Cryptopia exchange hacked - page 17.

figmentofmyass

legendary

Activity: 1652

Merit: 1483

Quote from: pugman on January 15, 2019, 06:16:25 PM

Ugh, can we ever get an exchange that allows you to have your own keys? EVER? Jesus fucking Christ, we only need more reasons to show people how things change.

there are decentralized exchanges like IDEX where users trade with their own keys. this is relevant here since most of the assets stolen from cryptopia were ETH and ERC20 assets. Undecided

Quote from: pugman on January 15, 2019, 06:16:25 PM

Is there any word on whether or not the lost funds would be compensated to its users?

nope, not yet. if they go into bankruptcy, we've seen how that plays out with mt gox....

yazher

hero member

Activity: 2268

Merit: 588

You own the pen

So that's why the price has fall again, Damn, just as we see a good sign a few days ago and now this is what happened. if something like this will continue. then probably in worst cases we will see a dramatic fall of price again. crytopia is one of my favorite exchange because of the less hassle and low transaction fee.

aoluain

legendary

Activity: 2436

Merit: 1362

Quote from: Theb on January 17, 2019, 11:04:17 AM

This tweet made me laugh and I think this tweet sums up the level of FUD Cryptopia being hacked will get, which is none. Cryptopia isn't even in the top 10 exchanges in terms of daily volume traded so why a lot of people are making a big deal out of it? It has been two days already since the hack happened yet there is no notable drops I have seen in the market.

I would have thought Cryptopia was a sizable exchange and at this stage
why have they not sufficient security in place to protect other proples
funds? Its not good enough really.

squatter

legendary

Activity: 1666

Merit: 1196

STOP SNITCHIN'

Quote from: avikz on January 15, 2019, 06:43:15 AM

Can decentralized exchanges be the solution to prevent such hacks? Since centralized exchanges keep their money into a centralized location, it's lucrative for the hackers. But in decentralized exchanges, handling of money is controlled by the users and not kept in a centralized location. What do you guys think? Should we pay more attention to decentralized exchanges going forward?

Decentralized exchanges have their limitations. For instance, they can't properly interface with fiat money, which always requires a trusted third party within the banking system.

The current crop of DEX can also be more properly described as "non-custodial" -- they don't hold user funds but they use centralized architecture. Etherdelta had its DNS registry updated by attackers, who set up a phishing site on their domain and extracted user private keys. That's one example of how vulnerable this semi-decentralized model is.

Overall, though, I'm guessing decentralized exchanges will eventually play a very important role. When we can trade on a completely decentralized architecture with decentralized stablecoins, it'll be a real game changer as well. We're probably several years away from that point.

Spider A4

full member

Activity: 657

Merit: 100

I think this is not hacked, it's exist SCAM by cryptopia also many crypto enthusiast talking same thing. If already New Zealand police working with this case https://www.police.govt.nz/news/release/update-investigation-involving-cryptocurrency-company
Now we can just wait for the final news from police investigation.

laredo7mm

hero member

Activity: 1498

Merit: 537

Quote from: JPSelzer on January 17, 2019, 09:48:39 AM

This once again proves that it is not safe to keep your funds on the exchange. No one is protected, even the best and most reliable exchange can be hacked. Be careful.

not so much we store our assets in a stock exchange. indeed this is good because we can sell our assets at any time but now with many cases of hacking we must be more wise in saving our assets

Huskarls

member

Activity: 364

Merit: 10

Quote from: avikz on January 15, 2019, 06:43:15 AM

Can decentralized exchanges be the solution to prevent such hacks? Since centralized exchanges keep their money into a centralized location, it's lucrative for the hackers. But in decentralized exchanges, handling of money is controlled by the users and not kept in a centralized location. What do you guys think? Should we pay more attention to decentralized exchanges going forward?

Like the quote that we often see "No System Is Safe". This also certainly applies to decentralization that we know that this system is fairly new, so if we hope that there is a development of security, it is impossible. Maybe we can try let the people on those exchange have their own private key.

OrangeII

hero member

Activity: 2170

Merit: 503

Reward: 10M Shen (Approx. 5000 BNB) Bounty

Quote from: Theb on January 17, 2019, 11:04:17 AM

This tweet made me laugh and I think this tweet sums up the level of FUD Cryptopia being hacked will get, which is none. Cryptopia isn't even in the top 10 exchanges in terms of daily volume traded so why a lot of people are making a big deal out of it? It has been two days already since the hack happened yet there is no notable drops I have seen in the market.

you're right, it's a pity when cryptopia must be hacked. but until now there has been no severe impact that has occurred with cryptocurrency. well, it's quite strange to see this. I hope this doesn't really have an impact in critical moments like i...

Theb

hero member

Activity: 1680

Merit: 655

This tweet made me laugh and I think this tweet sums up the level of FUD Cryptopia being hacked will get, which is none. Cryptopia isn't even in the top 10 exchanges in terms of daily volume traded so why a lot of people are making a big deal out of it? It has been two days already since the hack happened yet there is no notable drops I have seen in the market.

Moore234

copper member

Activity: 547

Merit: 0

This has been a major concern since crypto’s inception. Bitcoin (for example) is the most traceable currency ever created. The same public ledger that verifies all transactions also keeps a permanent record of each coins history.

Meanwhile cash is 99%+ fungible.

JPSelzer

member

Activity: 689

Merit: 14

World's First Crowd Owned Cryptocurrency Exchange

This once again proves that it is not safe to keep your funds on the exchange. No one is protected, even the best and most reliable exchange can be hacked. Be careful.

entebah

full member

Activity: 1489

Merit: 150

Yes, I feel very concerned for the Cryptopia market because of hacking done by thieves, especially the Cryptopia market is a very good market like other markets, I really condemn the thief's actions, hopefully the Cryptopia market can recover soon.

Bagaji

sr. member

Activity: 1330

Merit: 291

Quote from: ?? on ??

After this hack ppl will pull out of crypto. Expect a crash. Damn

Cryptopia exchange cannot have such major impact on bitcoin crash as we all know that they are not big exchange. This exchange sometime ago was not too good as i spent out the reasons why i will not keep my coins but others never see this as a big challenge. Hope they give out details of the hack and what has been lost from the hack.

adhirahman64

newbie

Activity: 44

Merit: 0

whether the attack is large and can make the cryptopia close?

jcmansah7

member

Activity: 434

Merit: 10

I also read about this news and i was very disturbed looking at the amount of money some crypto enthusiasts might have lost on that exchange myself. I know most people really don't like the idea of saving funds at exchanges but if you are a day trader it becomes one thing to save your funds on exchange wallets. I hope the current exchange platforms that are being developed would be secured enough to prevent situations like these.

NavI_027

full member

Activity: 1232

Merit: 186

Quote from: ?? on ??

After this hack ppl will pull out of crypto. Expect a crash. Damn

This is only an isolated case so I think it will not produce a great effect in the market status. The money robbed by the hackers is only a small quantity compared to the summed up assets from all the exchanges and hodlers around the world. But I'm not saying that a crash or large dip is not impossible due to the panic this issue created. Hence, people, especially the weak holders tend to sell their coins. I just hope this won't happen because I'm really craving for the bull run.

rdbase

legendary

Activity: 2828

Merit: 1497

Join the world-leading crypto sportsbook NOW!

Quote from: mahibul49 on January 16, 2019, 01:34:52 PM

i am waiting for the report .i hope police will hunt them and catch them and i can say that exchange should add more security and can store user fund to cold storage.and finally i can say its really bad news for crypto holder.

Someone said some of the coins which were taken during the hack were traced and ended up in a binance account where I believe they were thinking of trading for bitcoin then move them off the exchange.
Binance confirmed they were transferred to their exchange but from who they were not saying.
To move that much off their exchange you would need a kyc verified account with them. So hopefully they will know who was the one who hacked cryptopia and tried to exchange them on binance.

ethereumhunter

hero member

Activity: 2912

Merit: 541

Leading Crypto Sports Betting & Casino Platform

I hope cryptopia can take responsibilities for that case and if the loss was related with the member, then they have to replace it. Only by doing that, their member will not leave the exchange, and they can fix their reputations among their member. Besides that, they need to fix the bug that is on their site so it will not happen again in the future. It is important always to check the security of the site to make sure our customer feel comfortable to stay at our site, and we need to make sure they are satisfied with our services.

juragane

member

Activity: 476

Merit: 10

CAT.EX Exchange

Quote from: bitfocus on January 15, 2019, 08:40:21 AM

another exchange gone down! by the way, what type of breach was that? any detailed information?

theft can occur anytime and anywhere.
about hackers in exchange may be possible because the exchange agent is not careful in making exchanges, or perhaps the security system from the exchange is still weak.
because criminals all over the world will definitely do various ways to do their crime mode, so we as traffickers must be very careful before we make the exchange. use a security system that has been proven safe.

romelitounknown

jr. member

Activity: 279

Merit: 7

Sad to see people losing their hard earned money just because of some very selfish thiefs. I just hope it wasn't an inside job . I advice not to put all your coins in only one exchanges as much as you can.

Topic: Cryptopia exchange hacked - page 17. (Read 4128 times)