Backed by Naspers and Rand Merchant Investment Holding, crypto platform Luno insists that its platform is secure. Luno issued this clarification after some users claimed that they have been robbed of their digital coins.
Marius Reitz, the exchange’s SA country manager, said that although there had been a proliferation of phishing attacks aimed at Luno’s users, the platform itself has never been hacked or compromised. He further added that the exchange considers security as its number one priority and is continually investing towards the same.
Recently, Luno users were asked by a fraudulent e-mail to update their details in order to avoid having their accounts deactivated. However, speaking on condition of anonymity, a Johannesburg-based fund manager said that he had looked into several instances of Luno clients losing their bitcoin holdings. In some cases he said, it appeared as though the losses were not due to phishing. Meanwhile, Reitz mentioned that the exchange has a lot of safeguards in place to help its customers from not compromising their financial and personal details.
Luno On Phishing Attacks
As stated in the BusinessDay report, Reitz said that while the increase in scams and phishing attacks is alarming, he wants to clarify that these phishing attacks are not just limited to Luno or other cryptocurrency businesses. He added that being phished does not indicate that the exchange linked to the phishing e-mail or SMS has been hacked.
Reitz said that the exchange stores clients’ funds with independent partners using multi-signature security. The private keys are held across different bank vaults across the world. The users need these private keys to access their cryptocurrencies. Thus, it is impossible for a group or a single individual to steal the private keys, he added
Also, the exchange maintains a multi-signature hot wallet to allow instant withdrawals. It splits the key between the security provider BitGo and Luno. Thus in order to get a user’s key, a hacker would have to break into both the systems.
The post Luno Platform Never Been Compromised Or Hacked, Marius Reitz appeared first on OWLT Market.
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