US Crypto Exchange Users Keep Falling Victims of Hackers

August 7, 2018

Group-IB, a cyber-security company, has conducted a study of hacked crypto exchange accounts and concluded that the most of hackings could be avoided with two-factor authentication and more complex password.

According to the research, in 2017 the number of hacked accounts at crypto exchanges increased by 369% with total number of analyzed ones being 720. Noteworthy is that users of all large exchanged fell victims to the hacks: over one third of all suffered are US citizens (34.3%), then come Russians (10.5%) and Chinese (5%).

Group-IB also analyzed activity of botnets that are specific networks comprised of myriads of bots used by cyber criminals for various purposes. Over a half of such traffic falls for the US (56.1%), 21.5% is for the Netherlands, and 4.3% for Ukraine.

The report states that the main problem of account security is insufficiently complex password and lack of two-factor authentication. Note that 80% of all hacked accounts had password with less than 8 symbols.

Group-IB recommends crypto investors to stay cautious in social networks, avoid letting know that they possess cryptocurrency and refuse from logging in their account via public Wi-Fi. In addition, one would better resort to two-factor authentication all the time, make complex and long passwords as well as avoid storing big funds at single exchange.

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