Topic: If an exchange gets hacked - page 4. (Read 2363 times)
Well when ever an exchange is hacked it causes a really problem and a very big lose so I think exchanges should work very hard to see that they protect themselves from hackers
The future for exchange will be systems that can better protect the safety of traders. I hope that traders will not have to pass on their secret keys.
No matter how secured the exchange site is, there is always a possibility that it can be hacked since this are online transaction and hackers especially those experts in digital technology. They will always find ways to earn easy money.
The future for exchange will be systems that can better protect the safety of traders. I hope that traders will not have to pass on their secret keys.
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 think hackers will be targeting the top rank coins since it could be easily be traded due to the number of exchange. This is why they will specifically choose bitcoin or ethereum as the coin they will be hacking.
Crypto-exchange is an insurmountable goal for hackers, and often traders are not given any guarantees or means to attract the owners of exchanges to liability.
Everything can happen that is why i prefer to keep money only on my wallets. Because if you have full control, then it is much more reliable.
it becomes so sad to see that an exchange site has been hacked and you will lose a whole lot of your coins on that particular exchange site. I was very lucky enough to sell my coins worth $1000 on one exchange site and two days after, the site was hacked. Not always safe to keep monies at exchange sites to me.
Do not use an exchange to store your coins. If the exchange gets hacked, you will use your funds because you don't have Private keys to your wallets in the exchange.
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.
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 couldnt get your point. if an exchange gets hacked and if you have some altcoins or bitcoin in that exchange that is it they all disappears you loose all your belongings there. it doesnt matter if it is ripple or bitcoin.
Sometimes, when exchanges get hacked, they compensate affected persons with their token (if they have) and if they don't have they may still compensate with another coin while sometimes some might file for bankruptcy. The reason why its always advisable to keep tokens/coins in wallets except you are trading at the moment.
There is no one that can not get hacked, one have to be very very careful as far as hacker is concern. Even government can be The most secure Facebook for hacked not to talk of exchange. But when an exchange got hacked they need to make sure they still av a way to secure their customer else they will loose all.
Just usually the loss of the exchange count in bitcoin, that is all lost altcoins to bitcoins transferred.
My opinion is that it is not safe to store your coins on stock exchanges. You expose yourself to greater risks. In case of hacking, at least your funds will be blocked for a certain period of time, before the exchange is restored, and at worst you will simply lose everything.
The last time I was afraid for the loss of my funds was when the BANCOR exchange was hacked. I just did not manage to get them out. Thank God everything worked out, and I did not lose my coins. But this case made it clear how it is not safe.
My opinion is that it is not safe to store your coins on stock exchanges. You expose yourself to greater risks. In case of hacking, at least your funds will be blocked for a certain period of time, before the exchange is restored, and at worst you will simply lose everything.
Exchanges are not for holding, it's only a platform for trading. So, never hold a huge amount of coins there, instead transfer a small amount of coins that you may need to trade then immediately withdraw to your local wallet. This way, you can stay safe.
it should be like that, but there are also those who keep their coins on the exchange, because they work as daily traders, it would be troublesome if they had to transfer coins to their personal wallets at any time.
Depends on T&C of that specific exchanges.
I don't store my coin in any exchange. I prefer to have a wallet for each of my holding.
I don't store my coin in any exchange. I prefer to have a wallet for each of my holding.
Exchanges are not for holding, it's only a platform for trading. So, never hold a huge amount of coins there, instead transfer a small amount of coins that you may need to trade then immediately withdraw to your local wallet. This way, you can stay safe.
I exchange nothing ever stored twice already faced with fraud and hacking. on hitbtc and fatbtc accounts were hacked
Security is the first priority in the Crypto world. As a normal investor, we don't know how all the things work in very well manner related to security. Don't know whether the people really smart who break the security or poor the exchange who can't make good security features. That's why always for me Hardware wallet or the Desktop wallet good choice. Try to avoid the store coins in the exchange. Although put all the investment in one exchange sometime really bad idea.
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