Crypto Exchange Hacks in Review: Proactive Steps and Expert Advice

At the same time, the experience of traditional banks in ensuring cybersecurity is still not in demand within the crypto industry, which leads to users' millions of dollars theft or data breach, like in an incident happened to Atlas Quantum account owners on Aug. 25.The top five attacks on crypto exchanges are well known to traders and studied by cybersecurity specialists around the world.

The exchange terminated its operation in February 2014, resulting in three powerful blows to the Bitcoin exchange rate.

For higher protection, additional banking tools are used - such as segregated master wallets, cold storage, layers of withdrawal authorization, IP address verification and email confirmation, two factor authentication login and a crypto debit card, which can all be used to verify payments and user logins to the exchange.

iBitt COO Chris Schwarzenbach shared with Cointelegraph that the highest level of cybersecurity is only possible with a centralized exchange service, which has the development resources, security team, hidden servers and responsive control necessary to run military-grade security for a crypto exchange.

Chronicle of 2018Despite all the hopes of the crypto community, the year has not brought anything new to the established practice of securing the exchange sites, and 2018 is being marked by numerous attacks made with the help of new sophisticated hacking tricks.

The crypto community united after this theft and finally began to actively exchange information in order to prevent further movements of stolen funds.

In particular, the ShapeShift instant exchange service has banned the exchange of NEM coins.

Return the funds of the exchange from its own profit or by issuing exchange tokens.

The second is an attack on the infrastructure of the exchange itself, through the hacking of a web application linking the client to his money on the exchange servers or an attack on so-called hot wallets.

At the same time, Hindman believes that it is impossible to completely eliminate the possibility of hacking attacks, since attackers develop their own strategies along with the crypto industry, but these attacks can be resisted if market participants unite for joint actions and exchange of information.