Topic: Any solution will arise to avoid the theft of bitcoin in the exchanges? (Read 421 times)

Any information on Internet is vulnerable to hacking and unfortunately these exchanges need Internet in order to function effectively. I think the exchanges should do regular update of their security. This will go a long way to prevent persistent hacking.

i tell people hacking just don't happen to any cryptocurrency exchange most of the hacking are done by the owner of the exchange website or the host were they host the website those are the hackers, some of the cryptocurrency exchange website done even have security to protect their website.
To solve this mess they should first do Web Application Security Tester to fix Bugs in their website and app.
They should hire a cyber security expert to protect their website and app for them, sorry to say some of those cryptocurrency exchange dont spend like to spend money on securing their Business.

There are lots of reported exchange being hacked but it is not constant and some are really not a scam. It is just an inside job and makes it look like theyve been hacked. Cryptocurrency suffer from this affecting the price but it will always be a temporary fall but honestly we cant do anything to stop this hacking because every system has a vulnerabilities. What needs to be done is hire more professionals to find those vulnerabilities and update the system frequently.

Yes that is true  that cold wallet is a best solution. Where you can hold your bitcoin more secure. But I think that even exchanges will improve thier wallet to give it more security. I think it can not be hack by the hackers and  it will  become too much difficult for the hackers to hack. Everbody follow this soluation and keep their coin safe forever.

anything connected to the internet has the potential of getting hacked. Hot wallets of the centralized exchanges are the major targets of hackers. Exchanges are coming out with cold wallets, 2fa, multi-sig protocol, and so on to mitigate this issue. Also decentralized was born for a similar reason as you don't trust exchanges with you funds but your own wallet. Although these exchanges have their own cons too. So there's a lesson with every hack. And exchanges need to safeguard themselves.

I guess the solution lies within the crypto space only! I have came across one project called as REMME. I am not sure how significant it is but I have studied that this project is solely made for securing the exchangers and some other infrastructures too. They have the security based on blockchain based protocols where they create the unique certificate of SSL and TLS level and embed them into the blocks. This way it becomes inaccessible for the hackers as we know blockchain is impossible to crack in between. May be this extra layer of protection could be the answer for this all.

Hacks are rare but unfortunately there are some who don’t know how to keep secure their own wallets. Some don’t even realize that you shouldn’t leave their coins in exchanges because of how dangerous it is. It is highly possible for you to lose your coins if it’s just in the exchanges. It’s hard to solve this since there’s no enforceable body for exchanges. The best we can do is to protect ourselves and be secure.

There are a few things that should be considered here. First of all, most of the exchange hacks are not done by professional hackers. Most of them are inside jobs, although there are notable exceptions such as Mt Gox.

The best solution is to use Bitcoin in the way it was designed to be used.  Which doesn't involve handing your money over to an exchange at all.  That way, the only people who will get hacked are the speculators, who should simply factor that into their potential profit calculations, seeing as they're only gambling anyway.  

You can buy Bitcoin peer-to-peer.  That's what I did each time I've bought any crypto with fiat.  I handed a friend, or a known and reputable acquaintance, some fiat cash.  They sent me some BTC or whatever other coin I wanted to buy.  Simple.  I've only ever used exchanges for gambling small sums on altcoins.  Sums which I wouldn't be devastated to lose.  This limits the potential to get burnt.  If you do have to rely on an exchange for buying BTC, because you don't know anyone selling any, withdraw them immediately to a wallet you control as soon as the deal is done.

If you are holding significant amounts of bitcoins for either your savings or for spending on goods and services, there's literally no good reason to leave them on an exchange.  If you do leave them in the hands of a third party, you're effectively asking for someone to come along and take them.  You are the reason these hacks occur.  If you're a day-trader, too bad, risk comes with the territory and you should expect your luck to run out sooner or later.

Ultimately, if you leave it on an exchange, it's not really yours anyway.  It belongs to the exchange (or the hackers) and you are merely a creditor (with very few rights if anything goes wrong, I might add).  

If you don't have sole control over the private keys of your coins, you don't have any coins.  Rule #1.  Learn it.

The hackings are mostly caused by human error, the owners of the cryptocurrencies, specifically bitcoin itself, accidentally made his/her private credentials online to which these havkers will take advantage of and take all of his/her investments in the process. Another human error commonly done by investors is storing their cryptocurrencies in wallets that don't have 2FA verification. That's why they are easily hacked and stolen.

Make sure you active the 2FA login verification to an exchange, and make sure only store your coins in the exchange who has 2FA verification.
If not, your wallet will be easily stolen by the hackers

I think this solution belongs to those who study blockchain. We do not have enough knowledge to go into it, and just put that belief.

You should set up 2FA verification, to be effective in managing BTC, should not leave that important

I hope most of the exchanges will guarantee security. This will build confidence in the cryptoworld because this hacking has happened many times and exchanges like making it an excuse when they go bankrupt. Really, hacking can happen. But we must choose the right exchange to protect us

You shouldn't be worried about these hacks, they rarely happen. If these have an effect on the price of Bitcoin it'll only be a matter of time before it starts to recover and be back on the same price again.

Haviing a strong password together with 2fa is useless if the hacker works in the exchange.

Almost everyone knows that, but I think OP is more worried about the price going down everytime a hack occurs so he's seeking for solutions to avoid these type of incident.

there are solutions that we can seek.
for starters as others mentioned more trustworthy exchanges that are under observation and can't scam you is a start. we need exchange owners to be known and can be prosecuted in case they scammed us.
but also these days we have the decentralized exchanges that you can't lose money to scams because of the way they work and the fact that you don't leave your money anywhere. everything happens right then and there. we just need them to grow more and become easier to use.

It will be a rise of some Internet Security services for blockchains. And I think it will be a new business for these companies. McAfee, I remember he is an owner of a Internet Security so maybe he can have the service for these big coins. Some new Internet Security such as solve.care will also dominate the market and help coins be safer. Let's hope.

all i need is that some sort of force needs to be monitoring exchanges because they have proven that they will scam their customers no matter what they have been doing so far.
and regulations can also mean a more legitimate look to the exchanges that they do not possess right now which i believe is one of the reasons why many people stay away from them and bitcoin. with regulated exchanges we may see a lot more investors and adoption in general too.

the solution is, the exchanger should further improve the security of the system, and let no one force the intention of doing an intervention on the bitcoin system.

Most professional exchanges now use cold wallets to store bitcoin, so most of the time you don't have to worry about the security of your token.
Because there's a zero chance of a cold purse being stolen.