Report Group-IB: “leaky” cryptocurrency exchanges

Report Group-IB: “leaky” cryptocurrency exchanges

Group-IB, a cyber security firm, released a report about the leak of user data from cryptocurrency exchanges, and explored possible reasons for what is happening.

The researchers analyzed theft 720 user accounts (usernames and passwords) with 19 of the largest exchanges for 2017 and found a steady increase in the number of compromised accounts.

Researchers claim

In 2017, the index increased by 369% compared with the year 2016. In January 2018, the number of incidents increased by 689% compared to the average monthly value of 2017. Users from the USA, Russia and China often become victims of criminals.

The study identified 50 active botnets used to launch cyber attacks on users of crypto-currency exchanges.

The researchers also found that “cybercriminals use sophisticated malware and even modified the tools used for attacks on banks to crack the cryptocurrency exchangers and to access personal user data”.

However, the main cause of data theft and, accordingly, the accounts of the users, according to experts of Group-IB, is that how users and markets are not always use two-factor authentication. The second reason, which is called the researchers — ignoring the basic rules of cybersecurity, such as the use of weak and common passwords.

“In 2018 we will see more incidents. This situation requires a prompt and effective response from all stakeholders, including experts in various fields”

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