The cryptocurrency market is no stranger to nefarious activities, with the industry peppered with events that have resulted in the loss of millions of dollars. This pattern of shady dealings in the cryptoverse was again brought to light when BitMEX, a popular cryptocurrency exchange, pointed out that there were many cases of unauthorized account access on the trading platform.

The company’s official release said,

“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.”

Keeping up with the times, the exchange has taken certain steps to ensure that the fate shared by exchanges like Binance and Coinrail does not befall them. One decision by BitMEX ensures that users and holders of an account will receive updates on emails, regardless of whether they choose it or not. The organization added,

“These changes are a step toward increasing account security for our customers, however it is important to realise that this is not the full solution. Enabling 2FA remains our strongest recommendation.”

The concept of two factor authentication has been of paramount importance across exchanges including Kraken, which had previously included the feature on their platform along with the launch of Kraken Security Labs. The exchange also informed users that 100 percent of attacks could be blocked if a security key was used for the two-factor authentication process. BitMEX’s latest update comes 4 days after Bitcoin worth $1.3 million were stolen from Bitfinex, which was later transferred to different addresses.

The funds were transferred from five different addresses, 19Xs96FQJ5mMbb7Xf7NXMDeHbsHqY1HBDM, 1MP3c916NzJkE1zaWkewH5XUR26urCZgJQ, 1HtWGGRhKKKe2jeaDZPVTQv2wcTF3Doobg, 19ZzA43P7Jedd1JVpnbMS777KGvzYetnbG, and 1MyEwPiTvhMXnBwRSNb86aHhbYyCqFiikN. They were sent to five other unknown wallet addresses, 3K8JAiDssScq24Te37R7HvtsPrWLU35aG2, 3C5WLue6k3x9ou58tFSHqe7xRo8tzoMiNq, 37rN2ZuWTsyBprftT4eUn2sorYrgcuYYZX, 3BfWsUgcEup32rgGknr7KrW2uMnAk2SV52, and 32aTaX4FbZ9iVTi1HNDPoS6b7wViqGoVad.

The post BitMEX issues new security advisory; cites ‘increasing number of unauthorized access attempts’ appeared first on AMBCrypto.

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