Cryptocurrency Startups Are Hackers’ New Favorite

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Cryptocurrency platforms have been the hackers’ favorite. Bitcoin exchanges and trading platforms figure on top of their list. Hacking incidents including the latest Bitfinex hack stands proof of that. But with established Bitcoin platforms opting for high-security standards, hackers are now settling for the next best thing, cryptocurrency startups.

A recent report published by BBC describes a security incident faced by one of the small Florida-based digital currency startups to prove the point. The article describes a hacking attack on Krypton, which left the startup short of $6,000 despite the best efforts of the team to thwart waves of attacks in the midst of Hurricane Hermine. However, the damage was limited to a ‘small’ sum due to their sustained effort to secure the platform, which otherwise would have left them much poorer.

The attack faced by Krypton was not a one-off incident as another cryptocurrency startup Swift was also said to have come under a similar attack. Attacking cryptocurrency platforms usually offer high rewards at a considerably lesser risk compared to hacking banking institutions. The main reason being the nature of cryptocurrency and its legal and regulatory standing. Also, most cryptocurrencies offer a certain level of anonymity

Read more ... source: NewsBTC USA

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