In the recent cyber-attack case, both large crypto exchanges Kraken and Binance blocked social engineering attacks from causing data breaches.
Hackers also employed methods mirroring an earlier Coinbase hack but did not succeed due to quicker action by the teams of both Binance and Kraken.
According to Bloomberg, both platforms halted the attacks at the time without revealing customer information or losing control of internal systems. The assailants also used fake identities in their efforts to deceive employees and guided Binance support team members towards Telegram.
Binance’s security protocol identified the suspicious activities on time and shut down the attempt as it was being made. Thanks to its internal warning system, Binance got to steer clear of further vulnerability and investigate the issue effectively.
Kraken also faced similar tactics, where bad actors tried to gain access by tricking support staff during working hours.
Kraken’s team recognized the potential threat fast and shut down the unauthorized communication channel to prevent deeper network access. Their incident response process worked as intended and eliminated the risk quickly.
Binance and Kraken block social engineering attacks
The two firms handled the incidents seriously and ran thorough checks on their communication records and employee logs. Strict two-step verification was implemented for all logins. Additionally, all employees received training on how to identify social engineering tactics.
The teams responded swiftly to the threats before seeing signs of harm or slowing down on decision times. This incident demonstrates how diligent security measures are still the best line of protection against new-wave cyber attacks throughout the crypto sector today.
Binance and Kraken’s prompt response helped preserve trust during the cyber crisis. Their actions showed that trained employees and well-functioning systems are crucial in such situations.
With hackers using deception rather than standard hacking to target more and more exchanges, quick and astute defense will be more important than ever.
Successful defense on the part of both Binance and Kraken makes it clear to customers and investors that their platforms are ready and safe. With threats becoming more digital in nature, exchanges need to become more adaptive than ever before in order to outsmart attacks.
