Another Exchange got hacked - page 4.

btc_angela

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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?

Hackers are one step of the game, so it will be very difficult to stop this from happening. Although the hackings are 99% done on centralized exchanges, it looks like they are also targeting dex now, just like what happened in Bisq. One way to not lose funds is to practice good security on our part and don't leave your funds on exchanges specially if it's like in thousands of dollars. Withdraw it to a wallet that you have control of the private keys. So that you can sleep better at night.

Jating

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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?

You're late though, there have been thread about this hacked already.

It's good though that the hack only cost 6 digit figures, so I will say that is not that that big as compare to other centralised exchanges in which one hack can cost millions of dollars. Easy peasy for the hackers. I don't think that this kind of hacking will stop, obviously, hackers are taking advantage of loopholes and it's easy money for them. That's why we need to learn not to put huge amount of money in a exchanges so that you won't get affected.

BlackFor3st

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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?

There is not new, as long as the hackers can find any holes in the security of any exchange then they will surely rob it. There are many exchanges that got hacked in the past therefore it will be best for the exchange owners to tighten their security more or update it daily if possible because they are holding the money of their users.

Even big exchanges got hacked, so this story is not new already but I am hoping that other exchange out there will learn from this happenings and will do something to counter this hacking incident so they can provide their users a peace of mind.

irixo10

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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?

Just hearing about this now and it is really a bad time considering the unhealthy state of the world now. I do not trade on the exchange and it looks like a smaller exchange as well, but yet, whether big or small exchange, the reality still remains and that is, no exchange is free from the eyes of hackers. I hope they get back to operations soon and users also takes more precautionary measures to ensure the safety of their assets.
Will this ever stop? I highly doubt it, because hackers are improving their skills everyday and it's left for exchanges to continuing improving their security as well.

xSkylarx

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Quote

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.

Even with a good security system, there might be instances that the problem itself is from within the team. There might be people within the team that might be responsible for some of the incidents. That is why it is never secure to keep funds within a platform.

Kezacky

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the reason why fraudsters commit such acts is based on big money. I mean, exchanges that have large assets are always the target of hackers. but if you are one of the victims, if you still keep the assets there or while there is still an opportunity then immediately make a withdrawal and move it in a secure wallet.

Santri

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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.

But I am not sure if this exchange will do the same thing as binance by returning all the money that has been lost. For that I prefer to use binance because even though hacked but my money is still returned

bitkanu

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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?

It will as long as the exchange site keeps to maintain its security but this one is a crap exchange site. That's already claimed to be the true dex but it can get hacked easily. The problem is we don't know for sure about there is a collusion by the team to create a fake story and try to run away with the funds that claimed already hacked by a hacker or not.

Sanitough

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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.

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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?

Fortunately I never traded on that exchange - it seems to be the curse of the decent exchanges that they are hacked out of existence - it makes me wonder if it's a targeted attack, or simply and inside job? Hopefully the majority of their coins were kept in cold or at best Luke-warm wallets.

Bttzed03

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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, ~

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

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.

themohit

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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 indeed will stop, but only when the process of starting the crypto exchange will be thought out and insured.
It surely is way harder to start own crypto exchange than fiat one and you know what - there are WAY less fiat exchanges that meet bankruptcy

JHORN

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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?

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