TechFlow reported on August 15 that, according to Coindesk, Latin American cryptocurrency exchange Bitso has announced a partnership with blockchain security firm Coincover to adopt its non-custodial disaster recovery service and risk engine for real-time monitoring of external transactions. This initiative aims to enhance protection against hacking and loss-of-access incidents by integrating with Bitso's multi-party computation (MPC) infrastructure.
According to Immunefi data, the cryptocurrency sector has lost over $900 million to hacks and fraud this year, with $572 million stolen in the second quarter alone. Digby Try, Senior Vice President at Coincover, said that while the preference for centralized exchanges in Latin America reflects industry growth, it also makes these platforms more attractive targets for attacks.
