In response to reports that British cryptocurrency exchange EXMO has disclosed that unknown attackers withdrew almost 5% of its total assets after compromising its hot wallets, cybersecurity experts at Cerberus Sentinel and Clear Skies offer perspective.
Experts Comments
December 22, 2020
A best practice is not to store and hold large amounts of funds in hot wallets on exchanges but rather transfer to either a cold hardware wallet (that has appropriate recovery codes set and stored securely) or to a standard bank account as the case may be on completion of the exchange transaction. This seeks to reduce personal exposure and loss in case of an exchange compromise.
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A best practice is not to store and hold large amounts of funds in hot wallets on exchanges but rather transfer to either a cold hardware wallet (that has appropriate recovery codes set and stored securely) or to a standard bank account as the case may be on completion of the exchange transaction. This seeks to reduce personal exposure and loss in case of an exchange compromise.
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@Brad Mackenzie, CEO, provides expert commentary at @Information Security Buzz.
"A best practice is not to store and hold large amounts of funds in hot wallets on exchanges...."
#infosec #cybersecurity #isdots
https://informationsecuritybuzz.com/expert-comments/expert-commentary-on-crypto-exchange-exmo-hacked
Facebook Message
@Brad Mackenzie, CEO, provides expert commentary at @Information Security Buzz.
"A best practice is not to store and hold large amounts of funds in hot wallets on exchanges...."
#infosec #cybersecurity #isdots
https://informationsecuritybuzz.com/expert-comments/expert-commentary-on-crypto-exchange-exmo-hacked