Kraken protects your assets holistically. Experts have put in sophisticated safeguards to avoid money or information theft. Professionally, they provide financial stability, healthy banking connections, and strict legal compliance. It also analyses third-party services and goods to discover, disclose, and resolve problems before malicious people exploit them.
Every day, the Kraken exchange trades around $1bn in cryptocurrency. Nick Percoco, CSO, is tasked with defending it against daily cyberattacks.
Not just Kraken. Digital heists often target cryptocurrency exchanges and decentralized financial (DeFi) systems, with some thieves stealing tens of millions of dollars. According to a CipherTrace study, global cryptocurrency theft, hacking, and fraud losses totaled $1.9 billion in 2020.
According to Kraken, they have never experience hacked. That’s because of Kraken’s limited attack surface, secure environment, and bug bounty program.
One frequent gripe among security experts is a lack of funding. In most cases, social engineering and phishing attempts target both workers and consumers.
Financial Frauds Are the Most Sophisticated
Kraken CSO claims harmful incoming emails, goes through analysis by multiple layers before reaching Kraken personnel. He and his colleagues discovered Kraken had been targeted as well — but email filters caught it.
Percoco says:
“We would give [law enforcement] any information we can share that can help them, like what IP addresses the attackers were coming from, any identifiable information related to that crime.”
But no system is flawless, and emails do get through. Percoco’s job as CSO of Kraken is more challenging. Percoco believes financial scams are one of the most sophisticated kinds of fraud.
Professional-looking websites with sleek graphics and designs advise on how to earn money trading cryptocurrency. Scam sites pretend about affiliation with Kraken and encourage users to register with the cryptocurrency exchange.
Sadly, the victim has little recourse after the money is all gone since they willingly handed up account access. Instead, Kraken advises calling the cops.