Security and safety measures of crypto exchange platform

Posted On July 12, 2019 at 11:32 AM
Updated July 12, 2019 at 05:02 PM
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We have covered important security guidelines which should be followed in every cryptocurrency exchanges. The checklist needs to be verified and certified to be the best exchange platform. Here’s the list below.

Overview

  • Checklist 3
  • Cross-Site Scripting (X-XSS-Protection)
  • DDoS protection
  • Exposing Server Information
  • CSRF Protection
  • Clickjacking attack and X-Frame-Options
  • HTTP Public Key Pinning (HPKP)
  • Cold storage

Cross-Site Scripting Cross-Site Scripting

 Cross-Site Scripting Cross-Site Scripting (XSS) attacks are the technique, in which malicious scripts are injected into the exchange websites. Since the code has gain access to the hackers to get all the information from user side. This is causing the unanonymous loss of funds from user wallet.

DDos Protection

DDoS protection is a distributed denial-of-service (DDoS) attack is one of the main methods of disruption in the modern day Internet. By overloading a cryptocurrency exchange website with huge traffic, the attacker is able to render a website unavailable.when the exchange is not under DDOS attack, due to the massive amount of transactions in the exchange will reduce its performance.

Exposing Server Information

Exposing Server Information If you are showing the backend information about the software, server, script details used in the exchange, it will create problems. This creates a way for hackers to study your exchange security completely and finding the path to intrude. So, avoid doing this mistake and be confidential about your backend development.

CSRF Protection

It is the similar to the attack discussed above. It’s nothing but the another layer of protection for preventing the exchange from XSS attack.

Clickjacking attack and X-Frame-Options

Clickjacking is the user interface hack done by the intruders. It is the process they use the transparent layer to cheat the users clicking on the button or link which redirects to another domain owned by the attackers. Then the user believes they are typing passwords, but instead they are typing in the invisible framework controlled by the attackers.

HTTP Public Key Pinning (HPKP)

HTTP Public Key Pinning (HPKP) is an encrypted security mechanism delivered via an HTTP response which allows HTTPS websites to resist the misuse of websites by attackers using fraudulent certificates. The passwords and user information stored in the exchanges are secured through the socket layer.

Cold storage

Cold storage is the one of the viable methods used to store bitcoins in offline. It can be done by using hardware wallets for storing the currencies. The most protective method is the hard wallet because it involves the stages encryption,multicurrency storage and together with multisignature.

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