Given the recent bout of attacks and hacks on crypto exchanges, it comes as no surprise that many exchanges are ramping up their security measures. In an industry first, Kraken has decided to make Two-Factor Authentication (2FA) mandatory on all user accounts. 2FA has been available since September 2013 as an optional feature, but under the reign of the exchange’s new Chief Security Officer – Nicholas Percoco – it is now being made a requirement starting from a user’s next login.
How Does 2FA Work?
2FA adds an additional layer of security to your account and can be applied to a number of accounts you might hold, including on crypto exchanges, crypto wallets, and even Gmail. The login process starts as normal – you input your user name and password – then you’re taken to an additional page where you have to input a code from the 2FA app you’re using. Google Authenticator is one of the most popular 2FA apps out there, but Authy has a lot more features that might come in handy. Once you input the code and the site verifies that it’s correct only then you will be taken to your account. While this might seem quite burdensome, it’s an incredibly powerful, yet simple way to protect your various accounts from hackers.
A New Security Roadmap
During a time where exchanges are being hacked left, right, and center it’s about time exchanges began to take security seriously. Just last week North Korean hackers were accused of hacking DragonEx and stealing $7 million in various tokens, and countless more exchanges have been hacked this year already.
In a bid to protect itself and its customers, Kraken is ramping up its security efforts with a new security roadmap. Kraken will deploy advanced security products ranging from threat intelligence and behavior analytics to adversarial deception techniques in a bid to help defend its platform from attackers. The new roadmap isn’t yet public, but Kraken is hoping to launch it in the coming weeks.
Kraken Helping Hunt QuadrigaCX Funds
Unless you’ve been living under a rock, you will have undoubtedly heard about the case of QuadrigaCX. After the exchange’s CEO died – allegedly taking all of the exchange’s private keys to the grave with him – thousands of traders were left without access to their cryptocurrencies. However, it then turned out the coins had vanished post-mortem, which led to a massive crypto hunt for the tokens. Kraken has thrown its hat into the ring and is offering a $100,000 bounty for any information regarding the disappearance of the tokens.
Kraken is looking to become the safest and most secure crypto exchange on the planet with its new security roadmap. If it does succeed in remaining secure over the long-term, it’s plausible that regulators will make Kraken’s new security features mandatory on all crypto exchanges – something most people will welcome with open arms. After all, you can never be too safe when it comes to your money.