Economy
The World Of Crypto Exchange Hacks Unveiled By Traders Union Experts
A recent study by Crystal Blockchain and Cointelegraph has shed light on the alarming rise of crypto exchange hacks over the past decade. According to their findings, a staggering $15.6 billion worth of funds were stolen from 2011 to 2020, with over 50 exchanges falling victim to these cyberattacks.
As revealed in the study, experts told Forbes that weak security measures in exchanges’ hot wallets and occasional exit scams by platform owners were the primary reasons behind these breaches. The study revealed alarming vulnerabilities in cryptocurrency exchanges.
Unveiling the techniques employed by hackers
Traders Union investigates malicious actors’ attack techniques on crypto exchanges, and here are a few methods applied by the hackers:
- Misconfiguration: According to Traders Union, numerous online terminals are not configured properly and are, therefore, vulnerable to attacks like content injection and clickjacking. These headers include Content-Security-Policy, X-Frame-Options, and Strict-Transport-Security.
- Vulnerabilities in exchange code: According to Coverity Scan, vulnerabilities in third-party software used by exchanges, such as payment gateways or operating systems, can be exploited for phishing or malware attacks even with relatively low error rates.
- Vulnerabilities in a wallet’s smart contract code: This can allow hackers to take control of cash, according to Traders Union, whether aiming for specific wallets or an entire network.
Social engineering and SMS authentication
TU experts highlight the potential hacking methods employed by malicious individuals. These include spear-phishing campaigns targeting employees to obtain private keys and the interception of SMS messages for authentication or access recovery, particularly for individuals involved in cryptocurrency trading or exchange administration.
Here are some potential hacking methods:
- Wiretapping: Attackers intercept SMS messages using specialized equipment, infecting the victim’s phone with malware or hacking into the service provider’s server.
- SIM card cloning: Attackers clone the victim’s SIM card to gain unauthorized access to SMS messages.
- False base station: By setting up a fake base station, attackers can intercept and decrypt SMS messages using expensive equipment.
- Hacking carrier’s web platform: Attackers compromise the user account on the carrier’s web platform to redirect messages to their phone number or email address.
- Phishing call center operators: Attackers collect personal data and phone numbers to fraudulently restore a victim’s SIM card by contacting call center operators.
Security measures implemented by crypto exchanges
Traders Union emphasizes that cryptocurrency platforms implement various security measures to counter hacking attempts. Here are some critical practices:
- Multi-factor authentication: Users must enter a one-time password, typically sent via email or phone, to authorize each transaction.
- Multi-signature: Bitcoin wallets require multiple keys held by different individuals for access, enhancing security if signatories are independent.
- Cold wallet storage: Funds are distributed between hot and cold wallets, with cold wallets holding the majority of funds and being offline, ensuring physical and multi-signature security.
- Integrated security approach: Ensuring the security of exchange code and third-party libraries, considering human factors, and securing the development environment.
Best secured and trusted crypto exchanges
Here are Traders Union’s top picks for Bitcoin exchanges in 2023:
- Bybit: This website retains the top spot and is famous for its expertise in trading bitcoin derivatives, particularly futures and perpetual contracts.
- OKEx: A major exchange for digital assets, OKEx provides trading services, such as spot, futures, and options trading.
- Binance: Known worldwide, Binance maintains its position as the top cryptocurrency exchange by offering spot, futures, and token trading services.
- Huobi Global: This main exchange for digital assets provides various services, including trading in cryptocurrencies, futures, options, and forex.
- KuCoin: Known for its extensive offerings, KuCoin provides services for trading in cryptocurrencies, futures, and foreign exchange.
While Traders Union’s top picks for Bitcoin exchanges in 2023 are helpful, conducting thorough research and considering factors like security and fees is crucial. For a comprehensive review, including “Changelly review,” explore reputable sources.
Conclusion
The market for trading cryptocurrencies is continuously changing, presenting opportunities and difficulties. Keeping up with the most recent trends, security precautions, and high-performance platforms is crucial to succeed in this market. Visit the Traders Union website for in-depth research, evaluations, and current information.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange closed flat on Wednesday, August 5, as the market witnessed weaker trading activity with only two deals executed.
In the midweek session, the volume of securities exchanged by investors dropped 99.9 per cent to 802 units from the 1.6 million units recorded on Tuesday. The value of securities further decreased by 99.6 per cent to N208,240 from the preceding session’s N47.6 million, and the number of deals significantly went down by 93.9 per cent to two deals from the 33 deals recorded a day earlier.
Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units sold for N6.5 billion, and Central Securities Clearing System (CSCS) Plc with 76.9 million units transacted for N5.5 billion.
GNI Plc was also the most active stock by volume on a year-to-date basis, with 3.4 billion units exchanged for N8.4 billion, followed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units valued at N415.7 million.
There were no price gainers or losers yesterday.
As a result, the market capitalisation stood unmoving at N2.739 trillion, while the NASD Security Index (NSI) remained unchanged at 4,563.96 points.
By Adedapo Adesanya
The Naira slid against the US Dollar by N2.28 or 0.17 per cent in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Wednesday, August 5, to N1,363.85/$1 from N1,362.55/$1.
The local currency also declined against the Pound Sterling in the official market during the session by N5.97 to close at N1,837.38/£1 compared with Tuesday’s closing rate of N1,831.41/£1, and against the Euro, it crashed by N6.54 to quote at N1,575.25/€1 versus the preceding session’s N1,568.71/€1.
But at the black market, the Nigerian Naira traded flat against the greenback yesterday at N1,400/$1, and also remained unchanged at the GTBank FX desk at N1,373/$1.
The Central Bank of Nigeria (CBN) says rates have narrowed to below two per cent, while the country’s external reserves have risen above $52.5 billion, reflecting the impact of its ongoing monetary and foreign exchange reforms.
CBN Governor Yemi Cardoso, represented by the Acting Director of Corporate Communications and Investor Relations, Mrs Hakama Sidi-Ali, disclosed this on Tuesday during the CBN Fair in Gombe. He noted that reforms introduced since 2023 had significantly reduced the disparity between the official FX market and the parallel market.
“The Naira continues to strengthen, with the spread between official and Bureau de Change rates now below two per cent,” he said, adding that reserves at $52.5 billion were supported by sustained inflows and renewed investor confidence in the economy.
Interbank FX transactions slid as weaker market activities dropped total Dollar volume exchanged to $75.35 million, a 51.8 per cent decline from $156.23 million in turnover quoted at the previous close.
The deals at the NFEM window also fell as data from the central bank put Wednesday’s quote at 82 from 139.
In the cryptocurrency market, major were down as global risk sentiment softened as a key world equity index slipped and chipmakers fell.
The MSCI All Country World Index snapped a five-day run to fall 0.2 per cent as chipmakers retreated on both sides of the Pacific. South Korea’s Kospi, a bellwether for the AI trade, dropped 4.4 per cent.
Ripple (XRP) depleted by 1.7 per cent to $1.05, Binance Coin (BNB) decreased by 1.0 per cent to $594.87, Cardano (ADA) depreciated by 0.9 per cent to $0.1884, TRON (TRX) shrank by 0.2 per cent to $0.3261, Solana (SOL) crumbled by 0.1 per cent to $74.00, and Dogecoin (DOGE) went down by 0.1 per cent to $0.0697.
On the flip side, Ethereum (ETH) gained 2.3 per cent to trade at $1,911.41, and Bitcoin (BTC) rose by 0.8 per cent to $64,759.28, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 apiece.
By Dipo Olowookere
The domestic stock exchange rebounded by 0.05 per cent on Wednesday on the back of renewed bargain-hunting by investors, though the level of activity waned.
After bleeding for a few days, the Nigerian Exchange (NGX) Limited heaved a sigh of relief yesterday, as the All-Share Index (ASI) gained 109.41 points to close at 244,912.24 points compared with the previous day’s 244,802.83 points, and the market capitalisation garnered N71 billion to settle at N158.087 trillion versus Tuesday’s N158.016 trillion.
Business Post reports that despite the rebound recorded by Customs Street at midweek, the market breadth index remained negative, as there were 20 price advancers and 29 price decliners, implying bearish investor sentiment.
Linkage Assurance appreciated by 9.94 per cent to N1.77, AVA Capital rose by 9.55 per cent to N10.90, Fortis Global Insurance advanced by 7.69 per cent to N2.80, McNichols gained 7.34 per cent to finish at N5.85, and Coronation Insurance surged by 5.51 per cent to N2.49.
Conversely, Honeywell Flour depreciated by 9.94 per cent to N16.30, PZ Cussons gave up 9.94 per cent to trade at N74.75, Zichis crashed by 9.74 per cent to N20.76, Learn Africa slipped by 9.62 per cent to N9.40, and Neimeth tumbled by 8.33 per cent to N8.25.
The busiest equity was FCMB, with a turnover of 369.2 million units valued at N4.1 billion. Chams transacted 46.7 million units worth N201.8 million, First Holdco transacted 43.5 million units for N5.7 billion, Access Holdings sold 29.8 million units worth N778.0 million, and Linkage Assurance exchanged 19.6 million units valued at N33.5 million.
At the close of transactions, market participants bought and sold 824.1 million units worth N25.5 billion in 48,114 deals, in contrast to the 1.6 billion units sold for N28.7 billion in 54,160 deals a day earlier, showing a shortfall in the trading volume, value, and number of deals by 48.49 per cent, 11.15 per cent, and 11.16 per cent, respectively.
