storing our asset in crypto exchange is not recomended, even the exchange claimed bigger and safer.
look case in binance, big exchanger like binance are hacked few time ago and learn from this for never store our asset if not for trading near time recomend for withdraw the aset to our personal wallet
Topic: Care of security and don't store your coins on exchanges! - page 2. (Read 1492 times)
It started wih Mt Gox and the list have been endless so far, exchanges are a bulls-eye for hackers to deploy their resources. It see no exchange is immune to this, so the rule reiterated if that if you do not own the private key, you do not own the coin.
Storing your money on exchanges is never a good idea. It is not safe, you have to withdraw the money into a safe wallet where you have the keys and can be assured of its safety. If the exchange is hacked, you will still have your coins safe in your wallet.
We are too worried about the hacks that is why never put our coins to an exchange but isn't a hundred percent guarantee that keeping it inside our controlled wallet will keep it safe. Still a subject to be hack in any moment and of what it happen to hacking issues with the exchanges will possibly be happen into our wallet also.
Storing your money on exchanges is never a good idea. It is not safe, you have to withdraw the money into a safe wallet where you have the keys and can be assured of its safety. If the exchange is hacked, you will still have your coins safe in your wallet.
Yes, I think most of us lost some funds with a hacked exchaged
I already lost some nanos when Bitgrail was hacked, but not so much coins
I have some coins with exchange right now because I bought some BTC and ETH, I need to withdrawl asap
It's better to do that now instead of regret when some exchange got hacked
I already lost some nanos when Bitgrail was hacked, but not so much coins
I have some coins with exchange right now because I bought some BTC and ETH, I need to withdrawl asap
It's better to do that now instead of regret when some exchange got hacked
full member
Activity: 660
Merit: 101
Colletrix - Bridging the Physical and Virtual Worl
No reasonable crypto investor should store his/her token on an exchange you dont have the private key to. Its advisable that you store your coin on a wallet you have and control the private key. Its more safer there
Most of the theft of cryptocurrency is solely due to the carelessness of the owner. Hacking into the system is much more difficult than the human head.
With the recent hacking issues of Binance and other exchanges, it is really hard to keep your fund in a particular exchange. The thing here is that, I am keeping my enough fund to an exchange because I do altcoins day trades. Last time, when they hacked btc from Binance, I didn't convert my altcoins into btc that is why my balance in an exchange didn't affected at all. Seems like hackers are just really interested on btc.
On the other hand, I would also advice that you can still leave a fund to your exchange but just a small amount that you can still afford to lose for some unexpected scenarios.
On the other hand, I would also advice that you can still leave a fund to your exchange but just a small amount that you can still afford to lose for some unexpected scenarios.
If you are holding altcoins outside the top-25 list, then there are few options to store them. Not all of them may be supported in hardware wallets. So the users tend to store them in exchange wallets. The problem is that they lose all of their holdings, when the exchanges get closed down, due to hack or some other reason. Also, traders have no option but to store their coins in exchanges.
@Netnox what you have written here just happened with me, I keep telling people not to leave bitcoins in exchanges as it’s very risky but I forgot I had left deeponion at cryptopia. As all will know Cryptopia were hacked and now they have appointed an liquidator who they claim will clear out funds, however I doubt I’ll be able recover my funds. It’s a bitter lesson for me to loose my funds approx ($2600 when deeponion prices were at it’s peak), but I do hope people will not repeat the mistake I made of leaving funds in exchanges.
Very sad to hear about your loss. But at the same time, I don't know why you chose to store Deeponion in Cryptopia. Lite-wallet is available for Deep Onion, and it takes just 50 MB of your disk space. You had the option of storing these coins in your laptop. And if you had done so, then you would have been a happier man now. This option is not available for the vast majority of the altcoins, which ask you to install the full desktop wallet, which can take anywhere from 5 GB to 15 GB of your hard disk space. Examples are Veil and Cardano.
If you want to increase easily the security of your coins you can do it by a simple step. Just withdraw your coins from the exchange to a personal safe wallet where you have the private keys. In case if the exchange gets hacked your funds are safu. Never store more in exchanges than you actually need for buying other coins.
A crypto hack can also happen to big exchanges, like it happended to Cryptopia, a big exchange from new zealand where huge amounts of crypto funds were stolen from people that had their coins stored on the exchange when the hack happend. All users that had withdrawn the fund before were safe because they stored their coins in their own wallets.
Even big exchanges are no guarantee that they can't be hacked, so better be safe and store your coins yourself.
Storing your coins safely will prevent your coins from getting hacked and you won't lose your crypto by exchange hacks.
A crypto hack can also happen to big exchanges, like it happended to Cryptopia, a big exchange from new zealand where huge amounts of crypto funds were stolen from people that had their coins stored on the exchange when the hack happend. All users that had withdrawn the fund before were safe because they stored their coins in their own wallets.
Even big exchanges are no guarantee that they can't be hacked, so better be safe and store your coins yourself.
Storing your coins safely will prevent your coins from getting hacked and you won't lose your crypto by exchange hacks.
If you want to storing cryptocurrency coins, don't ever using exchange wallets.
Using own wallet is recommended because the wallet is only in your own control 100%.
Even top exchange like Binance has been hacked a while ago.
PEople will continue to store their coins on exchanges even after all these hacks. Some people never learn or they still feel safer with exchanges holding their coins. As long as you pick the top reputable exchanges like Coinbase you should be fine for the most part because they have insurance to back up their losses.
very often, people hold their coins on the stock exchanges because they put orders for sale. it often happens that we simply do not have time to transfer our money to the exchange to sell
PEople will continue to store their coins on exchanges even after all these hacks. Some people never learn or they still feel safer with exchanges holding their coins. As long as you pick the top reputable exchanges like Coinbase you should be fine for the most part because they have insurance to back up their losses.
very often, people hold their coins on the stock exchanges because they put orders for sale. it often happens that we simply do not have time to transfer our money to the exchange to sell 
I can say that it's safe to put funds or altcoins on exchangers but you choose the exchanger that is secure and secure as security is because hackers have at least how much a website exchanger can afford it so be careful maybe more well if you use wallet is solid security such as ledger nano one knows if the most durable security wallet altcoins it just has an exchanger which is loosing a large amount it is the binance super secure wallet but it is too late to hack hackers.
PEople will continue to store their coins on exchanges even after all these hacks. Some people never learn or they still feel safer with exchanges holding their coins. As long as you pick the top reputable exchanges like Coinbase you should be fine for the most part because they have insurance to back up their losses.
If you are holding altcoins outside the top-25 list, then there are few options to store them. Not all of them may be supported in hardware wallets. So the users tend to store them in exchange wallets. The problem is that they lose all of their holdings, when the exchanges get closed down, due to hack or some other reason. Also, traders have no option but to store their coins in exchanges.
@Netnox what you have written here just happened with me, I keep telling people not to leave bitcoins in exchanges as it’s very risky but I forgot I had left deeponion at cryptopia. As all will know Cryptopia were hacked and now they have appointed an liquidator who they claim will clear out funds, however I doubt I’ll be able recover my funds. It’s a bitter lesson for me to loose my funds approx ($2600 when deeponion prices were at it’s peak), but I do hope people will not repeat the mistake I made of leaving funds in exchanges.
I forget about how much money I left in Cryptopia, and if I am not wrong, that is not more than $150 because the coins are only a low price which already got delisted from bittrex and poloniex.
But if I can get that coins again, then I will send it into other exchanges and sell it right away.
If you are holding altcoins outside the top-25 list, then there are few options to store them. Not all of them may be supported in hardware wallets. So the users tend to store them in exchange wallets. The problem is that they lose all of their holdings, when the exchanges get closed down, due to hack or some other reason. Also, traders have no option but to store their coins in exchanges.
@Netnox what you have written here just happened with me, I keep telling people not to leave bitcoins in exchanges as it’s very risky but I forgot I had left deeponion at cryptopia. As all will know Cryptopia were hacked and now they have appointed an liquidator who they claim will clear out funds, however I doubt I’ll be able recover my funds. It’s a bitter lesson for me to loose my funds approx ($2600 when deeponion prices were at it’s peak), but I do hope people will not repeat the mistake I made of leaving funds in exchanges.
Yes, we know that in the end there are many exchanges that are experiencing hacking, this will endanger every user who stores their assets on the exchange and until now I prefer to store assets in my personal wallet because security depends on me personally.
Well, this is not a solution to our problem. It is expensive to do depositing and withdrawing funds. Of course, losing everything when hacking is more expensive. But if you enter and withdraw funds from the stock exchange for 12 months, how much will you lose on commission.
Yes, we know that in the end there are many exchanges that are experiencing hacking, this will endanger every user who stores their assets on the exchange and until now I prefer to store assets in my personal wallet because security depends on me personally.
If you are holding altcoins outside the top-25 list, then there are few options to store them. Not all of them may be supported in hardware wallets. So the users tend to store them in exchange wallets. The problem is that they lose all of their holdings, when the exchanges get closed down, due to hack or some other reason. Also, traders have no option but to store their coins in exchanges.
i never store my coins in exchange because there are cases where exchanges got hacked. even though it has a tight security hackers may find weak points and exploit it. it store my coins in mew and never get hacked.
Jump to: