{"id":376064,"date":"2019-03-26T22:00:24","date_gmt":"2019-03-26T22:00:24","guid":{"rendered":"https:\/\/wncen.com\/?p=376064"},"modified":"2019-03-26T15:57:33","modified_gmt":"2019-03-26T15:57:33","slug":"dragonex-crypto-exchange-hack-highlights-the-importance-of-using-reputable-platforms","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/dragonex-crypto-exchange-hack-highlights-the-importance-of-using-reputable-platforms\/","title":{"rendered":"DragonEx Crypto Exchange Hack Highlights the Importance of Using Reputable Platforms"},"content":{"rendered":"

The crypto industry has once again bore witness to an exchange being hacked by nefarious actors, with the latest exchange to fall victim being the Singapore-based DragonEx, which announced today that an undisclosed amount of multiple digital currencies have been stolen<\/a>.<\/p>\n

The latest hack is now highlighting the importance of cryptocurrency traders and investors utilizing safe and reputable cryptocurrency platforms that heavily utilize cold storage in order to hedge against the on-going risk of being hacked.<\/p>\n

Another Day, Another Crypto Exchange Falls Victim to Hackers<\/strong>\u00a0<\/strong><\/h2>\n

Earlier today, the exchange notified users in its Telegram channel that user\u2019s crypto assets had been stolen and transferred out of the platform on this past Sunday, and that the exchange had already notified authorities in multiple countries about the cybercrime.<\/p>\n

\u201cOn March 24th, DragonEx has encountered attacks from hackers, our users\u2019 crypto assets and Platform crypto assets were transferred and stolen\u2026 Several judicial administrations were informed about this cybercrime,\u201d they explained in a telegram notification on their official channel.<\/p><\/blockquote>\n

In the time since the announcement was made, the exchange\u2019s Twitter account<\/a> was temporarily restricted by Twitter due to a suspicious amount of activity, and there have been no tweets made since March 22nd.<\/p>\n

Importantly, the exchange also noted in its Telegram message that they have retrieved a portion of the stolen assets already, and that they will update users on the status of their recovery efforts next week.<\/p>\n

\u201cPart of the assets were retrieved back, and we will do our best to retrieve back the rest of the stolen assets\u2026 All platform services will be closed and the\u2026assets loss recovery situation will be announced in a week,\u201d they said, further noting that they will \u201ctake responsibility no matter what.\u201d<\/p><\/blockquote>\n

DragonEX Hack Highlights Importance of Using Reputable Exchanges<\/strong>\u00a0<\/strong><\/h2>\n

Prior to the latest DragonEX hack, the crypto industry has been caught in the throes of the QuadrigaCX imbroglio<\/a> that has captivated the industry due to the unusual circumstances surrounding it.<\/p>\n

Nevertheless, both of these situations<\/a>, as well as notable exchange hacks in years past, truly highlight the importance of investing in crypto on exchanges that utilize a multitude of security mechanisms to secure user\u2019s assets.<\/p>\n

Joseph Young, a popular figure within the cryptocurrency industry, was one of many individuals who discussed the importance of using secure exchanges, noting that platforms must utilize better cold storage systems.<\/p>\n

\u201cA crypto exchange in Singapore was hacked. Hacks\/scandals deteriorate the public image of the crypto market, not good for the industry. Better cold storage systems have to be in place. Kudos to exchanges that prioritize security: Kraken, Binance, Coinbase, Gemini, others,\u201d he said.<\/p><\/blockquote>\n

\n

A crypto exchange in Singapore was hacked. Hacks\/scandals deteriorate the public image of the crypto market, not good for the industry.<\/p>\n

Better cold storage systems have to be in place.<\/p>\n

Kudos to exchanges that prioritize security: Kraken, Binance, Coinbase, Gemini, others.<\/p>\n

— Joseph Young (@iamjosephyoung) March 26, 2019<\/a><\/p><\/blockquote>\n