How to Protect Cryptocurrency Exchanges from Hackers
November 25, 2021

How to Protect Cryptocurrency Exchanges from Hackers

Cybercriminals are tending to shift their targets from website and web applications systems to blockchain units and virtual currency exchanges. Specifically, DDoS attacks with great frequency and intensity overload the transaction system, causing service disruptions.

Hackers have caught the wave very quickly and flocked to the current hot cryptocurrency trend. When the Bitcoin value hit the historic $67,000 mark in July 2021, the number and scale of cyberattacks on cryptocurrency exchanges increased dramatically.

When Bitcoin peaked, the exchange became a target for hackers.

According to information from Zebpays and major global electronic exchanges, the biggest security threat in cyberspace that these units face is fraud combined with attack methods. Non-technical techniques and methods of computer intrusion are increasingly improved and worryingly developed.

Concerned about the possibility that upcoming crypto regulations and policies could make electronic exchanges liable to the law for damage to investors. A number of major global exchanges are rushing to upgrade the security on the system and look for effective anti-attack solutions to protect themselves against today's attacks.

Whether the attacks originate from a team of white hat hackers (Security Hackers) trying to find security holes on the system to receive bug detection bonuses from the enterprise or from the groups themselves. Ordinary hackers are trying to overload the system to disrupt services and exploit vulnerabilities present on the system.

Attacks targeting virtual currency exchanges are becoming more frequent and more severe, which is directly proportional to the increasing popularity of cryptocurrencies.

Even, facing this worrisome risk, some big Blockchain exchanges have built legal policy frameworks with legal experts to identify and figure out how to handle the case of investors operating on the exchange suffered damage due to cyberattacks targeting the exchange.

Currently, most of the cryptocurrency exchanges on the market are exposing themselves to the risk of being hacked easily. In most cases, digital assets located in users' digital wallets are not provided with appropriate passwords and security mechanisms.

Criminals are increasingly exploiting non-technical attack methods with impersonation, impersonating the identity of real users to fool target consumers into providing access to their e-wallets. And it's only a matter of time before we can see large-scale targeted attack campaigns focusing on various crypto exchanges and platforms.

The most important thing for exchange units at the moment is to build a solid and effective security framework for their Blockchain network.

The consequences of being penetrated and attacked at cryptocurrency exchanges are too huge

According to information from global cybersecurity organizations in the first 3 quarters of 2021, all major global digital exchanges experienced at least 2 to 3 major cyberattacks in September alone. Many investors operating on Blockchain exchanges have had a large amount of cryptocurrency stolen from their wallets after the exchanges were targeted in a targeted attack.

Last week, Srikrishna Ramesh, who goes by the cyber alias Sriki, was arrested by the Indian police for allegedly infiltrating major Indian blockchain exchanges and stealing digital assets from investors' wallets through a fatal security hole in the system.

Before that, the cryptocurrency exchange Coinsecure had submitted its declaration to the international cyber police after an incident of more than 400 bitcoins (with a value of nearly 19,000,000 USD at that time) being stolen. stolen from investors' wallets after the Coinsecure exchange was hacked.

With the specificity of the industry is handling and managing a very large amount of digital assets of investors, the security factor should be a top priority for organizations. But the wave of bitcoin and crypto overheating has caused the number of crypto exchanges to grow uncontrollably and completely forget the story of infrastructure and security behind it.

Many Blockchain exchanges with insufficient infrastructure and unsatisfactory security will certainly be attacked. Even for large cryptocurrency exchanges, in addition to finding and building advanced security methods to resist attack tricks, most of the organization's digital assets must be stored in "safe warehouses", absolutely preventing the possibility of theft but at the expense of flexibility in cash flow management of the business.

Cryptocurrency exchanges need to quickly expand the power of their infrastructure and find and use effective security solutions on their systems.

How VNIS fights DDoS and comprehensively protects Blockchain businesses

Faced with the worrisome cyberattack that is targeting cryptocurrency exchanges and Blockchain businesses today, organizations have been expanding the size and capabilities of their Blockchain network against the most common attack methods.

But new attack methods and existing vulnerabilities on the system will always appear, and hacker groups will still find new solutions to be able to target the huge amount of digital assets in Blockchain exchanges.

Understanding that the concern of businesses in the current wave of Blockchain technology is very hot today. VNETWORK with many years of experience in deploying security solutions against cyber-attacks for financial - securities businesses with security solutions of VNIS (VNETWORK Internet Security).

VNIS is a combination of multi-CDN infrastructure combined into a giant Multi CDN connection network stretching to a global scale, along with AI Load Balancing - Load balancing with the application of artificial intelligence technology, bringing the fastest transmission and response speed for cryptocurrency transactions and investors' trading activities on their platform.

In VNIS, there are also advanced security solutions such as Cloud WAF (Cloud Web Application Firewall) with comprehensive protection for Layers 3, 4, and 7 against all tricks and DDoS attack campaigns that target the Blockchain network.

When using VNIS, the enterprise's origin server IP will be automatically hidden through 2 layers of protection of CDN and WAF and fully secure the origin server with anycast DNS technology.

Attacks on the enterprise's network will be burdened by the Multi CDN system before being filtered and blocked by the Cloud WAF firewall, ensuring maximum protection for the original server system against all threats of penetration and attack. current latest work.

The load balancer automatically routes traffic in the most efficient way so that it can ensure availability and maximize uptime on cryptocurrency exchanges' platforms.

In addition, VNETWORK also has solutions for transmission and broadband infrastructure, giving the best service for digital businesses such as:

VNCDN - Solution for content transmission and website acceleration by CDN (Content Delivery Network) technology with the capacity to load up to 3 million users at the same time to access the system. The CDN system also supports WebSockets (a type of technology that supports 2-way communication between Client and server).

VNETWORK Cloud - Featured with a server system located at ISPs Viettel, FPT, VNPT in Hanoi, and Ho Chi Minh City. Powerful Cloud infrastructure with the ability to uplink 200Gbps, 40Gbps uplink switch uplink all servers.

24/7 monitoring SOC room - VNETWORK SOC Room supports 24/7 network security control and monitoring network security problems through continuous data analysis, proactively responding to incidents quickly and accurately. VNETWORK is confident that it can help businesses end their worries about network security.

Need help while using infrastructure, transmission, and security services at VNETWORK? Call hotline: (028) 7306 8789 or email: contact@vnetwork.vn

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