Sue against Bittrex over Hacking Issue

Sue against Bittrex over Hacking Issue

Another incident of hacking has taken place with Bittrex, which is a crypto exchange, and the exchange sued against the issue indeed. Recent records tell us that hackers took control of a victim’s cell phone to loot online crypto accounts. Almost 100 bitcoin worth of nearly $1 million have been taken away from the exchange taking control over the victim’s online identity.

But no resolution yet came to Seattle-based angel investor Gregg Bennett. Bennett recently has put sue against Bittrex in the Superior Court of Washington. He sued against the exchange saying that the exchange breached its own published security protocol.

He also complained that the exchange baffled to act as the hack was in process or respond quickly enough once notified by him directly. But some are taking these complain of Bennett as true as Bittrex didn’t yet responded to the allegation and took no measure yet. On the other side, the legal entities were notified of the hack but they didn’t put any criminal charges.

Response of Bittrex

Bill Shihara, CEO of Bittrex, saying nothing regarding the hack and the case told about their muscular security level with two-factor authentication and email verification. He said they save a lot of accounts from hacking issue. He told not to trust one’s phone as the last security stop because once it is taken over, everything could be accessible.

Preface of AT&T

Though the account PIN and Social Security Number on the account were changed, Bennett thinks his hack was an inside job. Bennett suspects the AT&T system even though he filed the case only focusing on the security lapses at Bittrex. Customers should not rely on their cell phones for security as SIM hacks has also been seen. Because Insidious SIM swaps is a form of theft.

Red Flags

That the hacks was undergoing, Bittrex should have known. The hacks were coming from a Florida IP address and from an NT operating system. Complain of Bennett’s complain included hackers drained 100 bitcoin from the account and he had a series of coins that the hackers dumped at below-market price. For 35 remaining bitcoin, the account had been returned the next day but then Bennett succeeded in getting Bittex to shut down the account and the unauthorized withdrawals.   The lawyers of Bennett said the exchange should have also imposed a 24-hour withdrawl hold after password changes like other exchanges do.

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