Back in the day, all you needed to log into an exchange was an email ID and a password. Then came 2FA, using email verification or Google Authenticator. It was all going good, till the internet decided to move up a generation of secure sign-in methods. It started getting real weird real soon.
Cryptocurrency exchanges have developed their security systems with the same pace that the attackers have evolved with. The first priority is to distinguish between spam/bots and humans.
As part of the verification process for Gate.io, users are required to do the one thing that bots will probably never learn: pull off gang signs! Users are required to recreate four out of a possible nine gestures before their webcam in order to log in.
Kucoin, meanwhile, began asking odd questions of its customers a few weeks ago and then repeating those questions every time they went to log in, much to their annoyance.
Binance, most popularly, came up with the “Fit the puzzle piece carefully”, and gave inspiration to innumerable memes, while also keeping its customer support regularly busy, attending to users bad at puzzles.
Since 2017, more than $1.2 Billion worth of cryptocurrency has been stolen by criminals, according to estimates from the Anti-Phishing Working Group released on Thursday, as reported by Reuters.
Given the crime rate and possibilities, the peculiarities of logging into exchanges have been very intelligently incorporated into cryptocurrency culture, and though users may whine, they all accept that these measures are in place for their own security. Traders may complain, but as long as they plan to withdraw their funds, they have no choice but to submit.
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