Copy link
Increase text size
Decrease text size
Link copied

Hackers becoming more sophisticated as crypto exchanges bolster security measures: Chainalysis

Image by Christine Krizsa www.krizsa.com from Flickr

Fri, 24 Jan 2020, 10:59 am UTC

In a new report, crypto analytics firm Chainalysis has said that while crypto exchanges are ramping up security measures, hackers are also upping their game.

An excerpt from Chainalysis 2020 Crypto Crime Report has been made available. Based on the data, there were a total of 11 hacks on crypto exchanges in 2019 - the most in any year to date. However, none of the 11 attacks came close to the $534 million Coincheck hack in 2018, or the $473 million Mt. Gox hack in 2014.

The study counted the hacks involving the exploitation of technical vulnerabilities and attacks conducted through social engineering or other forms of deception. It only took into account the attacks on exchanges, not payment processors, wallet providers, investment platforms and similar types of services. Also, only the amount stolen that was measured and publicly confirmed made it into the data.

The report also indicated that the exchanges have gotten better in terms of security and in limiting the damage that the hackers can do.

“Exchanges have taken strides to better protect customers’ funds from hacks and the sharp decreases in amount lost per hack indicate they’ve been successful. Many exchanges now keep a lower percentage of funds in less secure hot wallets, require more withdrawal authorizations, and monitor transactions more closely for suspicious activity so as to catch hacks earlier,“ the report read.

The exchanges' willingness to come forward to report the attacks and share the details with the cryptocurrency community have made it easier to track down stolen funds. However, hackers have also become more sophisticated in carrying out hacks and in how they launder the funds they have stolen.

Chainalysis recommends that exchanges continue to improve their efforts for anti-hacking security and put guard rails to ensure suspicious transactions are immediately flagged before they are completed.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Moses
  • 2020.06.13 02:34:42
I am a cryptocurrency trader and i make over 200% daily, If you are interested,i can teach you how to trade and also help you achieve your goal in life with crypto i can turn
$4500 into $35000 in less then four weeks,now that bitcoin has low prices...please note that cryptocurrency trading is bitcoin unlike binary and Forex,bitcoin is traded for altcoins also you can reach to me if you are new to bitcoin and to give you more info and guideline on how to invest smartly, this is opportunity life time knocking on your door inbox me for more info....contact me on whatsapp :+12067425358 happy new year to you all .........................................................................................................
  • 0
  • ·
  • 0
More
  • Bitcoin (BTC) $13,093.60 (-3.83%)
  • Ethereum (ETH) $386.34 (-2.02%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $263.01 (+0.90%)
  • Chainlink (LINK) $11.36 (-2.26%)
  • Bitcoin (BTC) $13,093.60 (-3.83%)
Feb 21, 2020 (Friday)
12:01
Paxos launches blockchain-based securities settlement solution with Credit Suisse and Instinet
12:00
Brazil to launch new payment system in response to cryptocurrencies
11:59
Digital currency exchange Coinbase Pro lists Kyber Network token
11:57
Norwegian Air to soon start accepting crypto payments
10:21
Swedish central bank begins CBDC pilot with Accenture
09:51
Italian soccer team Juventus launches ethereum-based digital collectibles with Sorare
Feb 20, 2020 (Thursday)
14:16
Telecom companies complete cross-carrier mobile payments using blockchain
11:53
National Stock Exchange of Australia to develop DLT-based digital securities trading platform
11:00
South Korean ICO project discontinued, to return $7.5M to token holders
10:36
Samsung maintains crypto support in soon-to-launch Galaxy S20
09:41
BIS appoints Innovation Hub heads to lead Singapore and Switzerland
09:15
Coinbase becomes first crypto company to receive Visa principal membership
08:59
Dubai Economy and six banks launch KYC Blockchain Consortium
08:26
Crypto Technicals: ETH/USD under downside pressure after 'Bearish Engulfing' pattern
07:12
Tim Draper buys $1M worth of Aragon Tokens to create digital courts for DAOs
06:13
Renewable energy firm Acciona commits to take CBI’s blockchain-based carbon credits trading platform global
05:02
Crypto Technicals: BTC/USD trades below 21-EMA, break below 4H 200 MA (9386) to trigger further downside
04:56
Crypto exchange Coinfloor to launch a simplified bitcoin buying service
04:35
Indonesia’s customs department joins IBM- Maersk blockchain shipping platform “TradeLens”
Feb 19, 2020 (Wednesday)
12:46
Crypto custodian BitGo acquires digital securities startup Harbor
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft