By Semaj Rakao
Identity Management is a form of IT online security that is the ability of authenticating different individuals or groups (customers, colleagues, any group etc) digitally and controlling whether they have access to particular applications or systems.
The main goal of Identity Management is to ensure only authenticated users are granted access and permissions to the right resources at the right times and for the right reasons. It addresses the need to ensure appropriate access to resources across many digital environments.
As an example of failed Identity Management, hacks of Bitcoin in South Korea (Bithumb and CoinRail) and the hack of Japan’s Coincheck exchange both consisting and resulting in millions of dollars in stolen currency
. It is imperative that for any cryptocurrency exchange to be successful, all transactions must be completely secure and authenticated on the blockchain.
There are many different ways to manage identities some better and more secure than others. With the South Korean Bithumb hack of over $31 million, days before the hack security teams were warned that a number of unauthorized access attempts increased. As such, an urgent server checkup was conducted and at the same time Bithumb also started moving users’ assets to a cold wallet to store cryptocurrencies in a more secure offline environment however this was too late…
In the case of South Korea’s Coinrail, Korea Internet & Security Agency, who carried out the investigation with police, said only four of the country’s largest exchanges are subject to the Information Security Management System certification (ISMS) requirement and Coinrail is not one of them. This is an example of where smaller exchanges such as these do not have enough security and the security they do have in place is not compliant with government regulations (amazingly many are not required!)
Japanese cryptocurrency exchange Zaif had been hacked, with losses of Bitcoin
and two other digital currencies estimated at about $59.67 million. Also The Japanese cryptocurrency Coincheck was hacked over $530 million dollars! In both exchanges security was unregulated so there are no protocols in place to create an environment in which these exchanges overall security are updated.
While blockchain technology has been long noted for its security, under certain conditions it can be very vulnerable. Sometimes bad execution can be blamed, or unintentional software bugs. Other times it’s more of a gray area, the complicated result of interactions between the code, the economics of the blockchain, and human greed. In total, hackers have stolen nearly $2 billion worth of cryptocurrency since the beginning of 2017 and that’s just what has been revealed publicly.
Most of the recent headline-grabbing hacks weren’t attacks on the blockchain themselves, but on exchanges, the websites where people can buy, trade, and hold cryptocurrencies. And many of those robberies could be blamed on poor basic security practices.
In both South Korea and Japan’s crytptocurrency hacks, it was the managing of the security of servers as well as the security of identities on the server of the users that were hacked. These cases show how important security and Identity Management is to any exchange.
While most cryptocurrency exchanges have avoided government regulations and some pride themselves on anonymity there is one company that since it’s beginning has focused entirely on transparency.
Yezcoin is a new startup blockchain and cryptocurrency exchange that’s primary focus is user and transaction transparency.
Many have questioned as to why Yezcoin would want to require transparency in a cryptoexchange? Or more importantly why, for a startup ICO, would Yezcoin want to avoid taking illicit funds like most other cryptoexchanges?
One reason and one reason only says creator of Yezcoin Mongkol Thitithamasak,”Honesty!”.
Yezcoin has had mixed responses and feedback about their approach to transparency within this new industry but Yezcoin is still moving forward toward it’s ethical vision.
It is surprising at the low-level compliance requirements of the leading exchanges such as Binance, Huobi, and OKEx. For example, Binance has only recently requested potential customers provide a copy of their passport during their sign up process following a number of complaints about the exchanges lack of security which had made it a haven for criminals to divide their stolen coins into smaller undetectable portions by using multiple accounts. Huobi has added more stringent certification to its sign-up requirements but does not verify mobile phone details. At least, as opposed to Binance and Huobi, OKex requires a passport and utility bill but still shows a facetious attitude to KYC and are still not as focused on transparency.
Yezcoin is a Blockchain Exchange that focuses on providing solutions to allow Blockchain companies to comply with Know Your Customers (KYC) and Anti Money Laundering (AML) rules. These compliances among many different countries are the most trusted amongst banks and other financial institutions throughout the world.
Another goal of Yezcoin says Mongkol Thitithamasak “We are trying to help to create a positive image of Blockchain technology so that the Blockchain community can gain confidence, trust and support from Government and Venture Capitals to further mature Blockchain technology and its applications.”
The future of cryptoexchanges will require more government understanding and regulations. Identity Management security is the most important thing in any Centralized, Decentralized or Hybrid Exchange. It insures trust amongst individuals and groups to execute transactions.
The future of trust in these exchanges might be just as simple as Yezcoin creator Mongkol Thitithamasak says it is “We want to be a pioneer in KYC and AML compliance as well as complete transparency and honesty”. Unlike other exchanges Yezcoin goes to great lengths to insure identity authenticity and helps Combating Financing Terrorism (CFT) . Yezcoin has several products and services in development which Mongkol says “will help bring businesses and communities together securely. “
Yezcoin currently has an Airdrop program where you can get 250 YEZ for completing the KYC and AML registrations and posting on various social media platforms. For full details READ MORE
Trust in Identity Management is going to be the emphasis of future cryptoexchanges. How these companies manage the bumpy road of security among its users while providing transparency and compliance as emerging standards of KYC and AML as the technology grows will be what separates the different exchanges and layers of trust in their uses.
— CZ Binance (@cz_binance) July 17, 2020. Twitter hack, the position of Binance’s CEO. CZ then discusses the events and shares his point of view. “Bitcoin hack?” No, bitcoin didn’t get hacked. The hackers want bitcoin, because it’s valuable. When bank robbers want cash, it’s not called a “cash robbery”. It’s a bank robbery ... Binance traced the cryptocurrency theft — more than 7,000 bitcoins at the time of writing — to a single wallet after the hackers stole the contents of the company’s bitcoin hot wallet ... Street criminals are getting tech-savvy. A man was robbed at gunpoint on May 27th in New York City, but the robber wasn’t looking for regular money. Instead, he ended up taking $1,100 worth of Bitcoin. The robbery happened in broad daylight, at 11.30 am, in Crown Heights (Brooklyn), CNBC.com reports. The victim, a 28-year-old man, had receivedRead More Cyrus R. Vance, Manhattan District Attorney, on Wednesday September 5th, notified the public concerning the guilty plea of Louis Meza, following his trial fororganizing the kidnapping and theft of Ether (ETH) valued at over $1.8 million. Meza now awaits his sentence slated for September 27th after taking a guilty plea for two class B felonies; Grand Larceny in the First Degree and Kidnapping ... Getting Away with Highway Robbery. Bitcoin’s value and reliability are greatly due to the fact that the ledger is immutable. But also this means that once a successful withdrawal is made, it becomes basically impossible to retrieve the stolen funds. Binance confirmed that the hackers were able to withdraw ~7000 BTC in this one transaction. I used Google BigQuery to query the transactions ... Residential Strong Arm Robbery. They say that crime never pays. For five men in Georgia, that was certainly the case. As reported by 11 Alive, the Forsyth County Sheriff’s Office arrested five men in connection with a conspiracy to invade a Forsyth County home in the hopes of making off with upwards of $1 million in Bitcoin, the world’s most popular and expensive cryptocurrency. Another Bitcoin Robbery. The latest Bitcoin news is from Pennsylvania where a robber is arrested for robbery who has self-portrayed himself as a PC programmer, is guaranteeing that he has stolen $34 million in the form of Bitcoins, open as per by the public records appear. Taiwanese police have arrested four men after a bitcoin robbery worth five million Taiwanese dollars (approximately $170,000 USD). The case has been described as the first of its kind in Taiwan by authorities. Also Read: Bungling Bitcoin Thieves Foiled by Quick-Witted Trader Sponsored Links Taiwanese Trader Loses 18 Bitcoins in Robbery A bitcoin trader with the surname ... Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be ... The Forsyth County Sheriff’s Deputies have arrested five individuals charged in connection with an alleged home-invasion conspiracy to steal nearly $1 million in Bitcoin. 5 Arrested in $1 Million Bitcoin Strong Arm Robbery Conspiracy
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