Cryptocurrency exchanges are vulnerable to cybercrime. Ibinex – a company which is a crypto exchange provider offers hot and cold wallets to keep the digital currency of their clients safe.
Ibinex has obtained the virtual wallet service provider licenses from EU. It allows the companies to provide the virtual currency wallet (hot and cold) by generating the keys for the clients which can be kept encrypted and used to keep, storing and transferring virtual currencies. The service is all about offering custodial service of the credentials necessary to access the virtual currencies.
Digital currencies once transferred cannot be recovered easily – the transaction can be reversed only when the recipient decides to do so. The high market price of cryptocurrency has taken all the attention of criminals posing a threat on crypto exchanges as they hold a lot of cryptocurrencies. Many exchanges were hacked in the past years due to which a large number of investors lost their money.
Hot wallets are the wallets that are connected to the internet and which makes them susceptible to hackers, on the positive side it is easy to set up and easily accessible. These wallets are managed through APIs. To automate these wallets the keys are needed to be live for which it should always be connected to the internet which is a risk. Cold wallet, on the other hand, is not connected to the internet. They are generally ‘air-gapped’ which means that the funds reside in the devices which are disconnected from the network connections. Cold wallets are more secure than hot wallets as the keys are offline and therefore completely out of reach of hackers.
Ibinex offers its customer the safety of funds in the cold wallets which are impregnable and shielded. The cybersecurity team is working round the clock to secure the funds. Additionally, the company implements the high-level security to the platform to make sure that no weak links are left, which can pose a threat in the future.
Ibinex provides the most sophisticated security to its clients. The company’s staff is well trained to prevent the malicious attacks hence are successful in keeping the funds of their buyers safe.