Failure of exchanges | Bitcointalksearch.org

scottsanderman12

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Quote from: Oilacris on February 20, 2021, 06:18:08 PM

Quote from: logfiles on February 20, 2021, 05:04:30 PM

Quote from: scottsanderman12 on February 20, 2021, 01:13:03 PM

it is a question of time who will be the next target.

Nobody knows the next target, that's the whole point of the attacks otherwise if they announce that "Hey, next week on Tuesday, we are going to carry out an attack on binance", then what will the point of the attack if people are going to get prepared and avoid the exchange on Tuesday?

The attacks happen almost to every popular site. Now in this crazy crypto bull run, expect lots of them, there's nothing much that can be done except being ready just in case it happens

Yes, its nonsense if they do voice out on which one would be targeted out next and as mentioned the site or platform would really be ready for that and whats the point on telling them publicly?

DDos attacks were common but to know the fact that launching up this kind of attack isnt really a cheap one. Mentioned aboved that these attacks are mostly on front-end

and it has nothing to do with back-end or internal which i presumed safer than on that typical breach like wallets or storage of funds.

Yes, recently Binance often does not work the withdrawal of funds when there is some increase in the price of BTC or other currencies. What this has to do with is unknown.

scottsanderman12

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Quote from: Tstar on February 20, 2021, 04:28:34 PM

Quote from: scottsanderman12 on February 20, 2021, 01:13:03 PM

Guys, I’m asking for your opinion.
In connection with the last Ddos-attak on the EXMO exchange (the official response of the exchange), it is a question of time who will be the next target. Have you ever had a breakdown in the stock exchanges you use? If so, how has management responded?

DDoS attacks are pretty nasty and even the most prepared sites could fall. But if the exchange has adequate security, they are not such a problem because DDoS attacks are blocking only access to the front-end without touching the funds.

In general, keep on exchanges the bare minimum for your trading needs and be patient when it happens.

The problem isn’t that DDoS is a danger. It’s just that sometimes exchanges hide real reality

magneto

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Quote from: scottsanderman12 on February 20, 2021, 01:13:03 PM

Guys, I’m asking for your opinion.
In connection with the last Ddos-attak on the EXMO exchange (the official response of the exchange), it is a question of time who will be the next target. Have you ever had a breakdown in the stock exchanges you use? If so, how has management responded?

Just a name a few that I've been through: BTC-e shut down by authorities (later WEX), Novaexchange voluntarily closing shop and changing ownership, Cryptopia failure, Cryptsy failure...

The list goes on. There is a reason why veterans in the crypto space warn against concentrating your holdings in the hands of third parties without retaining control of your private keys. Seemingly safe exchanges can go bust literally any second.

In terms of their response, it is mixed. In most cases, e.g. Cryptsy, Cryptopia, and WEX have all left depositors dangling without returning their funds. The only "positive" would be Nova, which at least allowed people to liquidate their accounts (albeit through a very strenuous process to say the least).

finn.cole

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All exchanges face such problems and it's okay. The main thing is to keep users informed about these situations. I liked how quickly EXMO responded to the attack and immediately tweeted about it. The platform's openness to the users is very important to me.

khaled0111

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Almost all exchanges were subject to DDoS attacks and no server can be 100% immune against such attack (as long as the attacker have enough power).
However, all they can achieve is to take the exchange's servers down for a while and prevent the users from accessing it. Funds would probably remain safe, which is the most important thing imo.

OscarDavidson

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Quote from: MelissaVorsteiner on February 21, 2021, 10:41:24 AM

As others have pointed out, you can never know who's next. Unless there are some obvious holes in security, determining the next victim is close to impossible. That's why implementing measures preventing attack is one side of the coin, other being nullifying the occurring damage and mitigating any potential risk, patch some holes, etc.

EXMO handled situation pretty well, as far as I can see. Cloudfare is a standard protection measure in cases like these.

I think that global companies can become a victim of such attacks more often than small and unknown platforms. The bigger company is the higher the size of the ransom you can demand. But on the other hand, popular platforms most likely have a proper protection system so it's going to be difficult and exhausting to implement DDoS of such a company.
I'm familiar with CloudFlare protection system a bit so I'm glad to see that EXMO chose this type of protection system to prevent DDos in the future. A lot of companies use this protection nowadays and I've never faced any difficulties using this system.

stompix

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Quote from: Twinkledoe on February 20, 2021, 09:08:57 PM

Or if you are worried about such scenario happening to the exchange you are using, better use binance as they have insurance for their traders. So even if they are hacked or something, you know, you can still get your coins. .

And you believe them?
If one of their cold wallets is compromised and they are forced to pay 5-10 billion do you think they have the money?
That's just another lie from the guy who runs an exchange that is not registered in any country, who do you think will insure those funds?

If they get hacked and they lose all BTC they have stored is goodbye for them and for your funds too.

Quote from: bL4nkcode on February 20, 2021, 08:40:41 PM

You're asking questions that its like we are nostradamus or we are those bastards that will attack a website for ddos.

Not really sure what OP wants to hear, an exchange that survived a DDoS attack yesterday might succumb to another one tomorrow, a smaller one might never be a target as they would fly under the radar, and so on and on.
We're not talking about power failures that have clear back-up schemes, those are random and with random effects normally I would go the path of the bigger the better as they have more funds available to spend on security but that's no rule either.

mk4

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Stock platforms such as eToro and Revolut also has had DDoS attacks(or just a huge influx of new users, still unnecessary downtime nonetheless) in the past few months, and all you're going to hear from all these platforms are 99% just "apologies for the inconvenience" and nothing else.

MelissaVorsteiner

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As others have pointed out, you can never know who's next. Unless there are some obvious holes in security, determining the next victim is close to impossible. That's why implementing measures preventing attack is one side of the coin, other being nullifying the occurring damage and mitigating any potential risk, patch some holes, etc.

EXMO handled situation pretty well, as far as I can see. Cloudfare is a standard protection measure in cases like these.

bL4nkcode

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Quote from: Twinkledoe on February 20, 2021, 09:08:57 PM

Or if you are worried about such scenario happening to the exchange you are using, better use binance as they have insurance for their traders. So even if they are hacked or something, you know, you can still get your coins. Because no one here can tell you which exchange is next. Because even these top exchanges are vulnerable to those attacks. Hackers are getting a hold of more sophisticated softwares nowadays, so it is not surprising if one day, one of them will be hacked.

The thing is how huge the damage taken and how big the insurance policy can cover. Sure thing binance insurance can cover certain hacked amounts but not all of them and they can't do it every time there's a hacked incident.

It's much better to what I've mentioned, but whatever it says the user has the last decision. Before sending funds to an exchange make sure you know the risks and do things to minimize the risk.

Twinkledoe

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Quote from: bL4nkcode on February 20, 2021, 08:40:41 PM

Quote from: scottsanderman12 on February 20, 2021, 01:13:03 PM

In connection with the last Ddos-attak on the EXMO exchange (the official response of the exchange), it is a question of time who will be the next target.

You're asking questions that its like we are nostradamus or we are those bastards that will attack a website for ddos.
There are lots of paid tools/services that fights for it, tho it cannot prevent from happening at least it minimize its damage.

If you're worried of who will be the next target exchange of hack or ddos. Then probably you should diversify your trading funds to at least 3 trusted exchange.

Or if you are worried about such scenario happening to the exchange you are using, better use binance as they have insurance for their traders. So even if they are hacked or something, you know, you can still get your coins. Because no one here can tell you which exchange is next. Because even these top exchanges are vulnerable to those attacks. Hackers are getting a hold of more sophisticated softwares nowadays, so it is not surprising if one day, one of them will be hacked.

bL4nkcode

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Quote from: scottsanderman12 on February 20, 2021, 01:13:03 PM

In connection with the last Ddos-attak on the EXMO exchange (the official response of the exchange), it is a question of time who will be the next target.

You're asking questions that its like we are nostradamus or we are those bastards that will attack a website for ddos.
There are lots of paid tools/services that fights for it, tho it cannot prevent from happening at least it minimize its damage.

If you're worried of who will be the next target exchange of hack or ddos. Then probably you should diversify your trading funds to at least 3 trusted exchange.

Oilacris

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Quote from: logfiles on February 20, 2021, 05:04:30 PM

Quote from: scottsanderman12 on February 20, 2021, 01:13:03 PM

it is a question of time who will be the next target.

Nobody knows the next target, that's the whole point of the attacks otherwise if they announce that "Hey, next week on Tuesday, we are going to carry out an attack on binance", then what will the point of the attack if people are going to get prepared and avoid the exchange on Tuesday?

The attacks happen almost to every popular site. Now in this crazy crypto bull run, expect lots of them, there's nothing much that can be done except being ready just in case it happens

Yes, its nonsense if they do voice out on which one would be targeted out next and as mentioned the site or platform would really be ready for that and whats the point on telling them publicly?

DDos attacks were common but to know the fact that launching up this kind of attack isnt really a cheap one. Mentioned aboved that these attacks are mostly on front-end

and it has nothing to do with back-end or internal which i presumed safer than on that typical breach like wallets or storage of funds.

logfiles

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Quote from: scottsanderman12 on February 20, 2021, 01:13:03 PM

it is a question of time who will be the next target.

Nobody knows the next target, that's the whole point of the attacks otherwise if they announce that "Hey, next week on Tuesday, we are going to carry out an attack on binance", then what will the point of the attack if people are going to get prepared and avoid the exchange on Tuesday?

The attacks happen almost to every popular site. Now in this crazy crypto bull run, expect lots of them, there's nothing much that can be done except being ready just in case it happens

Tstar

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Quote from: scottsanderman12 on February 20, 2021, 01:13:03 PM

Guys, I’m asking for your opinion.
In connection with the last Ddos-attak on the EXMO exchange (the official response of the exchange), it is a question of time who will be the next target. Have you ever had a breakdown in the stock exchanges you use? If so, how has management responded?

DDoS attacks are pretty nasty and even the most prepared sites could fall. But if the exchange has adequate security, they are not such a problem because DDoS attacks are blocking only access to the front-end without touching the funds.

In general, keep on exchanges the bare minimum for your trading needs and be patient when it happens.

scottsanderman12

jr. member

Activity: 154

Merit: 1

Guys, I’m asking for your opinion.
In connection with the last Ddos-attak on the EXMO exchange (the official response of the exchange), it is a question of time who will be the next target. Have you ever had a breakdown in the stock exchanges you use? If so, how has management responded?

Topic: Failure of exchanges (Read 167 times)