Cryptocurrency has been in the public eye for a few years now with the increasing popularity of Bitcoin and its massive valuation. Celebrities and influencers have jumped on the bandwagon, coming out with their own coins in ICOs (initial coin offerings) that can raise vast amounts of money for the coin creators. Cryptocurrency is also considered anonymous, private and secure by the general population.
For these reasons, cryptocurrency marketplaces are being opened all over the world to meet the demand. In fact, there are an estimated
18,988 markets for trading cryptocurrencies, but they are trading only about 1,700 cryptocurrencies. The reason for this is that marketplaces make a percentage on every transaction, allowing for major profits.
According to Bloomberg, exchanges can make up to $3 million
per day, or nearly $1 billion in one year.
So, in that mad rush to make money, the smaller or newer exchanges may leave security behind as a second thought. And that’s exactly what we found.
Our research shows that many crypto marketplaces are dangerously unsafe. In these unsecured databases, we were able to see the customers’ account balances and private information. This lack of security could allow their customers’ money to easily be stolen by anyone, as well as have their private details leaked or sold on the black market.
