First of all just on hacks is there a is there a primary lesson to be learned from all the hacks that have taken place up until now that so that the next exchange or the the exchange is operating today can prevent that from from from happening you know you started one of the first exchanges in the US which.
To to crackin what what can be learned – you know from.
About docks and other disasters so um I feel like most of the hacks that happened with exchanges are due to relatively simple security issues is usually not some sort of like crazy exploit of a new technology it’s usually the the.
The normal things like fishing and social engineering or sims Wapping or some things like that and I feel like most of the exchanges.
That get hacked could put it in better security practices just knowing that they are such a gigantic target such a honeypot for for hackers this is Stacey you’re you’re in charge of security or you’re in this area at at crawl when there’s been a when there’s been a breach when there’s been.
The blockchain I presume would allow you to at least follow the trail right that’s the difficult part it’s it’s almost nearly you can’t follow the trail because it’s all encrypted or you know protected that perspective one thing that’s common is a lot of the fraudsters if they’re in a group and they’re working together they do have encrypted chat channels that they’re using sometimes hosted by the exchange but a lot of times you know just regular social media things whatsapp different things.
Like that that they’re using to chat and that way from an investigation standpoint you can go back and.
Kind of start to follow a little bit of the communication and so to your you know there are simple security controls and things that you can put in place and I.
Better job of understanding you know or educating users on the different who’s chatting where and giving access to those folks to the investigators as necessary to track things down and passable the other thing I would.
Add to that is that with chain.
Analysis especially with something like Bitcoin and it can even go to things like manera which are supposed to be.
Fairly anonymous you can figure out very often where transactions are going in between and like where the money is moving but when money is stolen from exchanges usually that money is funneled to other.
Exchanges and like even very recently there was something shown where like those a big hack from one of the Korean exchanges and like 30 million dollars moved over.
To by Nance and I think that shows.
Together to basically limit that that type of behavior if there’s.
A bunch of money being stolen and it starts being deposited onto their platform nation so so Karen yo was was making the point earlier that a lot of this is not super.
Sophisticated technology it’s sort of rather.
Simple but is there a somewhat of an arms race between sort of the the light side and the dark side the light web at the dark web if you will yes I think I think a lot of the issue is wrapped around the misconception of security when it comes to blockchain there’s a it really focuses on integrity and non-repudiation validating the origin and the authenticity of a message and not so much on securing or scrambling the data and protecting and providing security for the actual.
Data protecting the coins and access to them do you have the proper authorization to actually access that data so to his point earlier about.
The exchanges there’s some exchanges that don’t have simple security controls such as making sure that only the users can have access to their money and if if they’ve come from incra dentals can get compromised why are they able to log in and have access to that data just because they’re an employee.
No one should have access to my money except for me.