$AIXBT

AiXBT Security Breach Reveals Risks of Automated Trading: How to Protect Your Money?

#AiXBTSecurityBreach Security breach of AiXBT: Lessons learned to protect your money in the cryptocurrency world

The world of cryptocurrency trading experienced a serious security incident involving a breach of the AiXBT platform, resulting in a loss of 55.5 ETH (approximately $105,000). This attack was due to hackers breaching the platform's secure control panel, enabling them to execute malicious transactions.

How did the breach happen?

It seems that hackers managed to access the AiXBT system and exploited security vulnerabilities in the control panel, allowing them to siphon off funds without immediate detection. This type of attack underscores the importance of cybersecurity in automated systems and bots used in trading.

Key lessons learned to protect your money:

1. Use two-factor authentication (2FA)

Make sure to enable two-factor authentication on all your accounts, whether on Binance or any other platform.

2. Avoid granting broad permissions to bots

When using trading bots, make sure to specify only the permissions they need, and do not grant them direct withdrawal permissions.

3. Use cold wallets

Do not keep all your funds on the platforms; rather, store the majority in a cold wallet to prevent hacks.

4. Regularly monitor account activity

Consistently check the transaction history, and if you notice any suspicious activity, freeze your account immediately.

5. Continuously update software

Ensure that all systems and applications you use are updated with the latest security patches.

This breach reflects the importance of enhancing security measures when using AI bots in trading. Traders must be more cautious of potential risks by taking strong security measures to protect their digital assets from increasing cyber-attacks.