This is very bad to all of us who fully support crypto currency as many will surely question the safety of our money in the web.
Plenty of attacks that were happened and the latest is the worst because it is a direct message from the hackers that even if you are the top exchanges with the highest security, they don't care as they can bypass almost anything using their knowledge.
If this kind of scenario will keep on repeating then many will surely stop trading, stop putting some money in any exchange and the worst case is they will stop supporting the crypto currencies in the future.
Topic: Exchange and Hacks - page 2. (Read 1027 times)
I have expected exchanges to be security cautious by now and make their system secure to prevent theft reoccurring in the crypto sphere.
Well, the topic of exchanges and hack is such a hot topic in the crypto world. It is so sensitive that crypto enthusiasts doesn't joke around with. It is at the same time so disheartening that a top exchange like Binance is even susceptible to even this.. Thus, it's a call for all existing exchanges to strenghten their security.
Exchange hacks are still the one thing that hounding the community and even if we want it stopped, hackers are also making progress on how to hack this exchange, yes Binance is such a great exchange, but we have seen it is still vulnerable and we can conclude that it is still not safe to keep your coins to any exchange.
You can call me crazy. But there is another possibility which all of you are ignoring now.
What if the recent exchange hacks were inside jobs? For example, now we all know that Bitfinex lost almost $850 million by placing some crazy trading bets with their users' funds. And imagine what would have happened, had they managed to keep this incident hidden. Now the management will think about ways to recover this amount. One of the methods is to claim that the exchange got hacked and the coins got stolen. And in reality the coins will be just moved to one of the cold storage wallets owned by the exchange.
This is a distant possibility, but I am finding something mysterious with all these frequent exchange hacks.
What if the recent exchange hacks were inside jobs? For example, now we all know that Bitfinex lost almost $850 million by placing some crazy trading bets with their users' funds. And imagine what would have happened, had they managed to keep this incident hidden. Now the management will think about ways to recover this amount. One of the methods is to claim that the exchange got hacked and the coins got stolen. And in reality the coins will be just moved to one of the cold storage wallets owned by the exchange.
This is a distant possibility, but I am finding something mysterious with all these frequent exchange hacks.
The only reason why some people are moving to decentralized exchange is because the tokens they have are only listed on such DEX, even with no volume, they are left without option but to trade in that DEX. Hack will always happen even in the platform where we consider to be the most secure one. The only thing that will make it more secure is if we hold the tokens in our own wallet while trading in the open market.
These days, with a very number of Scammers everywhere, no exchange is safe to keep your coins anymore so one need to be extremely careful and watchful.
In exchange it does not guarantee full security, so traders always make withdrawals after they work in exchange, if I personally better keep it in a personal wallet even though it does not guarantee its security but it is still better than saving in exchange.
There is no exchange better than decentralized exchange right now. SAFU is the success story or contingency plan for binance and a lesson for other centralized exchanges. Cold storage is also another good plan but none is better than leaving customer's funds in their care. The Crypto Space in my opinion should promote decentralisation in exchanges
The only reason why some people are moving to decentralized exchange is because the tokens they have are only listed on such DEX, even with no volume, they are left without option but to trade in that DEX. Hack will always happen even in the platform where we consider to be the most secure one. The only thing that will make it more secure is if we hold the tokens in our own wallet while trading in the open market.
These days, with a very number of Scammers everywhere, no exchange is safe to keep your coins anymore so one need to be extremely careful and watchful.
Only these days ? What about before ? Actually anything online is risky and that includes online exchange . there is no date or time with that because hacking can occur at all times . traders/investors have no choice but to trust these online exchange so that they can do their business . by using a good quality exchange you can also still reduce your chance of being hacked .
These days, with a very number of Scammers everywhere, no exchange is safe to keep your coins anymore so one need to be extremely careful and watchful.
Only these days ? What about before ? Actually anything online is risky and that includes online exchange . there is no date or time with that because hacking can occur at all times . traders/investors have no choice but to trust these online exchange so that they can do their business . by using a good quality exchange you can also still reduce your chance of being hacked .
It's horrible when you said it's th year of hacking. Why? Exchanges security may be lower and hacker took the chance ro hack. It will be working as an alert for each of the exchange and they will take necessary steps to avoid this kind of issue.
Most of the times, it is inside job. Probably done in collusion with someone who is either a current employee or a former employee. It is very difficult to hack the exchanges unless you get some sort of support from the inside. This has happened to a lot of the exchanges in the recent past, but I am not sure whether it is the same case with Binance or not.
what about binance? I think that every centralized exchange site certainly has a gap to hack, so it's natural that their security system is hacked. But of course it's not an annual activity that always happens.
These days, with a very number of Scammers everywhere, no exchange is safe to keep your coins anymore so one need to be extremely careful and watchful.
Only these days ? What about before ? Actually anything online is risky and that includes online exchange . there is no date or time with that because hacking can occur at all times . traders/investors have no choice but to trust these online exchange so that they can do their business . by using a good quality exchange you can also still reduce your chance of being hacked .
I will like to applaud the binance team nevertheless for there openness. Unlike the other exchange which got hacked lately, binance has shown a level of maturity and transparency by revealing complete details regarding the hack, unlike other exchange. It shows they know what they are doing and have the best interest of traders in their heart.
Basically if there is some outside regulation and support going binance have done the right thing, just like in real life, if banks have been robbed they sometimes states a value that is greater than what is taken to them. A good inside job and a good marketing strategy as well. But I am not saying it. Binance is loyal.
These days, with a very number of Scammers everywhere, no exchange is safe to keep your coins anymore so one need to be extremely careful and watchful.
The Binance hack might have come at a wrong time when the crypto market needs more positive news from media houses to push bitcoin to over $8000 but also we must commend Binance CEO and his team on how he has professionally handled the issue to decimate FUDs that might have risen from the hack
Pending the time crypto community and developers look for a way to tackle this kind of problem, the best approach is to take off your assets from Centralized Exchanges. I do not consider any exchange safe after the binance hack. Hackers are advancing and each crypto user should take the safety of his/her assets serious.
If people are still storing crypto on exchanges, even after reading about all these hacks and seeing how people struggle to fight against exchanges in court and STILL not get their money back, then I think people will never learn.
They know it's bad, but they still do it. They know it's wrong but they can't change their habits. Good world for hackers to live in.
No centralized exchange is safe when you store your crypto currencies there.
We should start using DEX to avoid hacks in future but still it will take time for the adoption will happen in meanwhile Binance also will increase their security measures which can save them from future hack attacks hopefully.
We should start using DEX to avoid hacks in future but still it will take time for the adoption will happen in meanwhile Binance also will increase their security measures which can save them from future hack attacks hopefully.
It will not solve a problem of loss of funds.
In process of growth of popularity of the decentralized exchanges new ways of "hacking" (DNS substitution, hacking of wallet, API) will appear.
The decentralized exchange Waves was cracked in the first day after beta testing
Will steal money from people anyway.
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
Not only exchanges should tighten their security, users should do it also. Take a look on recent Binance exchange hack - hackers had stolen numerous amount of users API and 2FA codes.
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
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