BitMEX reports increase in number of attempted hacks

12 Jun, 2019
by David Robb
BitMEX reports increase in number of attempted hacks

BitMEX has issued a statement claiming that an increased number of attempted hacks have been detected on the platform recently. It advises users to improve their security measures as much as possible.

The BitMEX team claims that it has "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".

As well as increased frequency, the efforts to hack BitMEX users' wallets have also been getting more sophisticated: "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...Another recurring tactic observed in account takeovers is the disabling of BitMEX email login notifications following unauthorised account access. An attacker may also attempt to enable 2FA on a compromised customer account in order to create an API key with withdrawal permissions."

Although hacks on crypto exchanges have barely fallen in frequency over recent years, the scale definitely seems to be decreasing, and they tend to be sorted out much more effectively. While the attack on New Zealand's Cryptopia trading platform was a serious setback that the company doesn't appear to have recovered from entirely, a theft of several million dollars' worth of BTC from Binance recently was dealt with relatively quickly, and no customers' funds were affected. BitMEX is rare amongst major crypto exchanges for having never been hacked.

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