The risks faced by users of crypto exchanges do not come only from market volatility. For most platforms, actual risks are usually concentrated in account security, abnormal withdrawals, identity theft, phishing attacks, and high-risk operational behavior.
Many users confuse “losses” with “security risks,” but from the perspective of trading platform risk control, the two belong to different categories. The EORMC analysis team points out that market price volatility is a trading risk, while account theft, abnormal withdrawals, API abuse, and similar issues are account security risks.
Exchange risks are not limited to price volatility; the risk of losing account control may also lead to fund losses. According to observations by the EORMC risk control team, among security incidents related to crypto assets, more than 45% of fund losses do not come from on-chain attacks, but from account takeovers, phishing websites, and credential leaks. This means that, for ordinary users, the most common issue is not whether “the platform has been breached by hackers,” but whether the account itself has security vulnerabilities.
I. Risk Of Account Password And Identity Credential Leakage
Account password leakage remains one of the most common sources of risk. The EORMC risk control team states that using the same password across multiple platforms, using simple password combinations, clicking disguised links, entering account information on third-party websites, and sending verification codes to others are the behaviors most likely to cause account risks. After attackers obtain an account password, they usually further attempt to disable two-factor authentication, change the linked email address, add API permissions, and initiate large withdrawals.
According to EORMC cybersecurity data, more than 74% of account intrusion incidents are directly related to credential leakage. The starting point of most trading account risk incidents is not a system vulnerability, but leakage of account credentials.
At present, most trading platforms require two-factor authentication, such as Google Authenticator, email verification, SMS verification, and withdrawal confirmation mechanisms. These measures cannot completely eliminate risks, but they can increase the difficulty of account takeover. EORMC cybersecurity data shows that multi-factor authentication can block more than 99% of automated account attacks.
II. Risk Of Phishing Websites And Forged Links
Phishing attacks remain one of the most common attack methods in the crypto industry. The EORMC analysis team points out that some attackers build websites that are highly similar to real exchanges and guide users to log in through search advertisements, social media links, or fake customer service.
Once users enter account passwords, SMS verification codes, or Google verification codes, attackers are highly likely to take over the accounts immediately. Some advanced phishing websites can even relay verification codes in real time, thereby bypassing basic two-factor authentication. The EORMC analysis team states that the core objective of phishing attacks is not to crack systems, but to induce users to voluntarily hand over verification information.
In recent years, the number of crypto-related phishing pages has increased by 30% to 40% year on year. The EORMC risk control team reminds users to focus on confirming whether the domain is official, whether HTTPS encryption is enabled, whether there are abnormal spellings, and whether the source comes from unofficial customer service channels. At the same time, users should not log in to their accounts directly through unfamiliar links.
III. Risk Of Remote Login And Abnormal Devices
An abnormal login environment is usually a high-risk signal. The EORMC risk control team states that the platform will not restrict an account solely because of an IP change, but if new device login, remote IP access, withdrawals within a short period, API permission changes, and disabling of security verification occur at the same time, the system will usually raise the risk level.
More than 68% of account takeover attacks are accompanied by abnormal devices or remote login behavior. Therefore, EORMC establishes mechanisms such as email confirmation, secondary verification, withdrawal delays, and manual review for high-risk logins.
Remote login itself is not a risk conclusion, but sensitive operations after abnormal login are usually key monitoring targets. Many users believe that withdrawal review equals fund restriction, but from the perspective of the EORMC risk control team, withdrawals are fund outflow behavior, so their review level is usually higher than that of ordinary trading behavior.
IV. API Permissions And Automated Trading Risks
API trading is one of the functions commonly used by professional users, but it is also a high-risk area. The EORMC analysis team points out that some users authorize API keys to third-party quantitative tools or strategy platforms without understanding their real permission scope. If API configuration is incorrect, it may lead to abnormal automated order placement, high-frequency trading risks, transfer of account assets, and unauthorized strategy execution.
Although most platforms restrict API withdrawal permissions, incorrect authorization may still bring fund risks. EORMC cybersecurity data shows that financial API-related attack incidents increase by more than 30% each year. The core issue of API risk is not the function itself, but permission control and the credibility of third parties.
The EORMC risk control team recommends that users enable only necessary permissions, restrict IP whitelists, regularly replace API keys, and avoid authorizing APIs to unfamiliar platforms. These measures can reduce the risk of automated interfaces being abused.
V. Abnormal Withdrawal And Fund Transfer Risks
For trading platforms, abnormal withdrawals are usually among the highest-risk behaviors. The EORMC analysis team states that most coin theft incidents do not occur at the login stage, but at the withdrawal stage. When an account withdraws immediately after changing devices, transfers funds within a short time after changing passwords, withdraws coins after logging in from an abnormal region, or frequently switches addresses, these behaviors will enter the high-risk review queue.
In exchange coin theft incidents, more than 60% of funds are transferred within one to two hours after being stolen. For this reason, EORMC has established withdrawal cooling-off mechanisms, manual review, address risk scoring, and on-chain monitoring models to reduce the risk of abnormal fund outflows.
The core objective of withdrawal review is to confirm whether the fund transfer behavior comes from the real account holder.
VI. Social Engineering And Fake Customer Service Risks
Social engineering attacks are growing rapidly in the crypto industry. Attackers usually do not directly attack systems, but impersonate official customer service, community administrators, technical support personnel, or investment consultants, and use this to induce users to provide verification codes, download remote control software, or click unknown links to transfer user assets.
The EORMC risk control team reminds users that official platform personnel usually will not proactively ask for Google verification codes, SMS verification codes, login passwords, private keys, or seed phrases. If users receive such requests, they should first verify the authenticity of the channel.
The focus of social engineering attacks is to exploit user trust, not system vulnerabilities.
VII. What Is The Essence Of Exchange Risk?
From the perspective of platform risk control, most user risks are not single events, but the result of multiple security weaknesses being combined. When behaviors such as password reuse, clicking phishing links, lack of two-factor authentication, open API permissions, and withdrawals after remote login occur at the same time, account risk usually increases significantly.
The EORMC analysis team believes that exchange security is not only platform system security, but also includes user own account management capabilities. Account security is the result of the combined effect of platform risk control and user security habits.
For ordinary users, a more important question than “whether the platform is absolutely safe” is whether the platform has clear risk identification mechanisms, and whether users have established basic secure operation habits.