One of the world's biggest bitcoin exchanges has been hacked, and this is how you can do it!

One of the largest bitcoin exchanges in the world has been hacked and the data of 30,000 customers has been compromised. It is about Bithumb, exchange based in South Korea. On Tuesday, Motherboard reported that it was the fourth largest globally in terms of volumes of all cryptocurrencies traded daily; by Wednesday it had jumped to the first place. Bithumb said on BraveNewCoin that it was an employee computer compromised and not its core servers. You can read more about this on BusinessInsider.

Out of curiousity, I made a simple search on Google, typing "How is it possible to hack a cryptocurrency exchange". I was surprised that I found an article from 2015 which explains it so easy that even a 12 year-old could understand.

The first and most "complicated"step is to hijack the account, followed by passing the two-factor authentication by simply changing the phone number and sending a text message to your phone, and finally hacking the admin and trading his coins to your account. The full two-pager guide can be found here.

Does anyone know if security measures had increased since 2015? Is this method still viable? 

____

Disclaimer: I am not promoting hacking, this post is just informative.

If you enjoy reading this article and want to be updated with more news like this, follow me @theospay.

Blog: globaltrendspotter.wordpress.com