Another Exchange got hacked - page 2.

XCANA

full member

Activity: 1470

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Quote from: JHORN on April 14, 2020, 12:47:24 AM

Another crypto exchange got hacked and this time the victim is Bisq, a trading platform that has temporarily ceased all its trading services that unfortunately cost users at least $250,000 in digital funds, is there no year gone by withouth a crypto exchange getting hacked? This one weaks me, will this ever stop?

This should be a lesson to all the community newbies as not to keep your funds in any exchange. Exchanges without good reputation by the community members should be seen as a threat to those who don't want their funds to get lost. From the beginning of the cryptocurrency world was these types of hacks and the hacks continues, we should be careful about our funds. Any exchange that keep your private keys tends to take control over your savings.

Marble777

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Activity: 736

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Am I the only one who thinks negatively about hacking exchanges caused by a third party? I mean, a person or one of them. on the one hand I think the exchange is very difficult to hack, the vision of the exchange itself is to secure user assets. but if not, then why is the exchange easy to hack? but I hope I'm wrong in judging this.

hulla

hero member

Activity: 1834

Merit: 566

Quote from: Ridwan Fauzi on April 14, 2020, 09:22:10 AM

There is safe way to choose sentralized exchange, you won't ever be comfortable to store your money there.

A good thing is depend on your intention, choose hardware wallet if your intention is for long term investment.

Choose centralized exchange when you have intention to be a trader, at least when you are a trader you will intens to see your asset on the exchange so when the bad thing come you can send all your fund to the right place.

In addition to your statement no exchange site (either centralized or decentralized) is ever secure and i think this is the part people seems not to understand that the benefit of decentralized exchange site the no KYC implementation and that does not justify it be some kind of bullet roof to attack.

travwill

sr. member

Activity: 1313

Merit: 278

Quote from: Furryball on April 14, 2020, 10:43:08 AM

No single exchange is impenetrable, either decentralized or centralized hackers are going to keep stealing coins from these exchanges, presently there is no way to prevent this successful, all we have to do is always make sure we keep our coins in wallets that have private keys and only send tokens to exchange for sell or swap

You are confusing something.
Hackers cannot steal money from a decentralized exchange since users there interact directly without intermediaries, this is the point of such exchanges.
However, hackers can create a clone of such an exchange, provoking the user to conduct a transaction with a fake wallet.

Review Master

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BitByte Crypto: https://link3.to/bitbytecrypto

lol, i am still laughing by reading all the replies because most of the users don't read the main announcement of that incident and also don't care what type of exchange is that. Most of the users are just typing like "Don't trust centralized Exchange" ,"Use Personal Wallet" ,"No exchange is safe" , "Binance is best" blah blah blah Grin

. Really guys, this is rediculous Grin

. First try to read Huh

what's happened with that exchange and what type of exchange is that, then start replying.

Here is some information about that exchange: Bisq is a p2p exchange which devs are trying to move on in decentralized system. They used a 3rd key in the multisig escrow (specially for BTC) so that all transections of users can be safely done in their exchange. As it's a p2p exchange, they won't be able to recover all the funds whch is lost by the incident. Just look at the statement of their their blog post. Anyone can read that clicking here.

Quote from: Bttzed03 on April 14, 2020, 01:04:37 AM

This is old news, the hack happened a few days ago. The Bisq devs were able to fix the flaw and the exchange is already back in operation.
For those looking for the full story, here's the article https://www.coindesk.com/hacker-exploits-flaw-in-decentralized-exchange-bisq-to-steal-250k

fullhdpixel

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Quote from: JHORN on April 14, 2020, 12:47:24 AM

Another crypto exchange got hacked and this time the victim is Bisq, a trading platform that has temporarily ceased all its trading services that unfortunately cost users at least $250,000 in digital funds, is there no year gone by withouth a crypto exchange getting hacked? This one weaks me, will this ever stop?

Hmmm I have seen this exchange being mentioned at times on this forum, and some people have also tagged it as one of the best exchanges. I'm surprised that they got hacked. Anyway that's like a normal thing. Only few exchanges has been able to stand strong against these hackers.

But at this time, I expect exchanges to be working hard in the area of security and keep their platforms safe for users and also save their businesses. They have seen what happened to other exchanges that got hacked, and how they spiraled down to their end, so they shouldn't be joking with this and should work hard on it. I hope that others learn from this and stop putting people's money at risk.

Ashking94

copper member

Activity: 86

Merit: 1

Bengali Translator, Crypto Video/Article Reviewer

I am in crypto space from 2018, sadly I haven't seen a single year without crypto exchange hacked. It's very hurtful that people are losing money by trusting on the exchange, Maybe this is why everyone suggests to withdraw your funds from the exchange after every successful trade. I think only Bittrex has the most secure system, otherwise, ignore all exchanges for storing coins.

isaac_clarke22

sr. member

Activity: 1610

Merit: 264

A year without an exchange getting hacked? That's truly up to no one, OP.
There is no such thing as perfect security, because in the end someone made the whole system itself and that creator has the control of it, that's why we can't say that even such exchange that allows 2fa is secured.
Hopes up that the hackers won't have the same mindset as the exchange devs.

GucciBoy

jr. member

Activity: 196

Merit: 6

Never traded on Bisq, but seems like the hacker exploited a loophole they had. I've only traded on Blocknet's DEX, which to this date never have been hacked, and hopefully never will, due to their decentralized network. Nodes are hosted by masternodes, so you'd have to be able to somehow take control of those to route transactions elsewhere, which is highly unlikely.

From what I could read, the only coins taken was XMR though.

voteformeg

legendary

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realy sad for the people who lost their money in this case , but also a good lesson for all the new people who just get in crypto and i am sure some people who are some longer in the scene , use the exchange to change coins and value but never use them as a wallet or a bank , alway's keep your coins safe in your own wallet , because it CAN happen

Elderman87

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Activity: 84

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UniDapp

I don't really believe all these tales of cryptocurrency exchange hacks. I think the exchanges may be lying. Perhaps there was no hack but they were only looking to escape with users funds and capitals. Let us investigate these exchanges and not let this go just like that. It might be fraud been perpetuated by the exchanges themselves.

Sanitough

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Quote from: Fesatmas on April 14, 2020, 08:16:09 AM

Quote from: Sanitough on April 14, 2020, 03:17:02 AM

If big exchange like Binance were hack, small exchanges is more vulnerable to hacking, at the end of the day it's just all about the security and its insurance, if the site have an insurance feature then traders if ever they lose their money, they will be refunded, just like what Binance did.

https://coinmarketcap.com/exchanges/bisq/ , it's a small exchange with less than a million trading volume, I think they are in trouble with the money they loss.

Maybe this is just their trick to lame from the users? or indeed hacked so vulnerable to his site?
Small exchange if hit by hacks, it will be large in the amount of 250k that is brought, but is there any insurance that can make this money back?

We never know, that is depending on the site, some put an insurance some did not and there are actually few exchanges in the past that close their business after they got hack, and we can't really tell if it's a real hack or there is an inside job, we will have to wait for the result of the investigation of it's made public, but on this site, there's no news yet that they will close.

Furryball

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No single exchange is impenetrable, either decentralized or centralized hackers are going to keep stealing coins from these exchanges, presently there is no way to prevent this successful, all we have to do is always make sure we keep our coins in wallets that have private keys and only send tokens to exchange for sell or swap

Febo

legendary

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Quote from: JHORN on April 14, 2020, 12:47:24 AM

Another crypto exchange got hacked and this time the victim is Bisq, a trading platform that has temporarily ceased all its trading services that unfortunately cost users at least $250,000 in digital funds, is there no year gone by withouth a crypto exchange getting hacked? This one weaks me, will this ever stop?

Bisq is operating normally for some time now. They even cant prevent trading since it is decentralised exchange. For a day before they managed to patch bug they advised all traders not to trade.

posi

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Vave.com - Crypto Casino

Quote from: Bttzed03 on April 14, 2020, 01:04:37 AM

Quote from: JHORN on April 14, 2020, 12:47:24 AM

~
is there no year gone by withouth a crypto exchange getting hacked? This one weaks me, will this ever stop?

As long as there are hackers and there are flaws in an exchange system, funds will be stolen. Having a high security in place is a must for all exchanges but it is unlikely that hackers will be stopped all the time.

What happened to Bisq proves that even decentralized exchanges, whom most of us thought as more secure, are also prone to hacks. It's a lesson that we shouldn't trust DEX developers too much. It is encouraged that we also educate ourselves on how to read codes. No system is 100% safe.

With the way Bisq operate we can't say it totally secure because it doesnt operate just like ERC20 DEX exchange does but it good they noticed the attack right in time and fortuntely it was only 3 BTC and 4000 XMR that was stolen. But, it will be good if Bisq could make the whole happen through every coin network.

ntsdm1

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Quote from: JHORN on April 14, 2020, 12:47:24 AM

Another crypto exchange got hacked and this time the victim is Bisq, a trading platform that has temporarily ceased all its trading services that unfortunately cost users at least $250,000 in digital funds, is there no year gone by withouth a crypto exchange getting hacked? This one weaks me, will this ever stop?

This is the first time I've heard of such an exchange. However, if you want this to stop in the future, use only user-verified crypto exchanges.

CryptoCrawler_2017

jr. member

Activity: 68

Merit: 2

Bisq is well respected exchange & too bad to hear it's hacked.
This endless drama of crypto exchange hack will not end only if the exchanges put a decent portion of their money into securing the funds (cyrpto) of their customers.
I know that there is nothing as 100% secure but at least make i harder & harder for hackers to hack them

ahmedtanjid

jr. member

Activity: 110

Merit: 3

Living my life.

This won't stop until there are hackers and flaws in exchanges. Hackers are always awake to find flaws from every possible corner. When they find that flaws they target the flaws and break the security of the website. So it's helpful to always have insurance. No exchange is safe from them, whether it's a decentralized or centralized exchange. So don't keep you fund in exchange all the time. Use wallet like ledger, cold wallet etc.

Reid

hero member

Activity: 3052

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Quote from: Bttzed03 on April 14, 2020, 01:04:37 AM

Quote from: JHORN on April 14, 2020, 12:47:24 AM

Another crypto exchange got hacked and this time the victim is Bisq, a trading platform that has temporarily ceased all its trading services that unfortunately cost users at least $250,000 in digital funds, ~

This is old news, the hack happened a few days ago. The Bisq devs were able to fix the flaw and the exchange is already back in operation.
For those looking for the full story, here's the article https://www.coindesk.com/hacker-exploits-flaw-in-decentralized-exchange-bisq-to-steal-250k

Thank you.
You saved me the time and effort to go through all the searching that is needed just to make sure this is real.
I hope I still have Smerits so I can give you some, but sadly I don't.
But I will be back at you later if ever I will receive some.

So it had been fixed but there is still a problem which takes away some of their customers.

Quote

In most cases of an exchange hack, the attacker can be booted off the trading platform for good. Not so with Bisq. One of the DEX's associated developers told CoinDesk that although the flaw was fixed, there was nothing to prevent the attacker – whose identity cannot be known – from accessing and trading on the platform again.

Ridwan Fauzi

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Activity: 1330

Merit: 147

There is safe way to choose sentralized exchange, you won't ever be comfortable to store your money there.

A good thing is depend on your intention, choose hardware wallet if your intention is for long term investment.

Choose centralized exchange when you have intention to be a trader, at least when you are a trader you will intens to see your asset on the exchange so when the bad thing come you can send all your fund to the right place.

Topic: Another Exchange got hacked - page 2. (Read 545 times)