallets and validating exchanges’ total balances. The goal is to determine if crypto exchanges do indeed possess the amount of money they should, according to public statements. We launched this project
