Hackers Circle Crypto Giant BitMEX as Unauthorized Login Attempts Spike

By CCN Markets: Hong Kong-based cryptocurrency exchange BitMEX has just issued a security advisory telling its customers that it is witnessing an increase in unwarranted attempts to access customer accounts. BitMEX has warned customers to shore up their account security through strong passwords and two-factor authentication.

According to a BitMEX blog apprising customers of the situation:

We have observed an increased number of unauthorised attempts to access customer accounts. We would like to remind all customers and users to please protect your BitMEX and personal accounts by: using strong and unique passwords; enabling Two-Factor Authentication (2FA) for all your accounts; and using a password manager.

BitMEX says that criminals have become smarter

While BitMEX is witnessing an increase in the number of attempts to access customer accounts in an unauthorized manner, the cryptocurrency exchange also points out that hackers have become smarter than before. The company’s blog states that:

We have observed a continued increase in the sophistication and tactics utilised by financially motivated criminals. One example of this: rather than the attacker immediately executing a withdrawal request, we have observed attackers trading funds out of accounts by deliberately making losses against another account which they also control.

Disabling BitMEX’s email login notification is turning out to be another favorite tactic among hackers trying to gain unwarranted access to customer accounts. As a result, the crypto exchange is stressing on the fact that its customers need to use two-factor authentication.

That’s because this mechanism is able to reduce the risk of…

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