Data safety on Centralized exchanges - page 2.

kpierce77

legendary

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Quote from: IkonaDro4ku on December 05, 2020, 09:04:05 AM

When you give money to the exchange, you should expect that you will not receive it back because you may be asked to provide documents, money can be stolen from the exchange or the api key can be stolen be responsible for trading Wink

Still, this is definitely a problem with CEX which is currently complicated to solve, as they have complete control over the customer's account. they can easily freeze the assets on the account if they think it's "suspicious"

pixie85

hero member

Activity: 2184

Merit: 531

I don't think that many people still believe in data security anywhere in the Internet. If they do they're young or childish.

Even banks and other big and regulated companies had leaks. Facebook comes to mind as one of them.

Centralized exchanges can not only leak data but also have it stolen by its employees or even sell it. There were exchanges that went bankrupt and then sold user data to make some money.

IkonaDro4ku

member

Activity: 392

Merit: 10

When you give money to the exchange, you should expect that you will not receive it back because you may be asked to provide documents, money can be stolen from the exchange or the api key can be stolen be responsible for trading Wink

shoreno

full member

Activity: 1750

Merit: 118

your asking if what kind of mistake is that of course it was accidental or accident and they didnt mean it to happen so dont judge them too quick . i think that mistake do happend to on fb and on other site if i still remember , see ? they arent alone to make that mistake . we cant also say that we wont give our personal credentials online because we also need the service and we cant use them if we dont comply on that simple rule . lets just hope that your data arent going to be used for bad purpose if your one of those affected in the accident .

tbterryboy

sr. member

Activity: 2030

Merit: 323

Quote from: TanakabZX on December 03, 2020, 03:55:30 AM

You still think that your data is save on Centralized exchanges? Think again, today australian crypto exchange accidentally expose users information, over 270,000 customers data is exposed, what kinda mistake is this anyways?

https://ia.acs.org.au/article/2020/australian-crypto-exchange-exposes-emails.html

This is a normal thing, that’s why we as individuals has to be very careful. Centralized institutions will always tell you that they are offering the best of security, but at the end there will likely end up being an issue of identity theft where they will lose their customers' information to hackers. This is not an issue with only cryptocurrency exchanges, it happens everywhere, you sign up with your email and info and due to some hack or bug on their system they will expose your info.

I am always cautious these days with the kind of information I am putting online these days, so that I don’t end giving an information that will affect me later in the future.

modellao6

full member

Activity: 134

Merit: 100

If it is a big centralized exchange，that should be relatively safe，but it's certainly not foolproof. And the important is，we all know decentralized exchange is better，but the reality is the trading volunme of centralized exchange is much larger than decentralized exchange‘s. So i think that existed is rational.

Reid

hero member

Activity: 3052

Merit: 651

I think most of the members here know that except for newbies of course.
The ones who just started knowing what cryptocurrencies are and then exchanges.

Also, the reason why I don't do KYC's on some exchange platform.
Binance for example. You still have a 2 BTC limit so if you are trading below that then, there is no need for a KYC.
You are in Bitcointalk. Discussions about privacy mean a lot.

FireBallex

member

Activity: 462

Merit: 19

If you care so much about your information and identity pls don't go near Centralized exchanges, even if top exchanges are more reliable because of their reps they can still become victims to hacks and vital informations can be exposed, DEXs wins the data security in crypto space, it's why I wish that DEX can be as good as Centralized exchanges someday.

thesmallgod

full member

Activity: 1498

Merit: 129

Privacy is a great concern in cryptocurrency and this is the reason why some will consider DEX unless they hold big amount of crypto which is not even advisable to put on any exchange. users data can be hacked into and sold on black web. If big corporation such as google are facing issue of data leak, I do not think it is something strange if we see the same thing happening to some centralized exchanges. This is the reason why it is very important to be carryout security auditing ones every month and always seek for the best technology to protect users data from blackhat hackers. It would be a big mistake if truly the company mistakenly leak the users data. They are going to face a little setback because people will not trust such platforms with their information anymore.

Debonaire217

sr. member

Activity: 644

Merit: 364

In Code We Trust

It's an exchange, and it is centralized so what should we expect? There's no system that is safe except those that are decentralized and audited many times. The problem is just that if the decentralized exchange encountered an error, it will be hard to fix as there will be no one guide or contact except the developer of the platform. But since it is decentralized, the developer basically doesn't have the responsibility to supervise each and every user. Meaning, use the system at their risk.

Going back, Centralized exchange has a feature that could help the users to somehow regulate their accounts, but this is the downside, their personal data needs to be collected and if there's a massive breach, it could be exposed.

Kavelj22

legendary

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🔃EN>>AR Translator🔃

Quote from: Stanlo on December 04, 2020, 05:42:07 AM

Quote from: Kavelj22 on December 03, 2020, 04:20:09 PM

Quote from: Winscosinally on December 03, 2020, 09:59:40 AM

It's not a must to share your data with centralized exchanges, I'd have advice you to start using DEX but we all know that DEX can't meet up with the advantages of Centralized exchanges, there are few top Centralized exchanges that allows trading and withdrawal with no KYC verifications like binance and huobi, there is only limits per withdrawal in 24hrs and that's cool enough, this is what I do as I can't share my data or use DEX

Despite it's quite possible to use the withdraw margine set for non verified users, it's still not that safe. The can freeze your balance at any time and start asking for KYC (maybe a deep one). Everyone should be responsible for his choice, so either you chose centralised exchanges with real identity or enjoy less features with decentralised exchanges.

There is one thing called reputation in crypto space and it's very important for any project that wants to take their platform to a higher level that's why you can never see binance exchange going back on their words, limits are been put on withdrawal for those who don't want to go through any verifications to avoid illegal fundings, forcing KYC on users is ruining their reputations unless the user try cheating the system

I well understand your point but let me give you this nice example:
daily withdraw limit for non-verified users in Kucoin is btc, and as i can remember it's 2 btc in binance.
2-5 btc daily is also a big money and in their TOS the platform has the right to suspend withdrawals for any user even just by suspection especially if find someone reaching the daily withdraw limit everyday; in simple words, if you want to lunder 20 btc then just split it into 4 and use Kucoin to withdraw 5 btc everyday.
That's how i think we shouldn't use centralised exchanges if we are not ready to go with KYC procedure.

firmino10

member

Activity: 372

Merit: 11

elysian.finance

When you consent to the terms and conditions of those CEX, at that point expect that your own data isn't protected any longer since I accept they are selling without your permission. That isn't a slip-up, that is the evidence that we are undependable and better believe it, this is the danger we ought to consistently consider

taufik0911

full member

Activity: 1274

Merit: 104

HEX: Longer pays better

no system is completely secure, all systems have loopholes so you have to be really careful to store your assets in exchanges or centralized wallets even though it helps you to collect various assets in one wallet but it is very risky
This is my suggestion that you better store your assets in your own wallet, not in a centralized wallet

Stanlo

full member

Activity: 952

Merit: 110

Quote from: Kavelj22 on December 03, 2020, 04:20:09 PM

Quote from: Winscosinally on December 03, 2020, 09:59:40 AM

It's not a must to share your data with centralized exchanges, I'd have advice you to start using DEX but we all know that DEX can't meet up with the advantages of Centralized exchanges, there are few top Centralized exchanges that allows trading and withdrawal with no KYC verifications like binance and huobi, there is only limits per withdrawal in 24hrs and that's cool enough, this is what I do as I can't share my data or use DEX

Despite it's quite possible to use the withdraw margine set for non verified users, it's still not that safe. The can freeze your balance at any time and start asking for KYC (maybe a deep one). Everyone should be responsible for his choice, so either you chose centralised exchanges with real identity or enjoy less features with decentralised exchanges.

There is one thing called reputation in crypto space and it's very important for any project that wants to take their platform to a higher level that's why you can never see binance exchange going back on their words, limits are been put on withdrawal for those who don't want to go through any verifications to avoid illegal fundings, forcing KYC on users is ruining their reputations unless the user try cheating the system

SaRmY

full member

Activity: 645

Merit: 100

I have already understood that for large companies we are human beings. It has long been proven that Facebook and Google sell user data. Or use them for their own purposes. But do not forget the human factor happens everywhere. Such a mistake has fully taken place.

Therefore, decentralized exchanges will develop. Perhaps this is a decentralized revaluation.

Ucy

sr. member

Activity: 2674

Merit: 403

Compare rates on different exchanges & swap.

I guess the exposure was a mistake by the company rather than a hack? Thought they should be deleting customers private identities, or at least hide them somewhere until they are needed by the authority for what they where collected for. Unfortunately, it's hard to trust the centralized exchanges/platforms to keep people's private data safe

PerfectCircle

member

Activity: 252

Merit: 11

Why would anyone trust centralized exchanges with their data? If you don't know you should, the law and government have the power to ask any centralized platforms for their users information and thy have to abide, it's the whole idea why decentralized platforms should be the right place to be but unfortunately centralized platforms better forcing many and myself to stick with CEX

Tallylat

jr. member

Activity: 79

Merit: 1

this due to carelessness on the path of the exchange management. management has the responsibility of protecting users' documents. but this does not mean all CEX are nonchalant with users' document.

alexforneus

jr. member

Activity: 140

Merit: 2

There are already too much of reasons to not store your money on the exchange if you are not a trader

bluebit25

sr. member

Activity: 1708

Merit: 295

https://bitlist.co

Quote from: TanakabZX on December 03, 2020, 03:55:30 AM

You still think that your data is save on Centralized exchanges? Think again, today australian crypto exchange accidentally expose users information, over 270,000 customers data is exposed, what kinda mistake is this anyways?

https://ia.acs.org.au/article/2020/australian-crypto-exchange-exposes-emails.html

Even binance has been involved in controversy about this problem. There is no guarantee that Centralized exchanges are absolutely secure, except for stolen personal information your property can also be lost, but for Centralized exchanges you will also receive benefits and policies which the DEX doesn't have.

Topic: Data safety on Centralized exchanges - page 2. (Read 749 times)