The safety of crypto exchanges and decentralized exchange (DEX) platforms has been a major topic in the last few months, given the high rate of attacks in the nascent industry.
To dissipate this fear, BitMEX has secured an ISO certification through 100x Group.
100x Group Scales ISO Security Challenge
In a press release, 100x Group, the holding company of crypto derivatives trading platform BitMEX, has obtained the widely acclaimed International Organization for Standardization’s (ISO) information security certification.
The certification with the designation ISO/IEC/27001 certifies BitMEX as being safe enough to safeguard customers and partner data away from hacks and ransomware attacks.
Speaking on the milestone, head of security at 100x Group Brian Rankin said that data security is a core part of the company’s business model and the ISO certification is a testament.
The ISO security check requires a thorough audit of the interested party’s information technology (IT) systems as it looks into the potential threats, vulnerabilities, and the impact of a hack on the organization’s information security.
To get the certification, Rankin noted that it took up to a year with the British Standards Institution (BSI) looking at 100x’s information security controls and risk mitigation protocols to see how it would deal with a security threat in the event of an attack.
Lauding the blockchain company’s achievement, CEO Alex Hoptner noted that its BitMEX subsidiary had never fallen prey to a security breach. Hoptner added,
“But security is never a static process, and to continue to set the bar as high as possible, we sought – and were awarded – one of the most rigorous certifications: ISO/IEC/27001.”
Security breaches in the crypto space have become a norm in the past couple of months, with the decentralized finance (DeFi) space being a major victim. DeFi protocols have seen their native tokens stolen by bad actors, and the recurring security issue has seen investors begin to question the safety of these crypto projects.
In a report by blockchain analytics firm CipherTrace, over $156 million was stolen in the first five months of 2021, surpassing last year’s overall of $129 million in DeFi hacks. Putting the whole crypto thefts, hacks, and rug pull scams at a whopping $432 million, CipherTrace noted that about $240 million (about 55.4%) is related to DeFi hacks or fraud.
DeFi rug pull scams made up 47.4% of all major fraud and financial misappropriation in the first half of 2021 alone.
BitMEX Set To Put BTC On The Moon
Adding to its security clearance, BitMEX said in a post that it plans to deposit a physical crypto wallet containing one Bitcoin and drop it on the moon. The crypto exchange would partner with robotics company Astrobotic Technology to land a commercial space rocket on the moon in Q4 2021. Quoting US legendary astronaut Neil Armstrong out of context, BitMEX said, “That’s one small step for man, one giant leap for Bitcoin.”