This article has been updated to correct that BitMEX is not Hong Kong-based. Peer-to-peer (P2P) cryptocurrency exchange BitMEX has reported an influx of attacks on user account credentials, according to an official blog post on June 11. In addition to covering a litany of best practices for user security, the cryptocurrency exchange stressed the importance of using two-factor authentication (2FA) in particular. The report summarizes 2FA as follows: “2FA, sometimes referred to as ‘two-step verification’ or ‘multi-factor authentication’, adds an additional layer of security to your account by requiring not only your username and password at login, but also the …
Nick Percoco, chief security officer at United States-based cryptocurrency exchange Kraken, announced that two-factor authentication (2FA) is now mandatory for the exchange’s users in a post on the company’s official blog published on March 26. 2FA, in this case, is an additional component needed to access an account. Often 2FA requires the user, after entering their login information, to also enter a one time password (OTP) received via SMS. Per the announcement, Kraken supports Google Authenticator and YubiKey as 2FA implementations. YubiKey is a hardware device dedicated to generating OTPs, while Google Authenticator is a smartphone app meant to do …
Bilaxy, a lesser-known cryptocurrency exchange, has confirmed a major hacking incident, reporting the losses of funds due to an exploit of the platform’s ERC-20 hot wallet. Bilaxy announced on its Telegram channel that the crypto exchange suffered a “serious hack” on Saturday between 6 pm and 7 pm UTC, resulting in the transfer of 295 different ERC-20 tokens. According to the exchange, the affected tokens were transferred by the hacker to a single address. At the time of writing, the tokens are valued at $170,600, with the most recent transaction sending out 50 Ether (ETH), or about $159,000, on Monday. …
A social crypto trading platform connects professional traders with new investors — creating a win-win situation. Learning about cryptocurrencies can be a steep learning curve, and according to Tycoon, mastering the art of trading well is also difficult and time consuming. The platform aims to improve accessibility into this flourishing space through the use of API technology — meaning that a trader who is starting out can connect to a more experienced professional and copy their moves in real time. Tycoon says this approach can help newcomers accelerate their educational journey, all while potentially making the process much more rewarding …
Changpeng Zhao (CZ), CEO of major crypto exchange Binance, has devoted his live AMA on Twitter to address community concerns in the wake of yesterday’s $40.7 million hack. The AMA was broadcast live on May 8, 3am UTC. As reported yesterday, Binance suffered a major and premeditated hack, reportedly conducted by tactics that included phishing and viruses to obtain a large number of 2FA codes and API keys. The security breach reportedly resulted in hackers withdrawing around 7,000 bitcoin (BTC) — worth around $40.7 million at the time — from the exchange’s hot wallets, in a transaction that went undetected …