According to a recent study, more than 70 percent of the leading cryptocurrency exchanges allow users to create accounts with weak passwords. Less than half of the analyzed platforms provide tools for assessing password strength.
“12345” and “qwerty”
43% of the platforms allow users to create an account by choosing a password with number of characters less than 8. 34 percent don’t require alphanumeric passwords at all. In many cases, the researchers were able to create accounts with passwords combinations of numbers like “12345” and the letters qwerty.
The study was carried out by Dashlane, which works in the field of digital security. This is the first such study of a company, previously focused on the security of online shopping. The study tested 35 leading cryptocurrency platforms.
The researchers tested compliance with the standard safety measures: evaluation of the password, a confirmation or activation email, two-factor authentication (2FA). They found that less than 50 percent of exchange issued evaluation of the passwords used by the users.
President Dashlane, Emmanuel Shalit believes that this situation is unacceptable and it is time to sound the alarm.
“In the accounts at cryptocurrency exchanges, cryptocurrency is stored not only assets, but often there is information about payment cards and Bank accounts. It is therefore imperative that access to your account is highly protected..
Each platform was evaluated on five criteria, and only 10 platforms meet all five: Bitcoin.de, BitMEX, BTCC, Cobinhood, Coinbase, Cryptopia, Gemini, Huobi, itBit and Paxful.
Experts advise users to create unique passwords with at least 8 characters. Use numbers, letters of different registers, and special characters also increases security. You should avoid using passwords that contain common phrases, places or names. Enable two-factor authentication (2FA) is crucial and should not be ignored by the users.