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South-Korean trading platform’s unprofessional acts, leaves $650k of Crypto at Risk

The South-Korean crypto scene is going pretty intense now as two major Crypto trading platforms being hacked within two weeks and the damage is just increasing more and more with new pitiful events pop-up every alternate day. Just in, as a small to mid scaled crypto exchange platform Bitkoex, whose team members were found revealing sensitive data without any security measure or encryption of thousands of user on their platform in a group chat; which was witnessed by one member in the group and thus the event came out in public.

With nearly $650000 amount of cryptocurrency account’s key being revealed in a group chat left vulnerable to prying eyes and thus compromising its own user’s data putting them in jeopardy. The platform received a lot of heat from the authorities and major crypto spokespersons, on this unprofessional act. However, it is now being said that the person leaked users private keys were not part of the trading platform’s organization, but the damage has been done already.

Image Courtesy: theregister.co .uk

Earlier a major spokesperson of South-Korean’s largest telecommunication firm said that small to medium-sized crypto exchanging platforms do not implement the very best security practices and technology measure and are running behind profits by investing most of their funds in marketing or other non-security related things. Thus, compromising the users on their platform by big time and now this scenario of Bitkoex, might give rise to other similar small platforms about their prep for security propositions.

Do ask your trading platform about the amount of security that they have implemented to prevent you from data leaks and phishing attacks.

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