Cloudflare CEO says crypto exchanges are a popular target for cyber attackers
Cryptocurrency exchanges have become a popular target for cybercriminals, Cloudflare CEO Matthew Prince told CNBC’s Jim Cramer in Monday.
“The old adage is, ‘Why do bank robbers rob banks? It’s because of where the money is,'” Prince said in an interview on TV. “Crazy Money.” “One of the biggest places that cyber attackers are hunting right now are various crypto exchanges and other crypto parts of the universe.”
Cryptocurrencies gained attention in relation to cybercrime earlier this year following high-profile ransomware attacks, most notably the Colonial Pipeline incident in May of that year. Fuel supply is temporarily interrupted in parts of the East Coast.
Colonial Pipeline ends up paying $5 ransom a day after its IT network was hacked, despite US law enforcement officials was able to recover almost half of the bitcoins received by the cybercriminal group.
Events spark debate around the role of blockchain-based digital currencies the rise of ransomware attacks. Some claim that cryptocurrencies cause ransomware problems, while others say The fact that transactions are recorded on a public ledger can be useful in solving cybercrime.
Cloudflare, made public two years ago, which provides the web infrastructure for companies, allowing them to put their content online. Cloudflare also provides security services to prevent what are known as distributed denial of service attacks.
Some of their clients are cryptocurrency exchanges, Prince said, giving the company a “front row seat” against the evolving cyber threats it faces. “We’re watching more and more innovation from attackers in that space, but we’re way ahead of it,” he added.
Prince’s comments Monday came in response to a question from Cramer, who asked if the executive felt safe investing through a crypto exchange that is a Cloudflare customer. . Cramer, who was invest in cryptocurrencies, told Prince that he was personally concerned “there’s going to be a hack and my money’s gone.”
“We take pride in the fact that we have kept our crypto customers safe and secure, while helping to enhance the extra protections they have,” Prince told Cramer. “I feel safe using any crypto exchange using Cloudflare today.”
CNBC has previously reported about individual crypto investors who have Coinbase hacked account.