Hackers steal nearly £31 million in Bitcoin from one of the world's largest cryptocurrency exchanges using phishing, viruses and other attacks

By Yuan Ren for Daily Mail Online
Wednesday, May 8, 2019

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The theft is thought to only have affected the exchange's 'hot wallet', which refers to a cache of Bitcoin connected to the internet.

According to Ilia Kolochenko, founder and CEO of web security company ImmuniWeb, the technical details of the latest security breach remain 'obscure'.

Mr Kolochenko said: 'It would be premature to make any conclusions at this point of time.

'Today, all cryptocurrency-related businesses should be well prepared to defend against constant and sophisticated cyber attacks.

'In reality, however, virtually all of them underestimate or ignore digital risks and allocate scant resources for cybersecurity.

'Most have to compete on a very aggressive and turbulent market and thus are reducing their costs by all available means.

'Software development suffers most tremendously as cheap outsourced code cannot be secure by definition.

'To bring certainty to the cryptocurrency markets clear regulatory standards are required, such as is PCI (Payment Card Industry Data Security Standard) and PA DSS (Payment Application Data Security Standard).

'Even if they are not a silver bullet, they greatly reduce both the number and average volume of credit cards theft.'

This is not the first time that unregulated crytocurrency market has been plagued by scams. Read Full Article