Exchanges are updating due to Intel vulnerability

Hackers can steal data from billions of devices connected to the Internet, from smartphones to servers
05 January 2018   921

Computer bugs are found quite often and few people are surprised, but the critical vulnerability recently found in Intel processors has become a sensation. With its help, attackers can steal data from billions of devices connected to the Internet, from smartphones to servers.

Holders of cryptocurrency, which have become a favorite target of hackers, have all the reasons for concern. Vulnerability can also be affected by cloud services, which are often used by crypto-currencies, experiencing increased loads amid a rapid increase in the number of traders.

While Microsoft and Amazon eliminate vulnerabilities in their cloud platforms, crypto-currency exchanges are experiencing service disruptions. 

Several exchanges, including Einstein Exchange, and Kucoin, also temporarily suspended service. Some of them specified that interruptions are related to the vulnerability of Intel, while others simply reported technical work.

The manufacturer of hardware wallets Ledger wrote that his device does not affect this vulnerability. 

Intel's bug has one more negative effect: as a result of the update, the performance degradation of devices can reach 30%. At the same time, this problem will not affect miners, since the process of mining the crypto currency does not require the fulfillment of a large number of requests to the core of the processor.

Binance to Join Forces With IdentityMind

IdentityMind provides exchanges with ability to comply with KYC\AML worldwide
26 March 2019   79

Binance announced an agreement with IdentityMind, which will help it ensure compliance with regulatory requirements and improve data security.

IdentityMind provides cryptocurrency exchanges with access to the platform, thanks to which they can monitor compliance with customer identification and anti-money laundering requirements in real time. This includes connecting new customers, managing their profiles and monitoring transactions.

The partnership between Binance and IdentityMind further strengthens our compliance capabilities and our commitment to re-invest in the blockchain ecosystem and grow it. We continue to evolve and enhance security systems while adhering to regulatory mandates in the countries we operate in. The goal is to foster greater trust among financial institutions worldwide.

Samuel Lim

Chief Compliance Officer, Binance

Last year, Bloomberg wrote about the Binance user identification system as the least strict in the entire industry, and linked the “level of anonymity” provided by the exchange with the risks of money laundering and market manipulation.

In October, Binance entered into an agreement with a supplier of transaction analysis software on the blockchains Chainalysis, and in November with Refinitiv, which developed an automated solution for client verification.

Whether the ordinary users of the platform will feel the impact of the integration of IdentityMind tools on themselves, the exchange does not specify.