The latest hacks that took place at Singapore-based cryptocurrency exchange, DragonEx, has jolted every major cryptocurrency player out of their complacency.
Post the hacks, the exchange issued a statement wherein it said, “Part of the assets were retrieved back, and we will do our best to retrieve back the rest of stolen assets. Several Judicial administrations were informed about this cyber crime case including Estonia, Thailand, Singapore, HongKong etc. and we’re assisting policemen to do investigation. All platform services will be closed and the accurate assets loss recovery situation will be announced in a week.”
Taking into account what happened, cryptocurrency exchange, Kraken announced they were taking stringent measures to amp up their security. A post penned down by Kraken’s Chief Security Officer, Nick Percoco announced some of their new security measures.
Percoco said, “Today, we are enhancing the client security experience by requiring the use of Two Factor Authentication (2FA). We’ve had 2FA available to our clients since our launch in September of 2013, but starting today, clients will be asked to enable it upon their next login. Currently, the prompted options for 2FA are Google Authenticator and YubiKey.”
Apart from that, the Chief Security Officer also announced the launch of Kraken Security Labs. He said, “We’ve built a world-class team focused continuously enhancing the security of our environments and our products. To take this to the next level, today, we are announcing the formation of Kraken Security Labs. The effort is committed to improving the security of the entire cryptocurrency ecosystem by performing vulnerability research against 3rd party products – like hardware wallets, software wallets, and other related technology – and disclosing identified issues in a way that does not jeopardize the security of the industry or our clients, but rather improve security for our clients and the world once the issues are fixed.”
While this sounds fantastic in theory, only time can reveal how effective the new measures will be, in the time of adversity.
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