Netcoins To Improve Its Security Measure As Hackers Strike Again

Netcoins To Improve Its Security Measure As Hackers Strike Again
Advertisement, a Canadian-based cryptocurrency exchange, announced today it would be renewing its efforts to provide better security to its users.

As per the announcement, the cryptocurrency exchange plans to protect its investors and users from attacks like hacks that have largely infested the cryptocurrency industry. 

Notably, Netcoins decided to improve their security following the most recent hack that occurred on the Poly Network. The attack makes history as the largest fraud in the decentralized finance (DeFi) industry. Attackers reportedly led to a $611 million loss. Among the lost funds included $273 million in Ethereum,  $253 million Binance Smart Chain, and $85 million in  U.S. Dollar Coin (USDC) tokens. 

While commenting on the attack, Mitchell Demeter, President, stated:

“Safe transactions for our customers have always been our priority. Our security measures continue to exceed industry standards. We are grateful that none of Netcoins’ customers were affected by these hacks, but not surprised. We will continue to work with our industry partners to ensure that every transaction is safe and secure.”


To improve its security, the exchange added that it will be working with its partners, QLUE and BitRank, to ensure amp security provided by the latest analytic and forensic tools in the market.  

Netcoins, created in 2014, began by providing a Virtual Bitcoin ATM solution to over 170,000+ stores across three continents. The exchange was also operating as a private brokerage service for institutional and larger-scale crypto investors. 

Notably, Netcoins is tasked with the vision of facilitating ‘economic freedom and equality for our fellow Canadians. We invest in people by educating them on how to invest in themselves. Making it simple and easy to buy and trade cryptocurrency.’

Unlike many other crypto exchanges, Netcoins put faces behind their brand. The platform allows users to know the team over email, live chat, support, and their Bitcoin mascot (Bitto.)

Currently, the platform offers a crypto trading platform that is accessible 24 hours, seven days a week. Netcoins is known for offering top-notch services that include 0% funding fees and free cash withdrawals. It also provides instant transactions without compromising on its security.