Cryptocurrency service providers are often a target for cybercriminals. The monetary gain associated with a successful hack or data breach should not be underestimated. Although criminals often target exchanges, they will also go after cryptocurrency brokers. Anycoin Direct was the target of such an attack, but it seems no information or funds have been stolen.
Anycoin Direct is a Target
For those unfamiliar with this company, Anycoin Direct provides customers with convenient access to a wide variety of cryptocurrencies. That list includes Bitcoin, Ethereum, XRP, Litecoin, Dogecoin, and several dozen other assets. For European customers, it is a good way to convert to and from traditional fiat currency. Most transactions are completed within mere minutes, making it less of a hassle compared to using centralized exchanges.
To ensure this service remains operational at all times, they must source ample liquidity when orders come in. Combined with the fact of how users need to go through a KYC and AML verification procedure, it is evident these cryptocurrency brokers are a valuable target for criminals. Although these services are usually less popular among hackers, it seems someone – or a group of individuals – attempted to breach the platform this week. Thankfully, this effort has been unsuccessful, although it has disrupted the service somewhat.
Funds are Safu
The main concern when an exchange or broker is disrupted is whether any funds are stolen or not. According to the Anycoin Direct team, all customer funds are safe from harm at this time. Nor have the hackers obtained any customer data or verification documents. As such, it is very clear this hacking attempt was rather unsuccessful. A positive development, especially given how many service providers have effectively lot funds due to hacks and security breaches over the years.
The company has suffered from a slight setback because of this attempted intrusion, however, Their services were taken offline last night and are now slowly being resumed. Trading is currently limited to just Bitcoin, Ethereum, and Ripple’s XRP. Other coins should be back online in the coming hours and days. It is good to see the company take such swift action, as many service providers need plenty of time to bounce back from a potential security incident.
Another Warning Shot
The year 2019 has seen a fair few incidents involving cryptocurrency exchanges and brokers being hacked or breached. Anycoin Direct is one of the few cases where such attempts were unsuccessful. It is a clear sign to all service providers as to how they need to beef up security at all times. This industry will never be taken seriously if random hacks are allowed to happen again.
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