Kraken safest exchange

Respected cyber security company Group-IB analyzed the security of kryptomere and ranked the marketplaces.

Developer measures to protect against cyber attacks, the Russian company Group-IB has developed a policy evaluation of cryptocurrency exchanges, in terms of insurance risks and built the world’s first rating of their insurance security. First place at the Kraken, and OKEx, Huobi Pro and CoinCheck has proven to be more risky.

The results of Group-IB estimated only reflect insurance risks: insurance statistics of Group-IB takes into account losses from cyber-attacks, theft, fraud and illegal actions of employees and can prove to be quite useful for companies providing services of insurance cryptocurrency assets.

To develop a mechanism for assessment of risks Group-IB used a number of different criteria, including technical security, reliability, storage keys, the integrity of passwords and protection of user personal data exchanges. Group-IB estimates of the exchange and also from the point of view of the use of methods of exchange regulation, “know-your-customer” (KYC) and anti money laundering (AML).

In the ranking of Group-IB of the exchange are divided into four groups: from the safest to the most risky to the insurance. Kraken came in first place, showing the lowest percentage of risk for insurers is 1.25%. In the second group turned out to Coinbase and Bittrex Pro is 1.5%. The group with the highest risk ( 1.9 per cent) entered Binance, Bitfinex, Bithumb, Bitmex, Localbitcoins, MyEtherWallet and Poloniex. The most risky exchanges of Group-IB called Yobit, Zaif, Bitstamp, TopBTC and bit-Z, the terms of which were so low that they were completely excluded from the list.

To date, the maximum coverage offered by the insurance companies in the market, equivalent to 15 BTC. Lately there is a tendency to an increase in insurance premiums along with the increase in the duration of the period of cover, which may indicate either that the insurers are confident in the growth of the cryptocurrency market, or that the number of cyber attacks on stock exchanges will grow even more. We remind you that according to a recent study, the company CipherTrace hacking cryptocurrency exchanges and wallets during the first 9 months of 2018, the year has brought hackers to 927 billion dollars, accounting for 250% of similar indicators of 2017.

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SVK Crypto – Daily News Blog

Kraken rebuffed the Prosecutor General’s office in new York

Cryptocurrency exchange Kraken, based in San Francisco is not going to respond to the recently published request of the attorney General of new York.

Kraken is amongst one of the 13 cryptocurrency exchanges, on Tuesday received a letter from the attorney General of new York Eric Schneiderman to provide detailed information on the activities of platforms for the exchange of cryptocurrencies.

At a time when most of the exchanges in General welcomed the request and said they will fill in the attached form, Kraken chose a different approach.

CEO exchange Jesse Powell has made it clear that Kraken is refusing to cooperate with the authorities of the state:

“I realized how wise was the decision to leave new York city three years ago. Now we can Dodge this bullet”.

In 2015, Kraken has announced that he is leaving the state because of cryptocurrency regulatory framework Regulations.

At that time, the exchange has published in his blog a message in which he called the law “as dirty and cruel, that even the Kraken does not have the courage and strength to face this nasty, big and sharp teeth.”

Powell wrote Wednesday that Kraken usually happy to interact with public authorities, but criticized the approach of the attorney General, adding:

“Why don’t you try to extract this information from the companies that actually work in your state?”

A spokesman for the General Prosecutor’s office commented on the remarks of Powell:

“Legitimate companies usually demonstrate to their investors that their money is protected. This is the main information that needs to provide a reliable platform.”

Although Kraken isn’t the only exchange, which left new York due to Regulations, the state authorities continue to extol regulations:

“The regulatory structure that we created for the virtual currency, helped the licensed companies to attract more interest from customers, investors and potential partners in financial services,” said last week the head of the Department of financial services new York Mary Vullo .

However, lawmakers are considering revising the framework Regulations or even its complete abolition.

The full text of the statement by Powell regarding the situation:

“Due to the introduction of Regulations Kraken the care of the state of new York in 2015, has today brought its dividends. When I saw the requirements of 34 points with a maturity of two weeks, I immediately thought, “the Nerve of these guys, lack of respect for our business, this is our hour!” … I also realized that we made a wise move, deciding to hell to leave new York three years ago. As a rule, we are always ready to help the government to understand our business, but it is not done this way. If you want us to talk, arrange a telephone call, arrive, finally, themselves in San Francisco, invite us to dinner in your office. We can tell you where to begin your investigation. But when is new York going to say “enough”? We have already gone through this once, and you gave us your Regulations. Why don’t you try to get information from those companies that operate in your state? Kraken left new York, because the state pursues a hostile policy towards cryptocurrency industry, and we received the list of questions shows that you are negative not only the cryptocurrency industry, but to business in General.”

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