Rise in Account Takeovers on Cryptocurrency Exchanges Reported
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🔒💔 Account Takeovers on Centralized Cryptocurrency Exchanges: A Growing Threat. A recent white paper from Trail of Bits highlights the alarming rise in account takeovers (ATOs) on centralized cryptocurrency exchanges (CEXes), with reported incidents increasing by 808% year-over-year. The paper outlines various attack vectors, including weak passwords and inadequate security measures, which allow attackers to gain unauthorized access and lock out legitimate users. It emphasizes the need for CEXes to implement robust security controls, such as phishing-resistant multifactor authentication and effective logging practices, to protect user accounts. Additionally, the paper provides actionable recommendations for CEX platforms and personal security guidelines for users to mitigate risks associated with ATOs, ultimately aiming to enhance user trust in cryptocurrency systems.
