Binance, Kraken prevented social engineering attacks similar to coinbase hack

Binance and Kraken, two of the world’s largest cryptocurrency exchanges, were recently targeted in a wave of social engineering attacks similar to the one that led to a larger data violation at Coinbase.

Hackers approached customer support agents with bribery offers and detailed instructions to contact attackers through Telegram, Bloomberg reports with reference to people who are familiar with the case. Both exchanges managed to block the trials without losing customer data.

The exchanges facing tactics mirroring those used against Coinbase (Coin), which earlier this week revealed that it expects to pay $ 180 million to $ 400 million in remedy costs and customer benefits after attackers gained access to their personal information.

This violation led to a $ 20 million demand after the striker succeeded in bribing Coinbases overseas employees/contractors to get customer information. The exchange has fired the staff involved and has contacted law enforcement.

At Binance, internal systems including artificial intelligence bots helped detect bribery -related messages and close conversations before escalating. Policies that limit access to customer data, unless users start contact, also helped reduce the risk.

Coinbase’s allegedly began to see unusual activity in January, and in December last year, rival exchanges had begun to warn the company of unusual activity that targeted its largest clients.

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