Kraken to Create Crypto Security Unit

Kraken's new security director Nicholas Percoco, "more than two decades worked as a practice and consultant" in security industry
27 March 2019   301

In the light of various incidents with hacking of trading floors and other services, Kraken intends to take a series of measures aimed at improving the security of its product and the cryptocurrency ecosystem as a whole. This is reported by Kraken's new security director Nicholas Percoco, "more than two decades worked as a practice and consultant" in this industry.

As a primary measure to increase security, Kraken introduced mandatory two-factor authentication for the accounts of all its users. The option has been available since September 2013, but until recently it was activated voluntarily. For authentication on Kraken, you can choose between Google Authenticator and YubiKey.

Percoco also said that he had developed a roadmap to ensure the security of the exchange for 2019 and later. Currently, the company does not disclose information about its plans, but promises to inform users about new features as they are implemented.

Also, the Kraken Security Labs subdivision will be formed on the base of the exchange, whose task will be to “increase the security of the entire cryptocurrency ecosystem by checking the vulnerability of third-party products, such as hardware, software wallets, etc.” so as not to harm the safety of their users.

Hacked Zaif Exchange to Resume Operations

It was hacked in September last year,  about $60 million in cryptocurrency was stolen from its platform
22 April 2019   83

Japanese cryptocurrency exchange Zaif announced that it will complete the transition from the Tech Bureau to the Fisco Digital Asset Group (FDAG) on April 22 and resume normal operation the next day, Cointelegraph reportes.

In September last year, the exchange underwent a hacker attack when about $ 60 million in cryptocurrency was stolen from its platform, including Bitcoins, Bitcoin Cash and Monacoin. As part of the compensation plan to users, FDAG exchange acquired a large stake in Zaif business and transferred to the Tech Bureau over $ 44.6 million.

According to an earlier announcement of the exchange, 40% of the lost funds will be compensated to users by Fiat, and the remaining 60% - to the cryptocurrency, which will be available for withdrawal on April 23.