The latest Binance hack has shown that KYC is not safe for users. >10,000 users photos are in the hands of hackers, which can then be used for illicit purposes.
Are any DEXs mainstream?
Topic: Exchange and Hacks (Read 1027 times)
I am sure there is no absolutely safe exchange, everyone can be hacked. Hackers always will try to hack everything, different criminal and con will try to steal everything they can. It is not something new no matter crypto or not. Hackers try to hack, companies and crypto exchange work to improve their protection. There are always will be risk, we can't avoid it we have to remember about it.
I agree with you that hacking cannot be completely wiped out, hacking is even legalized for some people, but that must be under oath to work for government & people and not work against them.Some of these hackers are the ones also fighting hard against other bad hackers in institutions like banks and top security places, so this things can still be avoided in many ways, it is either an exchange spends money to get a very good hacker that will fight back and be able to discover and cover every loop holes, or the crypto user can also avoid it in so many way like keeping fund out of exchanges into a personal private key wallet and many more.
I am sure there is no absolutely safe exchange, everyone can be hacked. Hackers always will try to hack everything, different criminal and con will try to steal everything they can. It is not something new no matter crypto or not. Hackers try to hack, companies and crypto exchange work to improve their protection. There are always will be risk, we can't avoid it we have to remember about it.
After a huge mistake Binance this topic has become relevant. I think that no one is immune from hackers. Even the huge New York stock exchange. This is the problem of the information age.
No exchange is safe, if hackers are able to hack binance a cryptocurrency exchange with such level of security then other exchanges are not exception in this hackers threat. I think exchanges should just try and improve on their security from time to time in order to be safe to some extent.
2019 is yet to experience a massive bull run, however, but it's already beginning to look like the year of the hacks for the crypto community. Hackers have proven to be no respecter of exchange size and reputation with the latest attack on the binance exchange.
Before the hack on binance which saw the hackers taking off with crypto worth 40 million dollars, the crypto community has previously experienced hacks on coinbene and cryptopia exchange with both parties refusing to state the level of damage and value of crypto assets stolen by the hackers.
The question every crypto enthusiasts should be thinking now is that if hackers can still penetrate almighty binance with all their claims of having the best cybersecurity measures, is any other centralized exchange safe? What if the binance team didn't have SAFU funds to cater for situations what would have been the fate of affected traders on the binance platform?.
While I leave the floor open for comments and suggestions regarding the subject matter, I would like to quickly chip in that this is a wake-up call for crypto enthusiasts and developers alike. The growing prominence of blockchain technology and crypto will make it a threat to more attacks in the future, and if measures aren't put in place, this hackers may cause irreversible mayhem to the crypto community in the nearest future. A switch to decentralized exchange with support for multiple blockchains is the best option on my mind right now.
Feel free to share your thoughts and opinions on the topic.
Hackers haven't been sleeping lately, they have been trying every means possible to make sure they hack as many exchanges as possible in order to take their coin for themselves, this is why exchanges currently need to upgrade on their security because we might see even more hacks before the year runs out since the price of bitcoin is now becoming so valuable within a short period of time, I think this exchanges should employ white hackers that would help protect their exchange from possible hack. Before the hack on binance which saw the hackers taking off with crypto worth 40 million dollars, the crypto community has previously experienced hacks on coinbene and cryptopia exchange with both parties refusing to state the level of damage and value of crypto assets stolen by the hackers.
The question every crypto enthusiasts should be thinking now is that if hackers can still penetrate almighty binance with all their claims of having the best cybersecurity measures, is any other centralized exchange safe? What if the binance team didn't have SAFU funds to cater for situations what would have been the fate of affected traders on the binance platform?.
While I leave the floor open for comments and suggestions regarding the subject matter, I would like to quickly chip in that this is a wake-up call for crypto enthusiasts and developers alike. The growing prominence of blockchain technology and crypto will make it a threat to more attacks in the future, and if measures aren't put in place, this hackers may cause irreversible mayhem to the crypto community in the nearest future. A switch to decentralized exchange with support for multiple blockchains is the best option on my mind right now.
Feel free to share your thoughts and opinions on the topic.
Exchanges just need to do more by stepping out of their boundaries in getting well trained security experts that would block all the loop holes that hacker can use in stealing funds from exchanges. If a fund is lost as a result of carelessness either through weak password, it is still understandable, but hacking a whole system is not supposed to be for a very big exchange.
No centralized exchange is safe. However, I still think Kucoin is way more better than Binance in term of security. It's not impossible to hack but it will be harder than Binance. They use a lot of security features to ensure 100% secured service.
With this hacked incident, i'm sure Binance will strengthen their security for sure and also all big exchanges will check back their security. Kucoin is good and i'm a kucoin user too, i can see the potential of kucoin to become bigger in the future, that's why i have some kcs token in my wallet.No centralized exchange is safe. However, I still think Kucoin is way more better than Binance in term of security. It's not impossible to hack but it will be harder than Binance. They use a lot of security features to ensure 100% secured service.
With this hacked incident, i'm sure Binance will strengthen their security for sure and also all big exchanges will check back their security. Kucoin is good and i'm a kucoin user too, i can see the potential of kucoin to become bigger in the future, that's why i have some kcs token in my wallet.First of all hackers should be brought to justice. We can see that hackers and scammers are walking free. But it seems no authority is making efforts to curb and control such illegal acts. Strong legal action will control these crimes. It is obvious that hackers and scammers cannot be rooted out completely. But measures could be adopted to control them and ensure somehow investment security.
that's have to do now.we still see less news about this.most of hacker and scammers still free in the outside there.or maybe this hacking news just a drama to make market panic and crashing?
First of all hackers should be brought to justice. We can see that hackers and scammers are walking free. But it seems no authority is making efforts to curb and control such illegal acts. Strong legal action will control these crimes. It is obvious that hackers and scammers cannot be rooted out completely. But measures could be adopted to control them and ensure somehow investment security.
For those screaming do not store your coins in exchanges, it is actually the perfect thing to avoid being a victim of such hacks but a lot of times it is not totally avoidable as there would always be coins owned by individual traders on exchanges. No exchange is safe so say but for small traders who would not want to keep withdrawing profit all the time may eventually fall victims. It is quite unfortunate.
It such an unfortunate that a big exchanges like binance being hacked, it shock a lot of people because people consider Binance as a strong and reputable exchanges, exchanges security has been a heavy focus, many people are worry about this thing, the developers really need to pay attention for this case
I think this is also inevitable. Hackers are expert in cryptocurrency blockchain so if there are exchanges that lacks the needed security this will also resulted to hacking. Everyone should know that hackers spend also time and money to steal from massive exchange and done by groups to execute properly. However, problems are those exchanges cannot compete with them. Im not saying this is good but they should treat this as a challenge since we are moving in a decentralizef approach.
Decetralised exchanges can be better option but still some exchanges are hybrid it runs on both centralised and decentralised systems.
The exchange hack has actually become so rampant and it is not a very good story to tell. I have expected the exchanges to tighten up their security to avoid further security bleach
Of course the security system needs to be very improved and shielded. Like Binance has been the best exchange out there but despite the fact that it has been the best one, it joust could not stop the transaction in time and in fact there was no way for them to stop it. Getting access to someone’s API keys and 2FA is not a joke and if it is possible for hackers, not just Binance but every exchange should worry about its security. With this hacked incident, i'm sure Binance will strengthen their security for sure and also all big exchanges will check back their security. Kucoin is good and i'm a kucoin user too, i can see the potential of kucoin to become bigger in the future, that's why i have some kcs token in my wallet.
binance will obviously improve immediately what has happened to the security of their platform. and that is very basic, because security is the main consideration of an exchange. not only binance, now all exchanges must strengthen their security so that what happens to binance does not occur in other exchanges. No centralized exchange is safe. However, I still think Kucoin is way more better than Binance in term of security. It's not impossible to hack but it will be harder than Binance. They use a lot of security features to ensure 100% secured service.
With this hacked incident, i'm sure Binance will strengthen their security for sure and also all big exchanges will check back their security. Kucoin is good and i'm a kucoin user too, i can see the potential of kucoin to become bigger in the future, that's why i have some kcs token in my wallet.
No centralized exchange is safe. However, I still think Kucoin is way more better than Binance in term of security. It's not impossible to hack but it will be harder than Binance. They use a lot of security features to ensure 100% secured service.
Yes, many exchange just got hacked including the most popular trading platform today which is binance exchange and many of those exchange are the centralized one. I also recommend to use decentralized exchangers but centralized makes exchange regulated. They cannot stop hackers but they can improve system.
I think one of the most rigorous hindrances to crypto going mainstream is security concerns. Crypto traders are now more skeptical after the hack of the most trending crypto exchange lately, Binance, doing away with 7000BTC as reported. This is an open call to all exchanges to tighten their security, sort for more advanced security tech and embed on their platforms. I saw some exchanges brag about being unhackable, you will never know if it's 100% true until they got hit by the bad guys (cyber hackers). Like I saw an exchange saying : get 10$ when you deposit funds from the compromised exchange, referring to binance. That was uncalled for.
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