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BitMEX issues new security advisory; cites ‘increasing number of unauthorized access attempts’

Akash Anand



Bitmex updates its security features days after $1.3 million Bitfinex hack
Source: Pixabay

The cryptocurrency market is no stranger to nefarious activities, with the industry peppered with events that have resulted in the loss of millions of dollars. This pattern of shady dealings in the cryptoverse was again brought to light when BitMEX, a popular cryptocurrency exchange, pointed out that there were many cases of unauthorized account access on the trading platform.

The company’s official release said,

“We have observed an increased number of unauthorized attempts to access customer accounts. We would like to remind all customers and users to please protect your BitMEX and personal accounts by: using strong and unique passwords; enabling Two-Factor Authentication (2FA) for all your accounts; and using a password manager.”

Keeping up with the times, the exchange has taken certain steps to ensure that the fate shared by exchanges like Binance and Coinrail does not befall them. One decision by BitMEX ensures that users and holders of an account will receive updates on emails, regardless of whether they choose it or not. The organization added,

“These changes are a step toward increasing account security for our customers, however it is important to realise that this is not the full solution. Enabling 2FA remains our strongest recommendation.”

The concept of two factor authentication has been of paramount importance across exchanges including Kraken, which had previously included the feature on their platform along with the launch of Kraken Security Labs. The exchange also informed users that 100 percent of attacks could be blocked if a security key was used for the two-factor authentication process. BitMEX’s latest update comes 4 days after Bitcoin worth $1.3 million were stolen from Bitfinex, which was later transferred to different addresses.

The funds were transferred from five different addresses, 19Xs96FQJ5mMbb7Xf7NXMDeHbsHqY1HBDM, 1MP3c916NzJkE1zaWkewH5XUR26urCZgJQ, 1HtWGGRhKKKe2jeaDZPVTQv2wcTF3Doobg, 19ZzA43P7Jedd1JVpnbMS777KGvzYetnbG, and 1MyEwPiTvhMXnBwRSNb86aHhbYyCqFiikN. They were sent to five other unknown wallet addresses, 3K8JAiDssScq24Te37R7HvtsPrWLU35aG2, 3C5WLue6k3x9ou58tFSHqe7xRo8tzoMiNq, 37rN2ZuWTsyBprftT4eUn2sorYrgcuYYZX, 3BfWsUgcEup32rgGknr7KrW2uMnAk2SV52, and 32aTaX4FbZ9iVTi1HNDPoS6b7wViqGoVad.

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Engineering graduate,crypto head and Arsenal fan. Is fascinated by technology and all its marvels. Strictly against pineapple on pizza.


ErisX goes all hands on deck to launch a Bitcoin Futures market




ErisX goes all-hands on deck to launch a Bitcoin Futures market
Source: Unsplash

ErisX’s CSO, Matt Trudeau, detailed the company’s four important plans for the future, which includes launching a spot market, to secure a Bit License, DCO, and to launch a futures market.

ErisX currently has a DCM contract, which is a Derivative Contract Market that allows ErisX to run a CFTC-regulated futures exchange. However, ErisX aims to get a DCO [Derivatives Organization], which will effectively allow it to run a CFTC-regulated clearinghouse. A clearinghouse would mean that ErisX can take control of the custody of the assets and clear and settled trades.

The CSO explained the benefit of this, stating,

“There is some efficiency for firms like producers [like mining companies]; if they need to hedge their inventory or need liquidity on a spot market, they could do that conveniently on a single platform. “

Trudeau added that from the “post-trade standpoint” and “the collateral management standpoint,” ErisX would have cash, crypto, and the futures, all stored in their clearinghouse. This would boost efficiency since it would be available for all customers under a single platform. The CSO added,

“… so there is some efficiency in terms of managing collateral, if you don’t have assets on  multiple platforms, it can all be in our clearinghouse.”

Apart from the aforementioned plans, Trudeau added that the crypto-industry needs to mature more and that ErisX plans to make a significant contribution to that. He added,

“The market is professionalizing and we think that in terms of what institutions are expecting from a trading/custody experience, we will bring some of the solutions to the market and that’s really the foundational pieces that they are looking in order to build their businesses on top of us.”

Apart from ErisX, LedgerX has also received a go-sign from the CFTC to settle Bitcoin Futures in Bitcoins. Other exchanges include Intercontinental Exchange’s Bakkt and Seed CX.

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