Crypto exchange hacks remain one of the biggest threats to digital currencies. These attacks can expose users’ funds to theft or even cause a complete loss of value. While the primary methods vary, the results are similar: billions of dollars lost, trust diminished, and a growing need for action from both users and exchanges.Find out :b3i.tech

Despite the best efforts of security teams, exchanges continue to be a popular target for hackers and cyber-criminals. In recent years, a number of high-profile hacks have been aimed at crypto exchanges. One of the most famous was the FTX hack in 2022, when criminals made off with more than $570 million in cryptos.

Exchange Hacks and Safety Lessons Learned

As a result, crypto users should always keep their assets secure on both the crypto-exchange and their personal computers. The most effective way to do so is by using strong passwords, enabling two-factor authentication (2FA), and storing cryptos in cold wallets or offline storage solutions.

In addition to these precautions, organisations should ensure that their IT suppliers have the latest patches and mitigations. This includes deploying Endpoint Detection and Response (EDR) tools to identify risks on employee hardware devices. In particular, organisations should consider their supply chain and identify those suppliers that are most integrated into their network. This will make it easier to detect and mitigate any compromises that might affect their own systems.

In the case of the Exchange hacks, a series of vulnerabilities were exploited to hijack systems and execute remote commands on them. Microsoft released a patch to address these issues on 2nd March 2021. However, attackers had a two month window to take advantage of these weaknesses – and they did so.