It was reported recently that BitKoex, a Korean crypto exchange platform, accidentally leaked well over $650,000 worth of private key data in a group chat on the KakaoTalk platform.
For reasons still not known, one employee from the exchange accidentally posted the private key to user wallets in the group chat.
The private keys essentially give unrestricted access for users to completely take over a wallet/address. The fact these details were released on KakaoTalk has raised further concerns as the platform is unencrypted so hackers have easy access to data if required.
It has also been noticed that the majority of smaller bitcoin and crypto exchanges are business minded. Sacrificing users security for rapid growth , many do take shortcuts to increase efficiency and thus profits. Despite the reputation of smaller exchanges, NairaEx aims to challenge user opinions by providing industrial standard security for client data encouraging responsible, rather than rapid business.
Unlike the Korean exchange, the likes of NairaEx employ a number of security measures to ensure all user data remains confidential and the risk of a breach is essentially avoided. Initially we can attribute online security protocols such as HTTP to ensure all traffic is encrypted. Using only encrypted forms of communication, ensures all data entered can not be intercepted by a third party.
The best security measure remains the fact that NairaEx doesn’t store user data. Therefore once a transaction has been completed, a customers details are securely deleted essentially providing immunity from the potential of a hack or leak (in this case) compromising user data.
You too can purchase Bitcoin from Nigeria’s premier exchange, NairaEx and have your purchase securely delivered within a matter of hours !