But some members of the crypto community were already speaking against Kucoin’s business practices. In April, Yazin Alirhayim, CEO of Verify ($CRED), was direct in his critique of Kucoin’s listing procedure when he lamented: “We spent 4 months chasing a company to take our $75,000 and list a token. Any business that operates in such a fashion can only go one way: down.”disastrous rating from #CER to #kucoin exchange, this is actually unacceptable kucoin should improve its security, the recent exchange testing by CER gave it the lowest rating:https://t.co/bAkMVO1Tux gj hacken team on keeping us safe!$HKN @[email protected]_io @CER_Hacken pic.twitter.com/rFUknVt3gG — tehMoonwalkeR (@tehMoonwalker) August 9, 2018
What’s more concerning is Kucoin’s dreadful CSS (Crypto Security Score) released recently by CER. The score grades a series of security measures including Captcha, Server Security, and Multi-Factor Authorization. Regarding Kucoin, CSS was blunt:It is worth noting that Kucoin is the only exchange covered by CER that has a very low estimated SSL/TLS connection. Also, we should consider that 15 out of 18 crypto exchanges have similar Domain Security subtotals, and only Kucoin, which is far behind all other exchanges, has a remarkably low rank.
If you’re lucky, one of the first things you learn when entering the cryptocurrency space is to “never leave your tokens on an exchange.” This is because crypto has a long, sordid history of consumers losing funds and tokens when an exchange goes belly up. In the nascent industry of digital assets, trust can be tricky. For now, it may make sense to withdraw your funds from Kucoin until they provide better-rated security and a rebuttal to today’s accusations.
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Published by Spencer Kellogg
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