Cryptocurrency exchanges handle what is essentially massive amounts of other people’s money. Trading volume on Liquid is in the hundreds of millions of dollars every day.
Our customers trust us to provide a safe environment for them to buy and sell crypto. We therefore have an obligation to ensure we do everything within our power to operate a secure trading platform.
That’s why we have Iron Shield, a series of protocols and enhancements designed to protect Liquid clients from potential threats.
Iron Shield helps keep your assets safe by implementing protocols that make it more difficult for a hacker to take over your account. All of our customers have this service as standard.
So, how does it actually work?
Iron Shield comprises several primary features:
- Cooling period
- Withdrawal cooling period
Our security model relies heavily on 2FA to perform tasks such as resetting password, registering a new withdrawal blockchain address and withdrawing crypto assets.
The only way a password can be reset is by having access to both 2FA and email. Following on from that, if 2FA is disabled or a password reset, the user won’t be able to change their email address for at least 3 days, which is a cooling off period enforced by Iron Shield.
Similarly, if a password is reset or an email changed, 2FA cannot be disabled for a period of time. Also, 2FA feature allows users to reset their own password on Liquid without having to contact Liquid support.
If a hacker were somehow able to access your email and get your password reset, or if a hacker were somehow able to disable your 2FA, they wouldn’t be able to do both simultaneously because of Iron Shield’s cooling off period.
Hackers will try and takeover your account in a number of ways, but Iron Shield is there to block them at every possible juncture. We are committed to providing you with the world’s most secure trading platform.
This is why we are recognized and regulated by the Japanese government and why we are able to sit down with government bodies around the world to talk about ways we can work together while keeping people’s assets safe.
Iron Shield will continue to evolve as we add new features. We have now added a Controls feature, which means that at least two Liquid staff need to be involved to approve any changes to account settings related to password, email address or 2FA. This approval queue adds an extra layer of security.
We have also implemented a cooling period, whereby no withdrawals can take place for three days after an account setting has been changed. This is an additional step to prevent any hackers from withdrawing funds.
There will always be hackers, scammers and phishers out to dupe you of what’s rightfully yours, but by making smart choices and only trading on exchanges that are dedicated to security, you can avoid many of the pitfalls.
Scams and hacks give crypto a bad name. Liquid is here to take back the credibility that’s lost when exchanges don’t have your best interests at the core of their operations.