A new study from BestBitcoinExchange.io has assessed which of the top crypto exchanges have suffered the worst hacks in the past, which are the safest to trust going forward, and which should be avoided.
The experts analyzed data from the top 25 crypto exchanges over the last ten years, to identify which are the most susceptible to hacks, and which are the safest exchanges to store your cryptocurrency.
Key findings of the study include:
Binance, Coinbase, and FTX were found to be the safest cryptocurrency exchanges.
40% of the top 25 crypto exchanges have been hacked in the last ten years, with over $1.7 billion stolen across these attacks.
The largest of these hacks was that of Bitfinex, which lost $623 million in 2016.
A Secure Asset Fund for Users (SAFU) set up by Binance in 2018 has now hit a value of $1 billion, creating a safety buffer for users which is unfound on smaller exchanges.
Dan Ashmore, cryptocurrency analyst at BestBitcoinExchange.io commented: “Three exchanges – Binance, Coinbase and FTX – display stout security measures and separate themselves from the crowd. However, there remains risk and the safest method for customers in the long-term is to utilise cold storage.”