I was also surprised to see a large exchange hacked and indeed hackers are very smarter to break into money from exchanges or steal lots of coins. each exchange may have advantages or disadvantages of each and I think security in the exchange must be increased again so that hackers find it hard to hack money / coins in exchange.
Every time there is an exchange hack, usually the other exchange knew it and they will also find out how the exchange is hack so they can improve their system. There is no exchange that is hack proof and we have proven that we the recent hack of Binance just this year and just good that people did not complain because they have the SAFU funds, this is the kind of strategy that every exchange has to add, an insurance to their cllients since exchange is always vulnerable to hack even if they have a strong security. 
Topic: hackers becoming smarter than exchanges? - page 2. (Read 4726 times)
I was also surprised to see a large exchange hacked and indeed hackers are very smarter to break into money from exchanges or steal lots of coins. each exchange may have advantages or disadvantages of each and I think security in the exchange must be increased again so that hackers find it hard to hack money / coins in exchange.
this thread was made 2018 , now its the 3rd quarter of 2019
seems the statement still stands even being one of the top exchange unfortunately Binance security is still under construction.
seems the statement still stands even being one of the top exchange unfortunately Binance security is still under construction.
The fact is that one hacker can be smarter than another hacker, and the exchange can hire such a person or use the services of a certain group of hackers, even if they do not advertise this or hide this information as a corporate secret. Based on this, you do not need to consider the exchange dumber than hackers. An example is the connection between the administration of binance and a certain character, which helps to identify the attacker who hacked Binance and those people who are in the administration of the exchange and helped the attacker.
Most of these "hacks" are inside jobs. They come up with excuses so they can easily run away with users' money. I've seen it time after time and it looks like this will never stop as long as there are greedy people in this world.
I thought that so. This hacking issues with these two major exchanges may be an inside job. I am not 100% sure but it might be because there's no one else who can do the hacking unless they where the one who developed the system. Maybe one of the developer team of that exchange is part of that hacking incident.
It will be an eternal race. When the hackers invent a new method, the exchanges will do the same, and so on.
I wouldn't say that hackers are smarter than exchanges. Exchanges are very well aware of security risk, they just don't pay enough attention to protect their users. We might as well say that they are reluctant to invest in security. So users actually don't have much choice but to be more careful and protect themselves the best way they can.
Your thoughts are the wrong, the best exchanges after achieving stable developments, they always focus on developing the security and protecting their users in the perfect way because they know these little notes, it will be a factor for long-term development, if they don't take care of their customers and let their customers take unnecessary losses, customers will abandon them, even bad news will spread. But unfortunately, hackers are really smarter than exchanges, bad news about binance in recent days is the best evidence, exchange will need better before customers lose faith 
It's really too bad, exchanges have enough funds to covert their security, they can hire top security experts to use the best tools and servers to make sure that hacking will never be an issue because exchange hacking has an effect on the market, it's like we are moving backward, instead of moving forward.
It's one result when there's an exchange that lost a lot of money through hacking. The popular ones have hired the best security devs/experts that they can. It's just these hackers are always looking for loopholes and studies on how they can penetrate to their system. They are hackers and they are living to steal people's fund.
It's really too bad, exchanges have enough funds to covert their security, they can hire top security experts to use the best tools and servers to make sure that hacking will never be an issue because exchange hacking has an effect on the market, it's like we are moving backward, instead of moving forward.
Centralized exchanges are much more vulnerable than decentralized exchanges, that`s why we see so many hacks connected with centralized exchanges. Step forward will be when we start using DEx instead of CEx, because DEx is much safer. I don`t think that are hackers can be smarter than exchanges, they just use the opportunity and in most cases, they have some help from the inside.
Recent hacks didn`t have huge effects on the market like it was the case before. Things are changing as we can see.
It's really too bad, exchanges have enough funds to covert their security, they can hire top security experts to use the best tools and servers to make sure that hacking will never be an issue because exchange hacking has an effect on the market, it's like we are moving backward, instead of moving forward.
Hackers becoming more smarter its not true, they are good knowledge they implemented on time they utilise their time more focused way , and peoples are not fullly aware about their planing so we are missed to caught them their activity so first of all we can improve our knowledge and improve our security they just take advantage of weak point just.and exchanges not full secured by cyber attack so first improve our knowledge .and recognised the all action of hackers and to fail them on the spot .
Hackers' mind set is dynamic. There are a lot of possibilities and methods they can use in order to penetrate through the security of an exchange. Even the most secured thing in this world is not vulnerable free at all as innovation makes hacking do anything possible. On the other hand aside from improving our security, it's also important to choose wisely whom should be trusted or not. By this way, the risk of being hacked tend to be lesser.
Hackers becoming more smarter its not true, they are good knowledge they implemented on time they utilise their time more focused way , and peoples are not fullly aware about their planing so we are missed to caught them their activity so first of all we can improve our knowledge and improve our security they just take advantage of weak point just.and exchanges not full secured by cyber attack so first improve our knowledge .and recognised the all action of hackers and to fail them on the spot .
Well most of us here are already aware of the hacking activities of binance and bancor.They are taking practical measures to track down the culprits but the question on my mind is why could coincidentally both exchanges be hacked?Now it appears that the exchanges are not moving at a faster and innovative ways to upgrading their systems and allow these hackers time to study their systems well,identify the loop holes and cause the problem.In my opinion, exchanges should always move in an unpredictable way so as to always confuse these scammers .The scammers are scaring new investors away and this must stop.Exchanges must be up and doing so that we can attract new investors into cryptocurrency else our efforts are going in vain to attracting new investors.
I agree with your observation, they should a step ahead of these hackers, they should employ the best security people to manage they have the funds to do that, security should be their main concern, I advise investors to go for a big exchange, that has proven to have very good security in place and can guaranty traders funds in case of a hack.
I am sorry but hackers are always smarter than these companies. However, I strongly believe majority of the hacking is done on self-purpose to just get the cake out, and leave thee cream for users to fight over. So this is why we should only go for established Crypto Exchanges only instead of trying to join hands with any random name. If we go with the random option, we are likely to see some major struggle and that won’t be good at all for anyone.
it is always easier to attack something than to prepare defense , the attacker knows when and where and how
while the defender has to be prepared to as many scenarios as possible
with the cryptocurrencies it is much easier to transfer and spend the stolen funds
also , IMHO , many of the "hacks" are inside jobs , at least it looks like this
some incidents cannot be explained from the commons sense standpoint , for example the loss of the private keys when the owner died
somehow he was the only person who knew where are they stored , it is very likely that he was murdered and the story was invented to cover up the tracks
while the defender has to be prepared to as many scenarios as possible
with the cryptocurrencies it is much easier to transfer and spend the stolen funds
also , IMHO , many of the "hacks" are inside jobs , at least it looks like this
some incidents cannot be explained from the commons sense standpoint , for example the loss of the private keys when the owner died
somehow he was the only person who knew where are they stored , it is very likely that he was murdered and the story was invented to cover up the tracks
No, I think they don't need to change the security all the time because that is a waste of time and effort.
CZ said that Binance's exchanges were hacked because they announced their security system at press conferences and that revealed a lot of information about the type of security they are using.
To prevent that, they have to create a better security layer and keep it secret, not public.
CZ said that Binance's exchanges were hacked because they announced their security system at press conferences and that revealed a lot of information about the type of security they are using.
To prevent that, they have to create a better security layer and keep it secret, not public.
Hackers are always on the move to come up with new ideas to decode and break the security walls of exchange platforms in order to get to the hot wallet. This is the profession of the hacker. Knowing how relentless these hackers may be, exchange platforms are always entreated to update their security walls and employ high tech personnel capable of ensuring absolute security on the trading platform.
It is always a battle of brilliance and skills and knowledge online. The two companies that you mentioned should be ahead of this battle because they have the resources to hire the cream of the crop when it comes to security maintenance. There are individuals who are really brilliant in their field that they can break security protections made my a number or team of people. This is a huge call to these companies to step up or get compromised once more in the future.
Many of the smaller exchanges don't have enough staff or resources to look after the security. And this is one of the issues, when we have hundreds (if not thousands) of exchanges vie for the limited number of traders. From what I have seen during the last 7 years, if BTC gets stolen from an exchange, then there are mostly two possibilities - either the exchange was complacent, or it was an inside job.
And there is an altogether different issue in storing ETH and the ERC-20 tokens in exchanges. The security system of the ERC platform is not that advanced. And this is one of the reasons why Cryptopia initially refused to allow ETH and the tokens in its platform. Despite all the forks, the Ether platform lags behind in security.
And there is an altogether different issue in storing ETH and the ERC-20 tokens in exchanges. The security system of the ERC platform is not that advanced. And this is one of the reasons why Cryptopia initially refused to allow ETH and the tokens in its platform. Despite all the forks, the Ether platform lags behind in security.
It is true that Hackers nowadays are really smart even scammers as well, if there is sometime that the exchange has been hack it means the protection security of the exchange platform was not safe. And hackers doesn't care if it is big or small exchange just for them their aim is to hack and get something to satisfy themselves.
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