Data safety on Centralized exchanges - page 4.

Coin_trader

copper member

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Leading Crypto Sports Betting & Casino Platform

Quote from: electronicash on December 03, 2020, 10:35:41 AM

it's being said over and over already in the forum that CEX are often vulnerable to hacks and our data are not safe because authorities can request the users data from them. as long as exchanges ask kyc data from users, its not going to be safe for users privacy.

to be honest I'm not even sure now even the dex because if you withdraw btc and eth from dex and cash out going to your bank, it may be traced still going to you.

Authority is less your problem and in fact, Any business establishment like banks will give your bank details once they request since they are the Authority and they will not ask for it unless you do something unlawful like thief.

Let's face the reality, You can't keep your privacy safe as long as you are converting your BTC in Fiat because all transactions will end in the bank or similar platform that holds your KYC since its Fiat. Almost 90% of crypto user are trading back there asset to Fiat to take some profit.

electronicash

legendary

Activity: 3248

Merit: 1055

it's being said over and over already in the forum that CEX are often vulnerable to hacks and our data are not safe because authorities can request the users data from them. as long as exchanges ask kyc data from users, its not going to be safe for users privacy.

to be honest I'm not even sure now even the dex because if you withdraw btc and eth from dex and cash out going to your bank, it may be traced still going to you.

Tipstar

sr. member

Activity: 1932

Merit: 300

Data safety is a lost battle for common users. Your data is stored everywhere and almost everyone without even a slight seriousness about it's safety. Personal data had been leaked from almost all of online platforms that takes it. Even the KYC sent to binance was leaked. You data also leaks from banks and even from government agencies. Google and other advertising network takes every of your data without your full consent. Your data are bought and sold sometimes illegally and mostly legally.

Furryball

member

Activity: 490

Merit: 19

User data aren't going to be safe with centralized exchanges in the first place, teams can sell data to other entities or hackers can steal data on their exchange, the only way to avoid this is not using centralized exchanges at all or stick with centralized exchanges that accepts withdrawal without any KYC verifications, Decentralized exchanges are also good options

poodle63

hero member

Activity: 2702

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Leading Crypto Sports Betting & Casino Platform

These kind of data leak always happening everywhere, big platform like ecommerce and not to mention exchange and that's why it's always important to keep my data somehow ambigous in my opinion. However an exchange that requires KYC will become a disaster once the data got leaked.

These data leaks are unjustifiable and doesnt matter how much losses the exchange need to bear they should be responsible for the leak of hundred thousands important data.

masterrex

full member

Activity: 1820

Merit: 107

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

That was a very unfortunate incident but we can't do anything about it. Because in the very beginning after we sign up and start using any exchange platform we must consider the possible risk that we might encounter along the way. like in the case of a hacking incident our funds and identity might be exposed like what happened in that so-called Australian crypto exchange, we have no choice but to accept it and hope that those data will not be used in any illegal activities. Because in the first place we are not forced to use that exchange and do the KYC in that matter it is our personal decision so let's face it.

Scripture

full member

Activity: 1303

Merit: 128

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

Once you agree to the terms and conditions of those CEX, then expect that your personal information is not safe anymore because I believe they are selling it on the black market and for sure, hackers also knows this thing. That is not a mistake, that’s the proof that we are not safe and yeah, this is the risk we should always consider.

Winscosinally

member

Activity: 490

Merit: 16

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

bitmover

legendary

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bitcoindata.science

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

Privacy is a problem which is getting bigger every day.

You should consider that EVERYTHING you send online is (or will be) public known. If you send your passport to an exchange to make KYC, it can leak to third parties in several ways:

-They can sell your data.
-They can share your data with their partners, who can do anything they want with it.
-They can be hacked, like ledger was.

You should really consider the risks when sending photos, comments, information about yourself, documents or anything personal online. Avoid as much as possible.

However, we are soemtimes obligated to identify ourselves and share our documents.

TanakabZX

member

Activity: 504

Merit: 16

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

Topic: Data safety on Centralized exchanges - page 4. (Read 759 times)