If an exchange gets hacked - page 3.

JaoBadjap

full member

Activity: 532

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Quote from: jimmywh on January 04, 2018, 02:34:07 AM

I was just wondering about something. From time to time we see exchanges get hacked, with a big loss of Bitcoins for the customers as a result. However, I was wondering if the other coins and tokens you are invested in disappears as well? Let's say Ripple, Zcash, Monero etc.

some exchanges has there own way to face such hacks.
but most likely its really better if you just transfer your crypto in an exchange when necessary.
although nothing is sure. i would rather say its better to check the exchange policy in such attacks.
if they are going to compensate or not.
or they will be gone no one will ever get paid.

nizamcc

legendary

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I have never faced hacking of the exchange where I trade. the only thing was freezing the coin Deposit. not for long. for technical reasons. I rabotal with Poloniex and Binance

bittick

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Cryptocasino.com

Quote from: abitgelluh on September 10, 2018, 08:52:22 PM

Quote from: @baoli on September 10, 2018, 06:40:07 PM

It depends on which exchange , in as much as they are susceptible to hack and lost of funs some exchanges have gone ahead to insure their exchange and can pay back individuals when lost occurs

and what about coinsmarkets? they don't pay individuals, they disappear and run away just after their market is hacked, I see there are hundreds or even hundreds of BTC carried by hackers

Never heard of it honestly, that's why I can speculate that this exchange is not officially licensed by any authority or simply a dummy exchange.
They might said that they got hacked but who knows if it's inside job.
This kind of thing often happen to crappy exchange that was made to steal people's money too, so watch yourself.

haryatiposton01

newbie

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I think all of the valuable altcoins other than Bitcoin also have the potential to be cracked, hackers are not just eyeing Bitcoin, they are also targeting valuable altcoins, keep watch and protect your wallet properly, security is one of the supporters of your success in crypto.

elosi

newbie

Activity: 182

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Every other coins can be hacked, not just bitcoin, as a matter of fact, most of the exchange hacked this year is not bitcoin that they hacked, they hacked other altcoins maybe they discovered some bug in their smart contract and took the advantage, in most case when such a thing happens, some exchanges will compensate the affected users

abitgelluh

newbie

Activity: 174

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Quote from: @baoli on September 10, 2018, 06:40:07 PM

It depends on which exchange , in as much as they are susceptible to hack and lost of funs some exchanges have gone ahead to insure their exchange and can pay back individuals when lost occurs

and what about coinsmarkets? they don't pay individuals, they disappear and run away just after their market is hacked, I see there are hundreds or even hundreds of BTC carried by hackers

posporo

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If an exchange gets hacked, i think the altcoins in that exchange will be affected because it is already inside in that exchange so if the whole exchange has been compromised so the body of that exchange will also be hacked.

juljon18

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Quote from: jimmywh on January 04, 2018, 02:34:07 AM

I was just wondering about something. From time to time we see exchanges get hacked, with a big loss of Bitcoins for the customers as a result. However, I was wondering if the other coins and tokens you are invested in disappears as well? Let's say Ripple, Zcash, Monero etc.

I assume the exchange makes a decision if they benefit more in the end by paying the customers back and continuing operations or shut down and not pay it back. Your funds will most likely comes down to a business decision. That's why it's better to use large exchanges. They have more to lose.

NavI_027

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Quote from: jimmywh on January 04, 2018, 02:34:07 AM

I was just wondering about something. From time to time we see exchanges get hacked.

How do you say "from time to time"? So do you think that the frequency of exchanges getting robbed is so often? I don't think so.

Anyway, I haven't heard any news saying that a particular exchange was hacked and all of its coins lost. What I heard every rime there are cases like this is that only few coins (1-2) were stolen like this news: https://www.japantimes.co.jp/news/2018/03/13/business/corporate-business/hacked-japanese-cryptocurrency-exchange-coincheck-refunds-customers/#.W5cCq4gRUwg

Quote from: jimmywh on January 04, 2018, 02:34:07 AM

with a big loss of Bitcoins for the customers as a result. However, I was wondering if the other coins and tokens you are invested in disappears as well? Let's say Ripple, Zcash, Monero etc.

No, if for example btc lost then other coins will not be affected — they will remain intact. But you should be prepared because there's a tendency that exchange will be foreclosed.

bravehearth0319

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Yes, there were exchanges wherein altcoins had been stolen. Every coin in the exchanges are not exempted to hackers. With today situation and with bitcoin's price which is very low, hackers shift to altcoins. Better not to put every coins in exchanges. I'm sure you don't want to regret.

@baoli

jr. member

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Base.protocol

It depends on which exchange , in as much as they are susceptible to hack and lost of funs some exchanges have gone ahead to insure their exchange and can pay back individuals when lost occurs

hummer113

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About major break-ins i have not heard, I hope that the exchange became more protected.

Febo

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Quote from: jimmywh on January 04, 2018, 02:34:07 AM

I was just wondering about something. From time to time we see exchanges get hacked, with a big loss of Bitcoins for the customers as a result. However, I was wondering if the other coins and tokens you are invested in disappears as well? Let's say Ripple, Zcash, Monero etc.

They are stolen. and then exchanges blacklist them and dont want to accept those coins anymore. Monero dont have transparent ledger and you cant trace coins when they change wallets so Monero cant be blacklisted.

Maricurijohn

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Activity: 294

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The Premier Digital Asset Management Ecosystem

Maybe then our property stored on it will be lost, so I advise only when selling new to transfer the wallet to store in a short time, should not leave them for a long time. Nowadays electronic money is quite dangerous

haydrop

newbie

Activity: 50

Merit: 0

i think all digital currencies are at potential risk of being lost to any exchange hack, damage is not limited to bitcoin alone

permatasai

newbie

Activity: 93

Merit: 0

It is safer to store your crypto in a private wallet than in exchange. I only send crypto to the exchange if I trade the rest. I will send it back to the personal wallet even though it requires a fee to send it for security reasons from hack exchange.

coinbirds

full member

Activity: 588

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Exchanges are not for storing funds, they are for trading with your funds.
Exchanges can be hacked and you can lose your investment.
Have only the amount you are planning to trade with on exchanges.

riska hanissa

full member

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based on the experience I experienced when I saw that the hacked exchange generally lost the top 10 coins. because the logic of hackers can easily sell on other exchanges, and those that are very vulnerable to hacking are usually BTC and ETH.

Kaller

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Merit: 501

Quote from: Wilamot on August 17, 2018, 12:13:33 AM

I think if a trade gets hacked, everything is influenced so most presumably btc and altcoins gets hacked as well. Contingent upon their arrangement they must be ready to restore a level of your speculation if this happens simply like the end result for South Korea's Youbit as of late. So hacking is a noteworthy test on organizations worked in the web, we are not so much protected and I think would never be.

I agree, anytime that an exchange gets hacked, there is always the loss of coins from the exchange which leads to people getting scared that their coins might be stolen and then there are fuds being spread account, this really ends up affecting the market as a whole and the price of the coins. As long as our money are still online, then we will never be free of the threat of hackers.

Wilamot

newbie

Activity: 27

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I think if a trade gets hacked, everything is influenced so most presumably btc and altcoins gets hacked as well. Contingent upon their arrangement they must be ready to restore a level of your speculation if this happens simply like the end result for South Korea's Youbit as of late. So hacking is a noteworthy test on organizations worked in the web, we are not so much protected and I think would never be.

Topic: If an exchange gets hacked - page 3. (Read 2377 times)