BitMEX reports increase in attacks on accounts

The crypto exchange covered the best practices for user security and stressed the importance of using two-factor authentication (2FA) in particular. The report notes that 2FA, referred to as ‘two-step verification’ or ‘multi-factor authentication,’ adds an additional layer of security to the account by requiring the username and password at login, as well as the input of a unique, time-based token.

BitMEX mentioned that it is considering making 2FA authentication mandatory on its platform. It also suggested that compromised accounts on the exchange are typically associated with weak or reused passwords, hacked emails, or computers infected with malware. Moreover, as the exchange discovered some new tactics being deployed in these account hacks, it has updated its policies accordingly. As such, there is no longer an option to disable email notifications about account logins, and withdrawal requests must now be verified by email.