Crypto exchange giant BitMEX experiences increased unauthorized login attempts, suspect hacks

• BitMEX advised its users to safeguard their account security.
• The users have been advised to use strong passwords and to enable two-factor authentication.

Seychelles-based exchange giants, BitMEX has circulated a security warning to its customers, stating that it has observed an increase in unwarranted attempts to access customer accounts. BitMEX advises its customers to safeguard their account security by using strong passwords and two-factor authentication. 

In its blog post, BitMEX stated: 

“We have observed an increased number of unauthorized 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.”

The increase in the number of unwarranted attempts alarmed BitMEX. The exchange indicated that hackers have become smarter than before. The company’s blog states that:

“We have observed a continued increase in the sophistication and tactics utilized 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.”

The exchange is emphasizing the use of two-factor authentication for the security of their customer’s account as the hackers are trying to get access to their accounts by disabling BitMEX’s email login notification. This can minimize the risk of getting their accounts hacked. BitMEX noted that according to a Google survey, the attacks could be curtailed if customers use a security key for two-factor authentication.

Cryptocurrency attacks are increasing day by day. Crypto hacks amounted to $731 million in the first half of 2018. It reached a whopping $1 billion by the end of the year. Binance, a popular bitcoin exchange, also suffered a loss of $40 million to hackers. This has resulted in BitMEX taking crucial steps to save its resources from crypto attacks.