Yet another one - KuCoin exchange hacked

As reported on various web sites (e.g. The Register), the KuCoin exchange has just been hacked with their "hot wallets" being emptied. While the details of the breach have not been released (yet) it comes in a long line of attacks on exchanges. Crypto exchanges are the ultimate honeypot for cyber criminals as once in there are a lot of funds available to run away with.

Bar poor application code on exchanges web sites, a common weakness leading to successful attacks is poor authentication. Many exchanges still use username + password and maybe have a basic form of One Time PIN via SMS or Google Authenticator, but these are all centrally controlled and more easily compromised. In contrast, a decentralised authentication network would not be able to be compromised in such a way.

It makes perfect sense for Blockchain assets to be secured by Blockchain authentication.

12 views0 comments

Recent Posts

See All

Telegram Community: Telegram Announcements: Discord: