Crypto exchanges are allowing really weak password security

Over 70 per cent of cryptocurrency exchanges allow users to secure accounts with inadequate passwords, Dashlane research has revealed.

Inadequate in this case includes passwords with seven or fewer characters, or non-alphanumeric. Some testers were able to open trading accounts with passwords such as ‘12345’, ‘password’, or even just ‘a’.

Whether an exchange employed two-factor authentification was also taken into account.

Dashlane CEO Ammanuel Schalit said: “Signing up for a cryptocurrency exchange is akin to signing up for a bank account. With your bank account, credit cards, Bitcoin and other digital assets potentially stored on the exchange, it’s critical that your account is locked down on the security front.

“The fact that most exchanges allow their users to create incredibly weak passwords should serve as a wake-up call to the entire industry.”