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Cyberattack Momentarily Pauses Trading at Bitfinex Crypto Exchange

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DDoS attacks have become common in recent days. There have been many digital currency exchanges that have been targeted by hackers over the years in these short attacks that make the networks unavailable momentarily. The latest victim of the attack has been Bitfinex, which is among the leading exchanges in the world.

The attack forced the exchange to be closed briefly on Tuesday during the morning hours. The attack was typical of previously recorded attacks in other exchanges and the objective was to disrupt the services. DDoS attacks are known to be quite potent and capable of shutting down even the strongest systems.

Bitfinex Confirmed the Veracity of the Attack

The communication team at Bitfinex came out to clarify the issue after users reported issues with the system. A message from the company’s website indicated that the attack was indeed carried out on one of the company’s service providers, which resulted in a service outage for a while. Several users had already noted the system was behaving in a slow and passive manner.

The statement from the company explained that the issues observed were as reported due to the overloading caused in the systems by the said attack. The attack had ramifications on the markets as the price of Bitcoin fell by 2%.

The financial markets like forex, stock, and even crypto rely a lot on the news coming out from the media. Media channels that carry crypto trading information can momentarily influence what is going on in the markets as the recent attack has shown.

Even though the recent attack has had an effect on the market, they will be reversed in due course especially since services at the exchange have gone back to normal. As of 11 a.m. ET, Bitfinex was said to have restored its normal operations. The company also assured users that they were doing everything to follow up on the situation. Earlier news from the company was however conflicting since the attack was not mentioned. The company had instead chosen to claim that a planned maintenance was ongoing.

Regarding the extent of the attack, only trading operations were affected the most. As Bitfinex has revealed, the user data for its clients was not compromised nor exposed to risk. There has not been any major attack that compromised clients’ funds in recent history.

Bitfinex has been on the market for over five years now. The company has had an interesting journey since it was established in Hong Kong. Over the years, the company has had a fair share of challenges and successes. In overall, its successes have been more profound as it occupies a formidable position in the market today.

When it was founded, its main goal was to act as a peer-to-peer exchange for bitcoin, the largest cryptocurrency at the time. As time went by and the market diversified, the currency exchange platform also grew and accommodated other cryptocurrencies as well. The history of attacks on this exchange and others is quite familiar to crypto traders. Last year, another major attacked that targeted various exchanges also hit Bitfinex.

Attacks on Exchanges are Common

One of the few major attacks that resulted in the loss of bitcoin was the famous attack of August 2016 where over 100,000 bitcoin were lost.

Security is often a major challenge for all digital financial platforms. There have been many efforts done over the years to overcome security challenges and there has definitely been an improvement in this area. The attackers on the system are however always bolder as time passes. This year, attackers stole crypto units of a minor digital currency to the tune of nearly $500 million in value. This happened on a well-known Japanese exchange, Coincheck. Youbit, a South Korean exchange that has a substantial number of users also lost nearly 20% of its digital assets after a successful attack on the system was performed.

There are indeed many more cases recorded over the world as attacks on exchange platforms are rampant. One of the most famous attacks was in 2014 when Mt. Gox, the Tokyo-based exchange was successfully attacked with profound losses. Assets of over 700,000 users were lost in the process and the exchange came tumbling down. This attack was major because the exchange was at the top of the market at that time.

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Student @ Advanced Digital Sciences Center, Singapore. Travelled to 30+ countries, passion for basketball.

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Matica’s CEO Sandro Camilleri speaks about security in digital payments

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One thing is for sure: the COVID-19 pandemic accelerated many behaviors and trends that once were holding their pace. A great example can be found in digital payments and online shopping. According to Rakuten Intelligence, from March through mid-April, e-commerce spending in the United States increased more than 30% compared to the same period last year. When it comes to worldwide scores, it reaches the surprising increase of 74%.

Although books and cleaning products led the ranks mapped by Rakuten, specialists argue that digital payments and online shopping are here to stay, as much as it has already been observed in Asian countries. In this sense, securing financial transactions and protecting consumer data became a mandatory issue to be addressed both by companies and the government.

As a leading European company in the processing and printing of cards and identification documents for security systems, Matica Technologies is dedicated to granting safety and technological solutions to businesses dealing with financial transactions online. According to the CEO and founder of Matica, Sandro Camilleri, the advent of digital payments is a revolution similar to that which technology has caused and is currently causing in other areas, such as transports. “It is an inevitable revolution, which citizens will have to get used to, and which must therefore be managed in order not to risk unintended consequences, being the key issue obviously safety,” he argues.

Camilleri stresses that there are two different phases when it comes to digital payment security. A first one is about information and personal data storage, one of the greatest topics of our time and also a potentially enormous market sector. The second, less discussed though equally important, is guaranteeing strength and security for the financial transaction itself — and this is a purely technological issue. “The use of chips that are equipped with incredible memories, high precision lasers and holograms makes it extremely difficult, not to say impossible, for any attacker to clone a card produced by us. Secondly, the transaction must be secure thanks to specific and constantly updated software,” explains Matica’s CEO.

Now, when it comes to privacy, Camilleri states that people must be aware of what is at stake when data is leaked and why such occurrences are so alarming. With more and more appliances being automated and connected to computers and to the internet, such as is the case for cars and home security systems, cyberattacks could lead to consequences that are not only terrible, but tragic. 

In such situations, Matica’s CEO believes that only biometric data could spare individuals from having their systems hacked, though this data must be filed with care and used only for strictly necessary purposes. In any case, Camilleri argues that using biometrics is becoming day by day more inevitable with the increasing rhythm of automation, and this is a feature that can already be found in some of Matica’s available systems, such as is the case of the passport series.

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Are You Aware Of Your Children’s Online Activity?

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There’s a big, wide, scary, often strange world out there, and it’s the task of any individual to grow into an adult and begin to contend with it. However, most responsible parents understand that showing the raw facts of life, or being introduced to bad influences is simply not suitable for a young child. They must learn slowly, with care, and appropriately to the degree we’re able to foster that environment. Parents cater to this by controlling what friends their children make, or what hours they may be allowed to spend time with them.

However, a growing cause for concern is the fact that many parents fail to keep their children safe online. The internet may as well be its own world, and it reflects our reality, both the good and the bad, the trustworthy and the terrible. This means that as a parent, it’s important to stay aware of your child’s online activity. If you can do that, you can better control the content they see, what they’re allowed to access, and the influences they are moved by.

Use Worthwhile Content Filters

It’s important to use the best content filters and parental controls you can. Some offer you access to limit internet time, while others help you block certain websites or content from being seen. With the best cyberbullying safety services, you can also ensure that your children are equipped to handle the unfortunate likelihood of encountering abuse online. The more you can engage in good habits now, and regulate their usage, the less likely they are to come to harm within the wild west that is the online world.

Understand The Trends

Understand the trends that occur and know how to deal with them. For instance, you might block access to certain apps or sites, but your child’s friend’s parents may not have the same philosophy. If you know the trends through paying attention to what they’re saying, you will be able to assess if they’re healthy or not. For instance, TikTok is now seen as a negative influence on many young children due to how poorly they moderate their content, and how limited content filters are in place. When you make decisions to help them stay secure, you are in effect limiting the vulnerable pathways in which they could become less safe.

Stay Alert

It’s important to say, but stay alert. If you notice your child is finding it hard to engage with social media, or they follow a risky YouTuber, you are within your right to restrict access or to observe more closely. It’s a tough job, but ultimately you cannot completely banish your child from the internet for the entirety of their childhood. It’s best to help them build healthy habits now and also know how to stay safe online than to pretend it doesn’t exist. To that end, you’ll be making the right choices.

With this advice, we hope you can better stay aware of your children’s online activity, and manage it as appropriately.

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How does Technology Affect the Working Environment?

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Throughout history, machines and technology have changed the way that we work across nearly every industry. From the industrial era, all the way through to the modern age, it would seem that technology has improved working conditions significantly. The impact that it has had is immense. Some of the main changes can be found below.

Speed and Efficiency

Workers in this day and age are far more productive than they have ever been. The impact that technology has had on work, both in communication and manufacturing has increased the rate of production and the speed at which business can occur. Tech in the workplace has also helped workers to become far more efficient. What once took hours can now take minutes. Messages can be sent to clients across the world and proposals and payments can also be transferred instantly. Support for workers can also be found online.  For example, personal injury claim legal help can be obtained online and you can file a claim within minutes.

Working Together as One

Team coordination really has never been easier. When you look at online communication tools and technology you will soon see that people can now work together much more closely. Collaboration is also much simpler to achieve. Even when colleagues are not able to be in the same workplace physically, teams can hold meetings through video technology. They are also able to work on the same documents through file-sharing platforms such as Google Drive and this is fantastic to say the least.

Technology and Office Culture

Everyone knows that tech in the workplace is changing. Beer is available on tap in some workplaces and others are offering video games as a means for their team to relax at the end of a hard day. Open offices are also a trend. The mere idea of creating a better company culture can now be used to lure workers who are in-demand and this doesn’t look to be going away anytime soon. Technology in the workplace has also made it much more possible to work remotely. Companies need to create incentives to try and keep their workers happy and to also keep them drawn into the office.

Live where You Work

One of the biggest impacts of tech in the workplace is the workplace itself. Most jobs require you to clock in and work on-site but there really are so many open positions for those who telecommunicate, and people can now work from home more than ever before. Of course, with so many changes being made it’s not hard to see that so much is being done to try and help support this movement and some companies have even put in the effort to try and make sure that they give their teams the chance to work from home permanently. Only time will tell what the future holds, but right now it looks like tech has had a huge impact on the workplace and the effects are going to be felt for years to come.

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