One feature that blockchain and cryptocurrency bring to systems is an enhanced security framework. Security makes it difficult for hackers to get access to people’s data and funds. Most of the attempted hacks were a result of someone’s carelessness and a crack at the data entry/exit points. Interestingly, no matter how secure an internet system is, there will always be someone looking to gain illegal access.
The BlockFi Issue
BlockFi is a platform that offers crypto lending services to users. The company has recorded successes since it was launched in 2017. It is important to note that BlockFi is one of the most notable platforms in digital asset lending. In a recent development, there was an attack on the platform, and this was an unusual attack. The internet has so many cyber-bullies from different parts of the world. They never tend to stop…
Cyber-bullies are always looking to control people in nasty ways to do their bidding, In the case of BlockFi, more than 1000 accounts were created to propagate the attack. However, the unusual thing about the attack was that it was spamming with vulgar/racist words in the name fields. This means that the over 1000 people that registered were using these words as their names.
Forbes reported that few moments after the attack began, employees at BlockFi understood it was an attack. During investigations, it was discovered that half of the emails used for the registrations belonged to real people. According to BlockFi’s co-founder and CEO Zac Prince, the attack was a deliberate attempt to bring the platform down.
Before the attack, vulgar emails were sent by the attackers to different users of the platform. BlockFi believes that the attack was to create a negative buzz around the platform.
Interestingly, BlockFi has been in a similar situation before. In May 2020, there was the issue of an attacker getting access to private user data. That attack was because an employee’s sim was compromised after a successful sim swap attack.
However, no user lost their funds to the attacks, and that goes to show the platform’s security protocols. According to Prince who spoke with Forbes, people have tried to hack into their internal systems but always fail.
Crypto And Private Data Security
Cryptocurrency is a secure technology, and that is why it is difficult for anyone to gain access to your wallet. They can only access your wallet if they have your private key. You rarely read about anyone’s wallets getting hacked, except on rare occasions where a crypto holder gets careless. Most of the time we read news about a crypto hack, it always has to do with a trading platform.
The hackers are never going to relent on their evil efforts. These platforms need to be proactive about security. Users should also be more careful about how they handle their private data.
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