Crypto Exchange Cyber Attacks Leap 369% in 2017 - Research
Cryptovest
Published Aug 14, 2018 12:12PM ET
Updated Aug 14, 2018 01:21PM ET
Crypto Exchange Cyber Attacks Leap 369% in 2017 - Research
The number of hacked accounts of crypto exchange users swelled by 369% on the year in 2017, reflecting weaker information security amid surging interest in cryptocurrencies, according to a research by Moscow-based information security firm Group-IB.
In a “bleak conclusion”, as defined by the company, no digital asset platform currently running is able to ensure absolute security for its customers. Data leaks have to do with errors in the source code, phishing attacks, illegitimate access to user databases and weaknesses connected to the storage and withdrawal of funds, the research found.
Data breaches occur, because exchanges put scarce attention to information security and digital asset protection. This is why at least five out of the 19 marketplaces examined have suffered attacks, including Bithump, Bitfinex, Bitstamp, Poloniex, HitBTC and presumably, Huobi, as per the research in which Group-IB examined 720 hacked user accounts using its Threat Intelligence tool.
The crypto exchange industry is “not ready to defend itself and protect its users,” Group-IB director for sp...
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