By Semaj Rakao
Identity Management is a form of IT online security that is the ability of authenticating different individuals or groups (customers, colleagues, any group etc) digitally and controlling whether they have access to particular applications or systems.
The main goal of Identity Management is to ensure only authenticated users are granted access and permissions to the right resources at the right times and for the right reasons. It addresses the need to ensure appropriate access to resources across many digital environments.
As an example of failed Identity Management, hacks of Bitcoin in South Korea (Bithumb and CoinRail) and the hack of Japan’s Coincheck exchange both consisting and resulting in millions of dollars in stolen currency
. It is imperative that for any cryptocurrency exchange to be successful, all transactions must be completely secure and authenticated on the blockchain.
There are many different ways to manage identities some better and more secure than others. With the South Korean Bithumb hack of over $31 million, days before the hack security teams were warned that a number of unauthorized access attempts increased. As such, an urgent server checkup was conducted and at the same time Bithumb also started moving users’ assets to a cold wallet to store cryptocurrencies in a more secure offline environment however this was too late…
In the case of South Korea’s Coinrail, Korea Internet & Security Agency, who carried out the investigation with police, said only four of the country’s largest exchanges are subject to the Information Security Management System certification (ISMS) requirement and Coinrail is not one of them. This is an example of where smaller exchanges such as these do not have enough security and the security they do have in place is not compliant with government regulations (amazingly many are not required!)
Japanese cryptocurrency exchange Zaif had been hacked, with losses of Bitcoin
and two other digital currencies estimated at about $59.67 million. Also The Japanese cryptocurrency Coincheck was hacked over $530 million dollars! In both exchanges security was unregulated so there are no protocols in place to create an environment in which these exchanges overall security are updated.
While blockchain technology has been long noted for its security, under certain conditions it can be very vulnerable. Sometimes bad execution can be blamed, or unintentional software bugs. Other times it’s more of a gray area, the complicated result of interactions between the code, the economics of the blockchain, and human greed. In total, hackers have stolen nearly $2 billion worth of cryptocurrency since the beginning of 2017 and that’s just what has been revealed publicly.
Most of the recent headline-grabbing hacks weren’t attacks on the blockchain themselves, but on exchanges, the websites where people can buy, trade, and hold cryptocurrencies. And many of those robberies could be blamed on poor basic security practices.
In both South Korea and Japan’s crytptocurrency hacks, it was the managing of the security of servers as well as the security of identities on the server of the users that were hacked. These cases show how important security and Identity Management is to any exchange.
While most cryptocurrency exchanges have avoided government regulations and some pride themselves on anonymity there is one company that since it’s beginning has focused entirely on transparency.
Yezcoin is a new startup blockchain and cryptocurrency exchange that’s primary focus is user and transaction transparency.
Many have questioned as to why Yezcoin would want to require transparency in a cryptoexchange? Or more importantly why, for a startup ICO, would Yezcoin want to avoid taking illicit funds like most other cryptoexchanges?
One reason and one reason only says creator of Yezcoin Mongkol Thitithamasak,”Honesty!”.
Yezcoin has had mixed responses and feedback about their approach to transparency within this new industry but Yezcoin is still moving forward toward it’s ethical vision.
It is surprising at the low-level compliance requirements of the leading exchanges such as Binance, Huobi, and OKEx. For example, Binance has only recently requested potential customers provide a copy of their passport during their sign up process following a number of complaints about the exchanges lack of security which had made it a haven for criminals to divide their stolen coins into smaller undetectable portions by using multiple accounts. Huobi has added more stringent certification to its sign-up requirements but does not verify mobile phone details. At least, as opposed to Binance and Huobi, OKex requires a passport and utility bill but still shows a facetious attitude to KYC and are still not as focused on transparency.
Yezcoin is a Blockchain Exchange that focuses on providing solutions to allow Blockchain companies to comply with Know Your Customers (KYC) and Anti Money Laundering (AML) rules. These compliances among many different countries are the most trusted amongst banks and other financial institutions throughout the world.
Another goal of Yezcoin says Mongkol Thitithamasak “We are trying to help to create a positive image of Blockchain technology so that the Blockchain community can gain confidence, trust and support from Government and Venture Capitals to further mature Blockchain technology and its applications.”
The future of cryptoexchanges will require more government understanding and regulations. Identity Management security is the most important thing in any Centralized, Decentralized or Hybrid Exchange. It insures trust amongst individuals and groups to execute transactions.
The future of trust in these exchanges might be just as simple as Yezcoin creator Mongkol Thitithamasak says it is “We want to be a pioneer in KYC and AML compliance as well as complete transparency and honesty”. Unlike other exchanges Yezcoin goes to great lengths to insure identity authenticity and helps Combating Financing Terrorism (CFT) . Yezcoin has several products and services in development which Mongkol says “will help bring businesses and communities together securely. “
Yezcoin currently has an Airdrop program where you can get 250 YEZ for completing the KYC and AML registrations and posting on various social media platforms. For full details READ MORE
Trust in Identity Management is going to be the emphasis of future cryptoexchanges. How these companies manage the bumpy road of security among its users while providing transparency and compliance as emerging standards of KYC and AML as the technology grows will be what separates the different exchanges and layers of trust in their uses.
Binance, one of the world’s largest cryptocurrency exchanges, said hackers stole more than $40 million worth of bitcoin from its platform in what it called a “large scale security breach.” UK firm connected to Bitcoin billions robbery I was given two keys, one private and one open, both of 40 irregular numbers and letters. On the off chance that I needed to move cash to my wallet, I utilized the open key; to get to my wallet I utilized my priva BINANCE Wallet Support te key. The term Bitcoin robbery is used by a lot of people who have been scammed to show how much Bitcoin (BTC) they lost, how they felt etc. In today’s crypto news, we are listing the biggest Bitcoin scams and report the top cases where most BTC was stolen from users.. Bitcoin hackers stealing $500,000 in 2011 Analysis Binance Bitcoin Bitcoin Cash bitmain Blockchain Cardano central banks China Coinbase Crypto Cryptocurrencies Cryptocurrency Donald Trump Dow Jones EOS Ethereum Facebook Gold ICOs India Investment IRS Japan libra Litecoin Market Nasdaq Petro Prediction Predictions Price Prices Regulations Ripple S&P 500 SEC South Korea Stellar Taxes ... The head of Binance, CZ — whose Twitter account was hijacked along with a bunch of other high-profile pages — is now back on Twitter and has shared a few thoughts on what happened.. Offering some food for thought to the crypto community, CZ explains why the Twitter hack and the massive-scale Bitcoin scam that followed could have a positive aftermath for BTC and its potential holders in the ... The trade is among the 16 authorized digital money trades in Japan that met up to frame a self-administrative body, not long after the scandalous $530 million Coincheck robbery prior this year. Start Mining Your Own Bitcoin Now! $100 Worth Of BTC Daily!
Wie immer ein kurzes Update zum Marktgeschehen bei den Kryptowährungen und dem Bitcoin Kurs. Binance User wurden durch API Keys gehackt. Japan und SEC gehen gegen Exchanges vor! Binance User ... Amazon Affiliate Link - (If You Buy Something On Amazon, I Get A Small Commission As A Way To Support The Channel) - (There is NO extra cost for you) https://amzn.to/39MXp4q Computer I Use To ... This Line Is Critical For Bitcoin + Binance Scandal Altcoin Daily. Loading... Unsubscribe from Altcoin Daily? ... BREAKING! JAPAN & USA COLLABORATION to BEAT China's E-Yuan! Ethereum to 10k ... Heute geht's um folgende Themen: Binance ohne Lizenz in Japan – Behörde spricht Warnung aus, Ledger Nano S hat Sicherheitslücke & Edward Snowden spricht über Bitcoin und Kryptowährungen. 1.) This is the latest round of crypto news from Altcoin Buzz. With news from Japan, bitmain and even Ether. DISCLAIMER The information discussed on the Altcoin ... #BINANCE #BITCOIN #BTC Binance СЕО : In this AMA we are discussing BTC price and talking about Bitcoin price prediction. Also, we prepared an airdrop of 5000 BTC to giveaway for our followers. Explicamos como participar de Pool para ganar #BNB que repartirá #Binance y compartimos operaciones de #Scalping en vivo Noticia oficial de Binance: https:/... #Binance Futures - Trade Bitcoin, altcoins and more with up to 125x leverage. Category Entertainment; Show more Show less. Loading... Chat Replay is disabled for this Premiere. Autoplay When ... Jan.10 -- Binance CEO Zhao Changpeng discusses the challenges exchanges face, possible rules and regulations, and talks about the future for crypto currencie... Bitcoin Brief - Binance Japan and Malta, Snowden & Hedge Funds Tone Vays. Loading... Unsubscribe from Tone Vays? Cancel Unsubscribe. Working... Subscribe Subscribed Unsubscribe 90K. Loading ...