Cryptocurrency exchange EtherDelta has suspended service following an alleged hack.
Web security company High-Tech Bridge’s CEO, Ilia Kolochenko, commented below on cryptocurrencies simply not having enough skills to protect their infrastructure.
Ilia Kolochenko, CEO at High-Tech Bridge:
“Unfortunately, this is just a tip of the iceberg. Many crypto currency platforms and exchanges are compromised without even being noticed or publicly disclosed. Many crypto currencies and blockchain startups don’t have enough skills and other resources to protect their infrastructure from sophisticated cyberattacks.
Meanwhile, cybercriminals pay more and more attention to the emerging world of blockchain fintech that can bring even more ROI to them than routine credit card or PayPal scam. In the near future we will likely see a sustainable growth of similar incidents capable to undermine the overall trust to cryptocurrencies. With GDPR enforcement in May next year, these breaches will result in financial penalties that could ruin the startups.
EtherDelta ‘s disclosure of the breach is a good start that should be followed by a thorough technical investigation to clarify the scope of the breach.”