Golix Tightens Security Features Following Security Compromises

Following recent issues surrounding Golix and user account security, the popular cryptocurrency exchange is introducing new authentication methods to further bolster security. As a result of these changes, users will have to reset their passwords before logging in once again.

So, what’s new?

After the recent security update, users will now have to install ‘Google Authenticator’ on their Android or Apple device. Google authenticator codes change every 30 seconds so it’s highly unlikely that someone will be able to tap into your account as easily as before.

The process

Users will be required to reset their passwords as well. When you click reset password an OTP (One Time Password) will be sent to your phone. Once you’ve entered the OTP you will be presented with a link to reset your password. Users will follow the standard (new password-confirm password stuff) and then use Google authenticator to generate the last code required before setup is complete. Without Google authenticator, users will not be able to access their accounts.

Before this update users could perform transactions from one wallet to the next without 2FA(two-factor authentication) which was quite shocking, to be honest. This oversight meant that if someone got your login credentials they could buy and sell different cryptocurrencies without any communication with your mobile device giving. At least now, getting someone’s login details will be next to impossible because of the addition of Google Authenticate.

Following this new security update, users can rest a bit easier knowing it will now be harder to compromise Golix user accounts as was done last month.

Is this increased efficiency a result of a new rival?

Since Styx24 launched a month ago, Golix has made noticeable strides and improvements to their service. First, they reduced the time it takes to withdraw from Wallet to EcoCash from 24 hours to just a single hour. Recently, they also introduced the first cryptocurrency ATM in the country.

The new improvements may have been in the pipeline anyway but moves such as this are good because they also force Styx24 to keep up and find new ways of innovating as well.