Topic: Exchange and Hacks - page 6. (Read 1042 times)
This has been the issue ever since Mt Gox and we will have to live with it, hackers are getting better they are at it a year long, there's always hacking every year if we are going to move forward, this is something that should be addressed, I guess decentralization is one of the best options but traders are preferring centralized exchanged to decentralized one.
There is no such thing as beginning to look like a year of hacks. We really can't blame binance for getting hacked. People who lost their funds are also responsible for losing it. Funds staying in exchange sites are not really recommended since exchange sites getting hacked is not something new. Binance did their best when it comes to security and we should also do our best since it is our own money.
Nobody lost their funds as Binance "replaced" the stolen funds from the "Secure Asset Fund for Users" (="SAFU").
https://www.binance.vision/glossary/secure-asset-fund-for-users
But you're right... always transfer your funds to your own wallet after you've finished trading.
The most talked about topic right now in crypto space is exchange hacks owing to the latest hacker poke on Binance lately losing 7000BTC. I saw other exchanges tweeting about being the safest, but that's not it, every exchanges need more and more security upgrades over time. The more exchanges try to tighten their wall, the more hackers look for more advanced means to break in. So in as much as I trade on exchanges daily, I still safe most of my funds in personal wallet.
IMO, decentralized exchanges are the best solution for secure cryptocurrency trading. But they need more user-friendly, convenient, ease to use interface, so that traders can switch to decentralized exchanges and increase volumes there, so that one can be able to trade there normally. On the other hand, Binance once again proved that it can cope with such situations. I think Binance will be even stronger regarding security after that. In general, it is better to have good centralized exchanges like Binance and user-friendly, convenient decentralized ones with volumes.
There is no such thing as beginning to look like a year of hacks. We really can't blame binance for getting hacked. People who lost their funds are also responsible for losing it. Funds staying in exchange sites are not really recommended since exchange sites getting hacked is not something new. Binance did their best when it comes to security and we should also do our best since it is our own money.
This is technology. Protection may not always be reliable. There will always be one who will solve the riddle and will be able to trade on the exchange. The fact is that it also allows exchanges to grow. Improve protection. It pushes technology into the front.
Decentralized exchange is better and safer in many ways. However, on decentralized exchanges there is always a small trading volume compared to centralized exchanges, this is their main problem.
yes, thats right
but at this moment people prefer to trade in centralized exchange rather than dex,,
maybe because they don't know how secure decentralized exchange if we comparing with centralized exchange my friend
for sure in the future Decentralized exchange will beat centralized exchange
Exchanges should probably make a union and cooperate with each other regarding security measures and with a united effort they can also trace and catch the hacker and lock his account and funds because if a hacker steals bitcoins from one exchange he has to deposit and sell on anyother exchange wjere he can be caught and funds retrieved.
There is no perfect security system in this world so the intruders will always looking for ways and gaps to penetrate the security system while on the other hand trying to prevent this from happening. That's why binance has reserved amount of funds for this kind of events. So I think as long as the exchange responsible for this occurance it's just fine.
I truly agree this is a critical point that developers and community should find the solution. And still, decentralized exchange that support multiple blockchain is the better option until the main problem resolved.
I truly agree this is a critical point that developers and community should find the solution. And still, decentralized exchange that support multiple blockchain is the better option until the main problem resolved.
There is a widespread concern about the hacking of cryptocurrency exchanges. But only little steps seem to have been taken in controlling it. From time to time we are forced to hear that bad news ever since cryptocurrency was introduced some 10 years ago. But we hardly hear news about the hackers arrested and booked. Why there are such loopholes allowing hackers walk free?
Decentralized exchange is better and safer in many ways. However, on decentralized exchanges there is always a small trading volume compared to centralized exchanges, this is their main problem.
if discussing an exchanger of course the security system becomes very important to be updated, there is no exchanger that is truly perfect. they always have side weaknesses that can be penetrated by hackers.
so it's not strange if a few days ago a sad thing happened to the Binance Exchange.
so it's not strange if a few days ago a sad thing happened to the Binance Exchange.
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.
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.
I think it's not a year of hacks. As we can see, we are experiencing a slight run on bulls and I don't hear many rumors about hacks happening.
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.
almighty binance with all their claims of having the best cybersecurity measures,
wait a minute do you want to tell us that you believed their claims?!!
this is not the first time a big centralized service exaggerates their "security" when they are trying to attract more customers in a competitive market. and each time they end up being hacked and we realize that their security was not only not-strong but also it was among one of the most primitive and weakest setups.
everyone who has been around for a while knows that you should never trust centralization, whether it is in the form of a centralized exchange or a centralized payment processor or even a centralized altcoin. it will always end badly.
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.
I said so because the crypto space is yet to even recover from the previous ones and we already have another on our table.. To the best of my knowledge cryptopia platform is yet to restore exchange wallets and digital assets back to traders.. Coinbene still playing cat and mouse with traders.. Although the crypto space has developed to a point where exchange hack no longer have delirious effects on market valuation, I think if it keeps repeating itself at this pace, it will be bad for the crypto community.
Just like you said, I believe as crypto continue to grow in prominence, so also is the security threat. Hackers are coming up with more sophisticated means of jailbreaking exchanges and wallets. If the crypto community doesnt design requisite means of mitigating this issues, it's sad to say we might be overwhelmed by the threat that lies ahead
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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.
I will say no exchange is safe, if hackers can still hack Binance with thier high ranked level of security, this is a very big sign for all other exchanges to tighten up thier security and atleast learn nobody is safe from hackers in this space.
It's unfortunate things like this keep happening in crypto. Some of us have our entire portfolios on binance which i think is a very bad idea.. Decentralized exchange is the solution to this debacle caused by hackers. I just hope to see the day when decentralised exchange will rival centralized ones in terms of trade volume.
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