BlockFi Cryptocurrency platform victim of data breach – Expert insight

This breach emphasises the importance of improving two factor authentication and removing the SMS one time password option altogether. Most crypto currencies only offer authenticator apps as a second verification, but accessing financial data needs to be as secure as possible throughout the entire process. Sim swap hacks are rising in numbers and they are simple for hackers to carry out. However, it is just as simple to turn off SMS OTPs, which makes the hack frustrating. Crypto currencies are regular targets due to the obvious potential rewards, so the upmost security is vital. Most clear defences will be in place, however, when you throw enough water at something, the cracks will soon become clear.  Read Less