Are exchanges safe even if it's decentralised exchange like etherdelta or idex?

mdayonliner

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Quote from: ene1980 on January 27, 2018, 04:30:50 PM

Quote from: surfinonmyownwavebaby on January 27, 2018, 04:17:03 PM

There is a possibility of them getting hacked because just a couple weeks back EtherDelta did get hacked! So just because they are decentralized doesn't mean they are impervious to hacking.

I have not heard anything about the ether delta hack,the risk with these kind of exchange is that we are using our private keys to log into the site and i think that will back fire in the future if you are holding your coins in that wallet,you never know what will happen at any given stage,just make sure you trade carefully and it looks like the hackers are having the last laugh because these exchanges are not taking security seriously.

Well this is really sad. I am really worried now about the transaction I made on the other day with Idex.

vdiablo3

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Quote from: ene1980 on January 27, 2018, 04:30:50 PM

Quote from: surfinonmyownwavebaby on January 27, 2018, 04:17:03 PM

There is a possibility of them getting hacked because just a couple weeks back EtherDelta did get hacked! So just because they are decentralized doesn't mean they are impervious to hacking.

I have not heard anything about the ether delta hack,the risk with these kind of exchange is that we are using our private keys to log into the site and i think that will back fire in the future if you are holding your coins in that wallet,you never know what will happen at any given stage,just make sure you trade carefully and it looks like the hackers are having the last laugh because these exchanges are not taking security seriously.

The attacker managed to take over EtherDelta's DNS server and serve a fake version of the site to visitors. Anyone who interacted with the fake site sent private keys to the hacker.

ene1980

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Quote from: surfinonmyownwavebaby on January 27, 2018, 04:17:03 PM

There is a possibility of them getting hacked because just a couple weeks back EtherDelta did get hacked! So just because they are decentralized doesn't mean they are impervious to hacking.

I have not heard anything about the ether delta hack,the risk with these kind of exchange is that we are using our private keys to log into the site and i think that will back fire in the future if you are holding your coins in that wallet,you never know what will happen at any given stage,just make sure you trade carefully and it looks like the hackers are having the last laugh because these exchanges are not taking security seriously.

surfinonmyownwavebaby

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Decentralized Ecosystem for User-Generated Content

There is a possibility of them getting hacked because just a couple weeks back EtherDelta did get hacked! So just because they are decentralized doesn't mean they are impervious to hacking.

randee888

member

Activity: 88

Merit: 12

Some of them really safe some not, dont rely so much on it only move your balance to an exchange only if you need to trade your token or coin there. Even Etherdelta itself allready hacked like two times as i know, if im wrong correct me please. But seriously if you care about your money never store it in an exchanger.

mdayonliner

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Activity: 630

Merit: 420

We are Bitcoin!

This really worries me... for a day trader, your crypto needs to be in the exchanges. We have witnessed exchanges get hacked and when it happens we fear to lose our asset coz with exchanges you do not own any private key.

I do not know how exactly these decentralised exchanges like etherdelta, idex works. I only understand that they are decentralised but on the other day when I was trying to trade some ICO coins in idex then I had to deposit my coin to idex which means I let have them my coins.

Is there any possibility for these decentralised exchanges to get hacked like the centralised exchanges? This question always wonders me. Am i really safe keeping my crypto in the exchanges?

I imagine my cryptos are in my hardware wallet but still I can trade them like I do in exchanges. (I am day dreaming Undecided

)

Congrats to those who are holding their coins for long term in the cold storage not worrying about your crypto like me.

Topic: Are exchanges safe even if it's decentralised exchange like etherdelta or idex? (Read 152 times)