Exchanges & BrokersNews

BlockFi Exchange Suffers Database Hack as BitMEX and Coinbase Suffer Platform Crash

Most crypto outfits have stated that they have been experiencing severe troubles since the beginning of May. BlockFi released a statement saying that its database has been hacked while the BitMEX trading engine had serious problems today. BlockFi stated explicitly that the hackers tried to withdraw clients’ funds without their consent, but were only able to get their customers personal data.

BlockFi exchange platform hacked.

“From approximately 07:17 UTC to 08:43 UTC on May 14, 2020, a BlockFi employee’s phone number was breached and utilized by an unauthorized third party to access a portion of BlockFi’s encrypted back-office system,” the statement said. The outfit further said that investors or the company’s assets are still safe, but they will subject their customers to routine security checks if they want to make a withdrawal to check fraud.


They said they believe the hackers are still lingering around, and it would take time before they finally get rid of the hackers. BlockFi also urged their client base to complete their KYC and enable two-factor authentications so they could withdraw their funds without problems. Furthermore, the firm asked them to turn on whitelisting on their mobile devices and BlockFi accounts.

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In the report that the company filled and submitted, the company said they would look to make their actions transparent and provide them with communication every time there is a need. @matt_odell was quoted on Twitter asking how true the development is when it is said, “I wanted to link directly to @TheRealBlockFi’s blog post disclosure of this very disturbing compromise, but there isn’t one. Instead, they posted a hand-waving post about 2FA and whitelisting addresses”, he further said.

BitMEX suffers platform crash.

Meanwhile, crypto exchange outfit, BitMEX servers, went offline at 13:29 UTC, and engineers are working tirelessly to bring the platforms back online. The exchange said the platform will only be available via cancel only mode until 13:40 UTC and clients will not be able to place any orders till when the platform comes online. “All funds are safe, and withdrawals will be delayed until after the outage has been resolved, likely 15:00 UTC. No liquidations have occurred during the downtime,” BitMEX said.

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“The BitMEX Trading Engine is currently down. We’re working to bring it back online as soon as possible—further updates to follow shortly. For official updates, please follow,” the company further stated. Coinbase, too, was not left out after their platform suffered a crash on May 9.


Ifeanyi Egede

Ifeanyi Egede is a new writer on Tokenhell, his articles are cryptocurrency news and platform review based. We recommend following his latest posts as they are always very informative and super interesting.

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