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Most DEXs are unsafe, according to a new report

October 28, 2020

According to a recent report, 14 out of 25 decentralized exchanges (DEX) are performing poorly on cybersecurity.

Source: CERIUM.

The criteria of CER (Crypto Exchange Ranks) comprised various factors, e.g. For example, whether a DEX had undergone a security check, willingness to pay for troubleshooting, and whether it had the correct SSL / TLS certificates. CE considered Any score below 6 as “low” and therefore “not sure”. single two DEX received a score “high”: Uniswap and Syntetyx.

“It is important that 6 exchanges (24%) have not passed a security audit or have not publicly announced that they have been audited. It should be noted that an unchecked exchange cannot be considered safe.”

Some of these 25 exchanges They used individual researchers rather than companies, a practice the report authors do not recommend. Looking at the incredible growth of the DeFi ecosystem in recent months, the researchers concluded DEX users are more likely to be exposed to scams than hacks:

“While there haven’t been any major hacks on decentralized exchanges compared to centralized platforms, DEX users are actually more vulnerable to fraudulent attacks.”

Most DEXs are unsafe, according to a new report
Most DEXs are unsafe, according to a new report