Secure the Exchange

There has been so much media coverage over the last few years with regards to exchanges been hacked. Some eye watering amounts have been hacked or stolen. Mt Gox, Coincheck, Bitgrail and even Binance have been hacked. It seems that no exchange is safe from hackers in the crypto world.

Exchanges don’t help themselves when they are hacked, they hide away and just leave their customers wondering what happened or even worse they try to cover it up as though nothing has happened. This is no way to behave with todays consumer, you have to be transparent and honest, treat them with respect or you will soon lose them to another exchange.

So what are they doing wrong, why are they getting hacked? There are a number of reasons and some of them very basic indeed which is unforgivable, considering how much people are trusting them with their crypto investments.

1. Weak Authentication: A number of the exchanges that have been hacked have been due to very poor or no login security.
2. Hot/Warm Wallets: Exchanges with little experience have tended to leave their customers cryptocurrency on wallets that are connected to the internet so they are susceptible to attack.
3. Poor Technical Architecture: There are a large number of exchanges that are poorly coupled together and rushed to the market using poor open source or commercial off the shelf products. These are littered with back doors which hackers can easily take advantage of.
4. Employee Errors: Human interactions with IT systems are one of the main causes of IT Security failures. If robust processes and procedures are not in place and enforced then this can lead to a breach. Many exchanges are moving so quickly to keep up with demand that they just get stuff done without the governance and robust non-functional requirements that are needed for longevity of the platform.

With all this in mind its no wonder that exchanges struggle and are susceptible to hacks. The crypto world is moving at such pace and demand is truly outpacing supply. But still things need to change, the community demand and deserve that their investment is safe.

How is Elepig going to solve these problems?

We have been watching the space and building up a log of lessons learned from other exchanges and the problems they have faced. We have analysed these problems in detail and have identified solutions that will hopefully set us above the other exchanges in the market. The team has decades of experience between them of building secure defence and finance systems.

1. Authentication: We will provide 2FA for all user logins, giving our community the added security of an extra unique layer of security when logging in.
2. Wallets: We are in talks with industry leading IoT security vendors that will be able to provide market leading security to our infrastructure. We will only hold a small percentage of the users holdings in hot/warm wallets, the remainder will be stored in cold wallets away from the exchange.
3. Technical Architecture: We decided from the outset that to have a fully secure architecture it will have to be built from the ground up. It is too risky for us to buy a commercial off the self exchange engines when we have no control of the design and build. Again we are in talks with proven industry leading security vendors that can help us to keep your investments safe.
4. Employees: We are experts in producing and implementing robust processes and procedures that ensure that employees can work in an efficient but very secure environment. We have the ability to stay lean in this very fast paced environment but with the governance to ensure that nothing is neglected.

With all this in mind Elepig can’t promise that we won’t get hacked as no company or business in the world can promise that. We utilise the decades of experience that we have and implement everything we have learnt to provide you with the comfort that you are in safe hands.

You the community are at the centre of our ecosystem and we promise to be transparent and honest in everything that we do.

If you want to learn more about us please go to:

Website . Whitepaper . Telegram . LinkedIn . Twitter . Facebook . Instagram