Another episode of "Not your keys, not your Coins" - page 2.

PX-Z

hero member

Activity: 1428

Merit: 836

Top Crypto Casino

Quote from: passwordnow on January 22, 2022, 03:56:55 AM

Quote from: PX-Z on January 22, 2022, 03:40:34 AM

yet it doesn't mentions if the users that were affected are refunded/compensated.

They did a refund.

Good thing if it's the case, either way, it doesn't change the fact that even as secured and as big as this exchange is still can be breached.

Having an insurance for lost funds cannot be used as excuse in the future to let them say that "We're trusted and fully funded crypto exchange, so come use our service". Decentralized exchanges should improve and be normalize in crypto space.

tranthidung

legendary

Activity: 2170

Merit: 3858

Farewell o_e_l_e_o

Quote from: passwordnow on January 22, 2022, 03:56:55 AM

They did a refund.

Refund or compensate for users is good response. It can help them to get reputation in terms of customer service. Regarding to sercurity, they have to improve.

This hack is another reminder for people who leave their coins on centralized exchanges with belief that exchanges have good security and will protect fund of customers well enough.

Most of times, they do it well but you can not know when a hack occurs, it is a time you store your coins on it or not. You also don't know whether they will do compensation or not.

So just in case and to be safe, don't store your coins on any platform on which you don't own your private keys. To be safest, use non-custodial wallets with which only you own your private keys.

Many hacked or scam exchanges in graveyards: Exchange Graveyard

Thanks Pmalek for the correction. It's my typo.

cryptoaddictchie

legendary

Activity: 2072

Merit: 1315

Quote from: passwordnow on January 22, 2022, 03:56:55 AM

It's always good to remind everyone especially the newbies that are saving their funds and assets into an exchange. In times that a hack happens, they never know if the exchange is going to be responsible for refunding them.

Actually this ia true. But for some reason those have been compromised like binance, kucoin, and crypto.com so far refunded what was stolen that means they are pretty established to have backed up funds for incidents like these. However users must be cautious and only store amount you think you can tolerate when gone and something goes wrong on a centralized platform.

passwordnow

hero member

Activity: 2926

Merit: 570

Leading Crypto Sports Betting & Casino Platform

Quote from: PX-Z on January 22, 2022, 03:40:34 AM

yet it doesn't mentions if the users that were affected are refunded/compensated.

They did a refund.

Quote from: PX-Z on January 22, 2022, 03:40:34 AM

This is another reminder to everyone whether you're a newbie or not, that using platforms such exchanges which the users doesn't have full control of their assets always have the risk of getting robbed, either the platform refunded it, worst if not.

It's always good to remind everyone especially the newbies that are saving their funds and assets into an exchange. In times that a hack happens, they never know if the exchange is going to be responsible for refunding them.

PX-Z

hero member

Activity: 1428

Merit: 836

Top Crypto Casino

This is all about the Crypto.com recent hacked^[1], though the news mentioned of the steps of securities added to the exchange, yet it doesn't mentions if the users that were affected are refunded/compensated. This is why "not your keys not your coins" always matter^[2].

This is another reminder to everyone whether you're a newbie or not, that using platforms such exchanges which the users doesn't have full control of their assets always have the risk of getting robbed, either the platform refunded it, worst if not.

[1] https://cointelegraph.com/news/crypto-com-finally-speaks-out-483-user-accounts-compromised
[2] https://notyourkeys.org/

Topic: Another episode of "Not your keys, not your Coins" - page 2. (Read 238 times)