BitMEX Plans for Even More Tough Security Measures
According to an official blog post on the 11th of June which suggested that the peer-to-peer (P2P) Cryptocurrency exchange firm BitMEX has reported an influx in the number of attacks related to the procurement of user account credentials has got a significant rise in the recent days.
In addition, to cover up the issue, 2FA serves as a best practice for user security, and the Cryptocurrency exchange had great stress over the importance of two-factor authentication (2FA), the report was summarized as follows,
“2FA sometimes referred to as ‘two-step verification’ or ‘multi-factor authentication’, adds an additional layer of security to your account by requiring not only your username and password at login but also the input of a unique, time-based token. Tokens can be stored on a cell phone within a software-based authenticator app such as Google Authenticator or Authy.”
As per the firm BitMEX, research by Google was done which has shown that enabling the 2FA will virtually reduce all the attempts to steal the account credentials.
Looking forward to this BitMEX concluded the 2FA as the best way to prevent such type of attacks as recently it has been seen making the 2FA authentication as a mandatory step over its platform.
In recent times, the firm has noticed the different ways the hacker used to compromise the used security and credentials and were disabling the account login notifications and thus carrying out the further process.
Further adding to it the exchange firm also discovered some new tactics that are being deployed in various of the account hacks and hence they have updated their policies accordingly.
Some of the changes are that from firstly, from now on there will be no longer an option available to disable email notification regarding there account logins, as the hackers were taking advantage by disabling the option and hence clearing there traces.
Secondly, from now the withdrawal request will have to be verified by an email this change is being done since the attackers were making the API keys of the hacked accounts so as to withdraw money.
Previously the 2FA was made as an optional in various platforms since it’s inception back in 2013 but now seeing the current situation it has been made mandatory in various exchange platforms.
As for now, the exchange has particular support 2FA programs like Google Authenticator and YubiKey as per the announcement made by the exchange firm.
