Cryptocurrency exchanges have been under siege by hackers, but some have managed to fend off attacks using artificial intelligence and strict internal protocols. Binance and Kraken were targeted in the same social engineering attack that hit Coinbase, but they were able to thwart the hackers and prevent any customer data from being compromised. While Binance and Kraken were able to successfully block the attacks, Coinbase fell victim to deception by hackers who leaked user data despite prior warnings.
Binance and Kraken were able to detect the suspicious activity thanks to their AI systems, which quickly identified and stopped the phishing attempts. Despite the hackers attempting to pay off customer service employees at Binance, the strict internal protocols and AI tools in place prevented any data breaches. On the other hand, Coinbase employees were deceived by hackers, leading to the leak of sensitive user information including names, dates of birth, addresses, and bank account details.
Despite warnings being shared among major exchanges as early as December, Coinbase employees were still tricked by hackers in May. The stolen information could potentially lead to identity theft or fraud, causing Coinbase to project losses of up to $400 million. The company is offering a $20 million reward for any information that helps solve the crime. On the other hand, Binance and Kraken were able to avoid major issues by taking proactive measures and utilizing their advanced AI tools to block phishing attempts before any damage was done. The incidents highlight the importance of training employees and using modern security technology to protect user data in the cryptocurrency industry.
