Bitmex, a very popular and well patronized cryptocurrency exchange platform recently encountered an unfortunate incident affecting a number of its users as hackers allegedly took advantage. In the beginning of the month, it was reported that Bitmex had mistakenly sent a broadcast emails to its users containing the sensitive information of other users.

According to the report, this happened as a results of the failure of the cryptocurrency exchange to apply blind copy protocol to its mass mail server. It is being reported that hackers got involved as sensitive information of users were illegally obtained.

Soon after the incident, Bitmex issued a statement apologizing for what happened, and explained that it was an error in their software used to send emails. According to them, the problem has been solved and will not happen again. However, hackers are always vigilant to take advantage of such occurrences.

Bitmex

Image Source: www.coincodex.com

According to the report, hackers took charge of Bitmex Twitter account and gained absolute control over their live feed asking customers to take their BTC and run. Following this incident, the Bitmex team came out to clarify that the hack in no way affected the customers’ funds.

Not long after the Twitter account was hacked, a Twitter account came into light called “Bitmexdatabaseleak” and facilitated the leak of customer usernames and emails. This account has been reportedly suspended, and Bitmex temporally disabled its withdrawal feature after affected users changed their passwords.

Larry Cermak, director of research for The Block reported that there was a recent email dump of about 30,000 addresses on the dark web, coinciding with the Bitmex email leak. This has raised questions whether the compromised data of the Bitmex customers have been offered for sale on the dark web.

As reported by the Cointelegraph, a data provider, Skew, has stated that it is likely that personal information of about 22,000 Bitmex customers have been exposed on the dark web. From the report, it is also possible for the US government to take advantage of the leaked emails to investigate individuals tax fillings. It is said that Bitmex is not registered with the Commodity Futures Trading Commission, and so, Americans are prohibited from trading on the platform.

The cryptocurrency exchange hack has been a bit consistent since the market had a massive breakthrough in December 2017. Hackers have targeted exchanges as a whole, and also resorted to applying techniques to unlock the wallets of users with weak passwords to steal their Bitcoins.

Bitmex

Image Source: www.industryweek.com

The Bitcoin price has been predicted to rise even higher after the Bitcoin halving in 2020, and the expected market boom is likely to put exchanges under constant threat of cyber attacks. Binance has also admitted that about 7000 bitcoins are stolen from its online storage in every trading day. Hackers usually use stolen users information to break into their account after making their way past the 2-factor authenticator, and steal Bitcoins.

Cryptocurrency exchanges and users are major targets of hackers, so it is expected that various cryptocurrency exchanges take the necessary measures to avoid falling in the hands of cybercriminals.

Source: Cointelegraph


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