No exchange has been immune to hackers The rate of cryptocurrency hacks is rapidly increasing. 720 accounts across every major exchange have been compromised — and a lot of it has to do with poor security setups, especially the lack of two-factor authentication (2FA).

International cybersecurity firm Group-IB has shown that the number of compromised accounts has risen 369 percent since 2017. Data shared with Hard Fork shows that a staggering third of all victims were located in the US.

Every single one of the top 19 exchanges has been hit; 720 usernames and passwords stolen in total. The rate of hacks even mirrored market highs when incidents of stolen passwords shot up 689 percent against the monthly average over January.

At least five of the 19 exchanges suffered attacks that resulted in the loss of $80 million in cryptocurrency. 50 active botnets are also continuously attacking both users and exchanges, the report claims. Over half of the malicious traffic is coming from the US, while the Netherlands supplies 21.5 percent.

The botnets are being fed new members by Trojan horses, a type of malware that often disguises itself as being a harmless file or program. When it is interacted with, a virus forces the machine to become part of a network of enslaved computers – or botnet. Read more from…

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