PaymentsJournal
No Result
View All Result
SIGN UP
  • Commercial
  • Credit
  • Debit
  • Digital Assets & Crypto
  • Digital Banking
  • Emerging Payments
  • Fraud & Security
  • Merchant
  • Prepaid
PaymentsJournal
  • Commercial
  • Credit
  • Debit
  • Digital Assets & Crypto
  • Digital Banking
  • Emerging Payments
  • Fraud & Security
  • Merchant
  • Prepaid
No Result
View All Result
PaymentsJournal
No Result
View All Result

A Crypto Exchange Hacked Here, Another There: Do You Know Where Your Crypto Is Tonight?

By Tim Sloane
December 24, 2020
in Analysts Coverage, Cryptocurrency, Digital Assets & Crypto, Fraud & Security, Security
0
0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn
A Crypto Exchange Hacked Here, Another There: Do You Know Where Your Crypto Is Tonight?

A Crypto Exchange Hacked Here, Another There: Do You Know Where Your Crypto Is Tonight?

Mercator research has documented the security of the Bitcoin network but we also identified that all operations outside of that Bitcoin network are by nature very insecure – especially wallets, exchanges and ATM implementations. Put another way the Bitcoin network is in essence the bank and everything else is a mattress stuffed with money. 

Ledger, a secure hardware wallet provider, was hacked in July and lost 272,000 customer records.  So while the crypto remains safe in a protected thumb drive, the individual customers are now the targets for a large amount of criminal activity. All of the stolen customer records were dumped onto RaidForum this month and the customers now face a tidal wave of social engineering hacks which have already begun.

In a more recent hack, this month the U.K.-based cryptocurrency exchange Exmo “detected suspicious withdrawal activity”. Oops, there goes crypto valued at more than $10 million. But to calm everyone it released this statement:

“The affected hot wallets comprise near 5% of the total assets. Let us stress that all the assets in the cold wallets are safe,” Exmo wrote in the security incident report.”

The Exchange added:

“Most importantly, we want to assure you that if any user fund is affected by this incident, it will be covered completely by Exmo.”

Overview by Tim Sloane, VP, Payments Innovation at Mercator Advisory Group

0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn
Tags: ATMBitcoinCryptocurrenciesCryptocurrencyhackersSecurity

    Get the Latest News and Insights Delivered Daily

    Subscribe to the PaymentsJournal Newsletter for exclusive insight and data from Javelin Strategy & Research analysts and industry professionals.

    Must Reads

    embedded lending

    Embedded Lending as a Growth Strategy for ISVs—How to Maximize Revenue Potential

    June 18, 2025
    merchant ai

    Merchants Find More Use Cases for AI Amid Risks

    June 17, 2025
    prepaid payroll

    Taking the Check Out of Paycheck: The Role of Prepaid in Payroll

    June 16, 2025
    Banking-as-a-service BaaS

    Remodeling Main Street: How Community Banks Can Leverage the Banking-as-a-Service Paradigm

    June 12, 2025
    How Employee Performance Enhances the Customer Experience

    Three Strategies to Maximize Loyalty in the AI-Driven World 

    June 11, 2025
    PFM tools

    How FIs Are Cutting Through Subscription Clutter with PFM Tools

    June 10, 2025
    child identity theft

    Stranger Danger: Protecting Your Children from Identity Theft

    June 9, 2025
    agentic commerce

    The Agentic Advent: How the Next Iteration of AI is Shaping Commerce

    June 6, 2025

    Linkedin-in X-twitter
    • Commercial
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Digital Banking
    • Commercial
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Digital Banking
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    • About Us
    • Advertise With Us
    • Sign Up for Our Newsletter
    • About Us
    • Advertise With Us
    • Sign Up for Our Newsletter

    ©2024 PaymentsJournal.com |  Terms of Use | Privacy Policy

    • Commercial Payments
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    No Result
    View All Result