Topic: [2020-01-23] Exchange hacks on the rise - page 2. (Read 385 times)
Everyone is trying to get free money because if they get it, it's almost impossible to catch them. You can most likely get away with the coins if you successfully steal private keys. It happened to me with the exchange Cryptsy a few years ago.
It must be admitted that more and more large exchanges have been successfully hacked, this is indeed a concern for all of us as a
community crypto. Seeing the data in the opening post should make us more vigilant about protecting our assets, and this is a lesson
not to be save all the funds we have in exchanges. Save the funds we have in various places, for core funds can be saved in the hardware
wallet which is proven to be the safest. And leaving funds in exchanges is only capital for trading.
community crypto. Seeing the data in the opening post should make us more vigilant about protecting our assets, and this is a lesson
not to be save all the funds we have in exchanges. Save the funds we have in various places, for core funds can be saved in the hardware
wallet which is proven to be the safest. And leaving funds in exchanges is only capital for trading.
Exchange hack is a black box, we cannot judge all reports as real because many companies report hacking to cover up losses or is an administrative problem from one of the company’s managers.
Therefore, when classifying cases of possible hacks that were the result of technological weakness, we find few compared to false reports, an attempt to steal clients ’money, bankruptcy coverage, mismanagement, etc.
Also, it is up to the governments and agencies that have provided you with the legal papers to monitor them.
Therefore, when classifying cases of possible hacks that were the result of technological weakness, we find few compared to false reports, an attempt to steal clients ’money, bankruptcy coverage, mismanagement, etc.
Also, it is up to the governments and agencies that have provided you with the legal papers to monitor them.
I very much agree! However it does not change the premise that there will be stricter regulations imposed on the cryptospace in the name of safety and security. However, we know what it really is. To tame and control hehehehee.
Where or how can we get 5 times less money by hacking more exchanges? Hacking the shit exchanges with low trading volumes, they're also usually easier to hack compared to the big boys in the industry.
Darwin's theory only the best stay and the weak disappear. So yeah, exchange hacks on the rise but in reality, it's about the same, it's just that the weak platforms are targeted.
Darwin's theory only the best stay and the weak disappear. So yeah, exchange hacks on the rise but in reality, it's about the same, it's just that the weak platforms are targeted.
These also aren't the good old days where the market only had a handful of exchanges like Mt. Gox, Bitstamp, and BTC-e. There are hundreds and hundreds of tiny, shitty exchanges now, many of which don't earn enough to fund robust security. The number of easy targets is larger than ever so I'd expect an increasing number to be hacked.
Every stats from ChainAnalysis I take it with a grain of salt because sometimes they try to drive people's opinions showing you something that doesn't exist.
The same feeling when I read who did the report, those guys like to come up in the open and make a great fuss out of nothing just to be in the spotlight so they can get some contracts and clients for their "analysis".
Imagine a world with no hack or money laundering via crypto, they would be out of business, so they need to keep bringing those up.
Anyhow if somebody has a link to the full report, (I haven't seen it published anywhere) please link to it.
I'm rely curious about the list of the hacked exchanges, and if those that have been "hacked" are there also, not to mention that are exchanges that haven't been hacked or "hacked" yet...quadriga, idax., and many more.
~snip~
They do trying to emphasis the numbers of exchanges rather than on the total amount was hacked and yes most of them are the small guys but you can actually tell the difference.
Hacks happen because of hackers period and no matter how strict the government is enforcing their laws or how secure their exchanges are if there are still hackers trying to steal our money you know our crypto aren't safe.
+1 to this and the cycle would continue.As long theres money to this market, these hacks would exist no matter what and inevitable. 
Every stats from ChainAnalysis I take it with a grain of salt because sometimes they try to drive people's opinions showing you something that doesn't exist.
If you check the graph posted in the original post we can see the number of platforms hacked increased but the total value stolen did the opposite, about 5 times less.
Where or how can we get 5 times less money by hacking more exchanges? Hacking the shit exchanges with low trading volumes, they're also usually easier to hack compared to the big boys in the industry.
Darwin's theory only the best stay and the weak disappear. So yeah, exchange hacks on the rise but in reality, it's about the same, it's just that the weak platforms are targeted. Perhaps it's sad but as I said, Darwin's theory and the natural selection, at the end we get the 'best'
See 2018 with $800 million reported but in fact, 60% come from a single exchange platform (Coincheck with $530 million), if you remove it 2018 and 2019 show no major difference in term of stolen funds
If you check the graph posted in the original post we can see the number of platforms hacked increased but the total value stolen did the opposite, about 5 times less.
Where or how can we get 5 times less money by hacking more exchanges? Hacking the shit exchanges with low trading volumes, they're also usually easier to hack compared to the big boys in the industry.
Darwin's theory only the best stay and the weak disappear. So yeah, exchange hacks on the rise but in reality, it's about the same, it's just that the weak platforms are targeted. Perhaps it's sad but as I said, Darwin's theory and the natural selection, at the end we get the 'best'
See 2018 with $800 million reported but in fact, 60% come from a single exchange platform (Coincheck with $530 million), if you remove it 2018 and 2019 show no major difference in term of stolen funds
I always blame the governments of countries on why hacks happen on exchanges with the lack of laws and regulation surrounding the crypto industry but then I stand corrected by myself. The Japanese government is one of the perfect examples why we can't blame it on them. If you don't know Japan's FSA has one of the most strictest screening process for crypto exchanges in terms of their security and and their solvency and even if those exchanges pull through they are still under the microscope and in any time they can be decommissioned by the FSA if they get in any kind of trouble. These exchanges even though they pass the screening process they are still hacked by criminals one of the most recent Japanese exchange that was hacked was Zeif who recently lost 59$ million. So even if the FSA is doing their best with their regulations this does not guarantee that hacks will not happen. Hacks happen because of hackers period and no matter how strict the government is enforcing their laws or how secure their exchanges are if there are still hackers trying to steal our money you know our crypto aren't safe.
The problem is there are many short-term traders, so continuously deposit & withdraw their Bitcoin is impractical due to minimum confirmation and various fees (withdraw fee, bitcoin transaction fee, etc.)
Exactly. I wanted to buy ETH when I predicted the last significant price increase and my BTC took over half an hour for the confirmations. Bought ETH after it had already soared by $5 in a matter of minutes, and transferred it to my personal wallet.
Later, ETH touches $175. I wanted to sell it, as my prediction has turned into actual facts. Deposited ETH, had to wait 2 hours for the confirmations (although I chose highest fee). Meanwhile, price dropped back to $166..
That's why a lot of people have their funds on exchanges. It's easier to make instant moves. Otherwise, you can lose significant amounts of money.. I have no idea how much money is spent by an exchange for security, but if I had an exchange I would reinvest 20% out of all my profit in security. Safety is #1 priority.
No proper EXCHANGE holding any funds
These a all casino style brokers - still
These a all casino style brokers - still
Exchange hack is a black box, we cannot judge all reports as real because many companies report hacking to cover up losses or is an administrative problem from one of the company’s managers.
Therefore, when classifying cases of possible hacks that were the result of technological weakness, we find few compared to false reports, an attempt to steal clients ’money, bankruptcy coverage, mismanagement, etc.
Also, it is up to the governments and agencies that have provided you with the legal papers to monitor them.
Therefore, when classifying cases of possible hacks that were the result of technological weakness, we find few compared to false reports, an attempt to steal clients ’money, bankruptcy coverage, mismanagement, etc.
Also, it is up to the governments and agencies that have provided you with the legal papers to monitor them.
Guys, never leave a large amount of funds in an exchange for a long time. I did and you don't want to know what happened.
I reckon this should be an important chart to follow for the next 5 years to observe if exchanges have improved security. I speculate that regulators might use it against the cryptospace to take away licenses from the exchanges we know and give them to the banks which was what the cryptospace was supposed to take power from. Also, more strict regulations limiting the cryptospace to qualified investors similar to hedgefunds.
Hackers are getting more sophisticated, breaching a greater number of crypto exchanges in 2019 compared to the previous year.
Chainalysis has published an initial overview of its 2020 Crypto Crime report. It indicates that exchange attackers are becoming more sophisticated and carrying out more hacks compared to 2018. However, the total value of funds stolen in 2019 decreased compared to the previous year.
The overall verdict of the 2019 Chainalysis report can be considered mixed for cryptocurrency exchange users. While it appears to be good news that the value of funds stolen in 2019 is down, it’s also worth bearing in mind that a single exchange hit hard by one attack can skew the total for the year.
Read in full https://cryptobriefing.com/crypto-exchange-hacks-rise/
Hackers are getting more sophisticated, breaching a greater number of crypto exchanges in 2019 compared to the previous year.
Chainalysis has published an initial overview of its 2020 Crypto Crime report. It indicates that exchange attackers are becoming more sophisticated and carrying out more hacks compared to 2018. However, the total value of funds stolen in 2019 decreased compared to the previous year.
The overall verdict of the 2019 Chainalysis report can be considered mixed for cryptocurrency exchange users. While it appears to be good news that the value of funds stolen in 2019 is down, it’s also worth bearing in mind that a single exchange hit hard by one attack can skew the total for the year.
Read in full https://cryptobriefing.com/crypto-exchange-hacks-rise/
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