Topic: EXCHANGE HACKS.WILL IT EVER END? - page 4. (Read 568 times)

that's the only thing I know that can stop or minimize exchange hacks
hacker won't be that easy, or perhaps near impossible, to steal users' fund
even exchanges itself cannot steal your fund because they don't have full control of the fund

Yeah, there really is no way to stop exchanges from getting hacked. If it were easy to stop hacks, then they would have stopped already. One thing to also remember is it is hard to prove that an exchange that gets "hacked" isn't just an inside job. How hard is it for someone in the company to steal funds? Or even then, its really easy for the owner of the exchanges themselves to steal from customers and then claim it was a hack.

No, it will not end soon, like bank robbery, you can lower it as much as possible but you will find always some people trying to figure a way to steal from it.
Exchanges need to enhance its security level and customers need to move always their earning to cold wallets

What do you mean that there are lots of big exchange being hacked this last couple of weeks? as far as I know Bithumb is the only exchange that had been hacked this past few weeks. I think the only solution to this hacking problem is for exchanges to always update their security system, but the thing is there is no perfect system, there will always be vulnerabilities. And another thing is, some of this exchange are not really got hacked, we all know that some exchange are not and most are not fully regulated, this is why exchanges can make an inside job and then they will say that they got hacked to stole millions of dollars from their customers.

This really hard to control the hacking. I think keeping the money in a very secured wallet like hardware wallet would reduce the rate of hacking in the current time.

Yes. When those who intend to build them understand the risks that they attract by owning one, they would consider all before starting something.Next, all the other exchangers will do some buffering to prevent same from happening. Just more time and and smart work and we'll be out of the woods

It's becoming a rountine that I now begin to wonder who and who is hacking who itself. Guess it's high time exchanges step up their security features adeqautely to secure users investments.

Sometimes i feel the story of exchange hacking is planned and organize crime from exchange management to empty traders wallet that why i am think to read more about decentralized exchange platform .  

id say a good 80% of exchange "hacks" are actually insider retirement plans.

and as long as people stupidly use an exchange as a long term bank account where they are not day trading. then the owner will see a big neon total holdings that will tempt them at one point to retire and run off to a island somewhere, because they can earn more by faking the "i been hacked" scheme, than they could earn by continueing their service for years

so if you have funds in an exchange and you dont trade/use it daily. GET IT OUT of the exchange.

if the only funds an exchange holds is the funds on a daily order book. the exchange will make more money staying alive and allowing trades. instead of running off with the hoards of coins that are not on orderlines but just held in wallets.

put it this way. if there was only 10k coins on orderbooks and daytradres rinse and repeated 5 times a day(at 0.3% fee on 50k vol=150btc/day)
means that in 66 days the exchange can make 10k coins, which is ~55k btc a year  or steal 10k once and forever watch over your shoulder
where as
if 10k coins are on orderbooks. but 300,000 are held on the exchanges wallets like a bank account store.
an exchange would see it will take 6 years to earn 300k. or steal it in one day which is more worthy of looking over your shoulder.

in short dont have more coins doing nothing on an exchange than what an exchange could earn in a reasonable time so its not a temptation

as for the other 20% (well all 100%) of "hacks" xchanges need to stop storing private keys on their webservers. then theres nothing to take from outside hacks because the hackers cant find the privat keys when hacking the webserver

As long as the hacker put lots of effort or/and exchanges don't bother improve/audit their security, exchange hacks won't stop. However, there are things that user could do such as :
1. Don't store your cryptocurrency at exchange
2. Don't use exchange as cryptocurrency "wallet"
3. If they're trader (which means they keep their cryptocurrency on exchange), they should read/ask about exchange action if the exchange is hacked.
4. Use decentralized exchange. Not easy to use/set up and have low trading volume, but is good option if you know what you're doing.
5. Wait for atomic-swap.

Exchanges platforms are hacked for years. A permanent solution? Yes I have 2
Tell to people to stop to panic when an incident strikes (after all we repeat again and again to not kee^p your coins in a website) and tell to the exchanges to take care of the basics security firstly. Exchanges are not always at the top when it's about security. They learn it with the hard way.

In the last couple of weeks,we have seen a lot big exchanges being hacked, funds stolen and everyone thrown into panic.The last one being Bithumb (https://cointelegraph.com/news/bithumb-details-still-sketchy-after-30-mln-hack). Is there really a permanent solution to this nightmare by hackers?