The crypto market’s explosive growth has led to increased attempts by hackers to exploit industry infrastructure. Binance and Kraken have faced these attacks, similar to the recent Coinbase Global breach. 🧠 Both platforms were targeted through social engineering tactics like bribery of staff members. 💼 This is a tactic that remains effective in cyberattacks. The gathered data included customers’ names, dates of birth, addresses, IDs, and account details. Luckily, both companies successfully blocked the attacks and never released user information to the attackers. 🛡️ 💰 While Coinbase faced a ransom demand for $20 million following their breach, Kraken opted for a more proactive approach, offering a similar bounty reward to incentivize responsible behavior from the hackers. 💸 Binance countered this by implementing robust security measures: AI-powered bots blocked bribery attempts in multiple languages and customer service agents were restricted to viewing user information only after explicit request from the users. 🤖, While other companies are vulnerable to these attacks, Binance’s resilience showcases the importance of strong cybersecurity practices in safeguarding digital assets. 🔐 The rise of cyberattacks is a clear trend – with more than two years of heightened activity during significant market surges for crypto. This suggests bad actors continue to gather information through malware on devices and use that data to impersonate support team members. 💻 For example, Binance users in Israel were targeted by scammers posing as UK representatives who urged them to send their funds to fraudulent wallets. Despite advancements in cybersecurity, the crypto sector remains a high-risk target for cyber thieves. Several high-profile hacks, including Bybit, Bitfinex, and the FTX collapse, have led to billions of dollars lost. A recent incident at Bybit even caught EU regulators’ attention regarding platforms like OKX that may be exploited by cybercriminals. 🛡️ The crypto world faces growing pressure to bolster its defenses as attacks become increasingly complex. Binance and Kraken’s resilience offers valuable insights into how vigilance and strong security systems can help protect digital assets in the long run.