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Bitfinex falls to phishing attack – are your holdings safe?

2min Read

Bitfinex experienced an employee falling victim to a phishing attack. How did the attack impact the exchange’s trading volume and price?

Bitfinex falls to phishing attack - are your holdings safe?

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  • A Bitfinex employee became a victim of a phishing attack.
  • Regardless, volume on the exchange remained high. 

Bitfinex, a prominent centralized exchange in the crypto sector, recently fell victim to a phishing attack as a hacker attempted to deceive a customer support representative with limited access to certain tools and helpdesk tickets.

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Gone phishing

The hacker accessed some old and incomplete data, but they couldn’t breach Bitfinex’s core systems. As a result, user funds remained safe, and most affected accounts were either empty or inactive.

To address the situation, Bitfinex plans to cooperate with law enforcement agencies in identifying and pursuing the perpetrator. It’s essential to stay vigilant and maintain robust security measures in the crypto industry to protect against such attacks.

The recent information security attack on Bitfinex might not have resulted in significant financial losses, but it can still impact the exchange in several ways. Notably, these incidents can erode trust and tarnish the exchange’s reputation.

When an exchange experiences a breach, even a minor one, it can shake users’ confidence. Security breaches and attacks can lead to a loss of faith among users, which can impact Bitfinex’s credibility in the long run.

With the FTX debacle that happened last year, many people have started to lose their trust in CEXes. If this kind of pattern continues, it may shed a bad light on.

Despite this, the volume of trades occurring on Bitfinex were relatively high at press time. Other exchanges also did not see much of a decline in interest or volume over the last few weeks.

Source; The Block

Realistic or not, here’s LEO’s market cap in BTC’s terms

Bitfinex’s utility token, UNUS SED LEO, was unaffected by this development. Its price remained relatively stable and was trading at $3.69 at the time of writing.

Other CEX tokens also showed positive momentum in terms of price. Tokens such as OKB and Binance Coin [BNB] did relatively well as well.

Source: Santiment


Himalay is a full-time journalist at AMBCrypto. A Computer Science graduate, Himalay writes about crypto with a special focus on the latest coin-based updates. He is a fan of gonzo journalism, transgressive fiction, heavy metal, and Manchester United.
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