In the Cryptocurrency World, Your Security is in Greater Danger than on Facebook; CLEARS Can Help
Your data isn’t safe
If the now-infamous Facebook security breach has any silver lining, it’s the rise in awareness of digital threats.
Cambridge Analytica’s harvesting of user data and possible election manipulation has dominated the news, and rightfully so: up to 87 million people may have had personal information exposed to third parties without authorization.
And yet, in terms of threat to security, the Facebook breach pales in comparison to the dangers of the cryptocurrency world.
Hacking occurs in different shapes and sizes
Eric Larcheveque, CEO of crypto-security firm Ledger Wallet, makes a key distinction: If a criminal were “to steal a Social Security number or banking information — that’s not money, it’s information.”
But with cryptocurrency hacks? “It’s immediate. It’s already cash.”
And crypto-criminals are all too aware: “All the hackers in the world are targeting cryptocurrencies.”
Crypto hacks are a thing of the present
For instance, major Japanese cryptocurrency exchange Coincheck had over half a billion US dollars’ worth of NEM coins stolen earlier this year. The coins were taken from a so-called “hot wallet”, a web-based storage unit particularly useful for instant transfers. And, as it turns out, it’s particularly susceptible to hacks as well.
The result? “The biggest theft in the history of the world,” according toNEM.io Foundation President Lon Wong.
But Coincheck is far from alone. In 2017 alone:
- Zerocoin cryptocurrency lost the equivalent of $585,000 USD due to a single typo.
- Coindash exchange had over $7 million stolen from its investors after hackers simply changed a wallet address.
- Two days later, coding service Parity lost over $30 million from its wallets.
- Bitcoin mining platform NiceHash was cleaned to the tune of ~$68 million and the consequent resignation of its CEO.
- China (and South Korea) even outlawed crypto investments called Initial Coin Offerings (ICOs) due to their perceived “market chaos”.
And that’s only the tip of the iceberg.
Security measures leave much to be desired
Thus emerges the major pain point for cryptocurrency organizations and users alike: the ensured protection of users’ personal information.
But such security is woefully underdeveloped.
Crypto criminals currently enjoy a wealth of hacking options: exploiting insecure ICOs, manipulating digital wallets, interfering with payment gateways, obtaining user passwords or secret keys, and impersonating recipients’ addresses, to name a few. Regarding wallets specifically, software service Electrum and hardware storage Trezor each had unique vulnerabilities recently exposed.
Even our devices can’t be trusted, with “catastrophic” flaws dubbed Meltdown and Spectre discovered within universally used Intel CPU chips.
With so much volatility in the industry, concerns over sensitive personal documents and wallet security are both extremely well-founded.
Clears: Our mission to bolster cyber-security
With the crypto world growing at an exponential pace, we believe appropriate precautions must follow suit. Cryptocurrency exchange processes have a dire need for fortified security measures, hence the emergence of Clears.
Using the power of Blockchain, Clears carefully encrypts each Know Your Customer (KYC) process to the utmost security standards. We also:
- Are General Data Protection Regulation (GDPR) compliant
- Use highly secure, Anti-Money Laundering (AML) databases
- Restrict data access to third parties (apart from auditors)
- Utilize Ethereum blockchain, thereby guaranteeing the integrity of Clears user IDs
- And more
“Security” isn’t just a buzzword; it’s the backbone of your digital identity and the stronghold of your wealth. Clears is committed to cultivating the security necessary in your cryptocurrency transactions. For more on how we do it, check out our CLEARS Medium.
About Clears
Clears aims to be the standard KYC in the rapidly growing ICOs, Fintech and Cryptocurrency marketplaces, expanding to serve all industries that require identity checks and KYC processing. We are confident that users will specifically request that Clears processes their KYCs due to its convenience and enhanced security.
Learn more at http://clea.rs/
Join us now!
