In a recent interview with CNBC, the CEO of Cloudflare, Matthew Prince, showed concern about crypto exchanges. He stated that these companies are becoming a prime target for cybercriminals, and they need to focus more on securing the funds of their customers to prevent the rising cases of hacks and ransomware attacks.
In accordance with the CEO of Cloudflare, Matthew Prince, the prime motivation to attack cryptocurrency exchanges is the presence of money, just like the banks. He said:
“The old adage is, Why do bank robbers rob banks? It’s because it’s where the money is. One of the biggest places that cyber attackers are going after right now is the various cryptocurrency exchanges and other cryptocurrency parts of the universe.”
Over the recent years, as the crypto market has shown significant growth, the number of ransomware attacks have increased rapidly.
As reported by Chainalysis, over $81 million in ransom was paid by victims by the month of May 2021. Significantly, the Colonial Pipeline hack in the month of May raised concerns in the industry.
When Prince was asked whether he would put his purchased cryptocurrencies on an exchange that is protected by Cloudflare, he said:
“The company is giving a front-row seat to [its consumers] to prevent the evolving cyber threats they face. The company stays ahead of the curve through innovations that prevent any new forms of ransomware and hack attacks from affecting them.”
In addition to this, he laid an emphasis on the fact that they have kept their customers secure and safe, Prince released a statement that said:
“We’re proud of the fact that we’ve kept the cryptocurrency customers that are ours secure and safe and helped augment the additional protections that they have in place. I’d feel safe using any of the cryptocurrency exchanges that use Cloudflare today.”