Topic: If an exchange gets hacked - page 5. (Read 2363 times)
It depends on the layers of security applied by the exchange. An exchange with a very high security can never get hacked. But in such eventually, the loss is often huge. As an advice, exchanges shouldn't be used to store funds. Always keep your cryptos in wallets you have total control and private key.
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.
It depends on the exchange vault, most exchange has different vaults with various degrees of security. I believe that the amount which are needed for daily maintenance of liquidity could be differentiated from the funds which are expected to be stored for longer periods of time. Also, it's possible that the exchange have different vaults for different cryptocurrency. In a situation where there is some level of compromise on the vaults, it may be clumsy to report the various cryptocurrency individually, so the exchange reports the dollar equivalent or the bitcoin equivalent of the lost funds. Hence, giving the public an idea of the extent of loss suffered as a result of the compromise.
I never kept the tokens on the exchanges, too much risk. I only use MEW as a wallet. I guess the best option is hardware wallet.
Hackers can steal everything. But the deal is which exchange platform do you use. Such companies as Binance, Bitfinex will compensate all losses, but small and unknown exchanges won't do anything!
Yeah sure when an exchanges get's hacked, any tokens could be affect, it's not only bitcoin that's been hacked these days, as a matter of fact, some of the recent hacks on the exchanges is not bitcoin hack but other tokens.
Of course, everything in network could be hacked, I have some coins for amount 1500$ on exchange and they scamed! really it was shock... but everything could be
For storing your crypto assets, I advise you to use hardware wallets. If there is a need to store your coins on stock exchanges - do not store them on one and carefully choose exchanges that have already earned credibility.
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.
If an exchange gets hacked and you have your coins in the exchange then there is every possibility that your coins will be stolen if they get into your account regardless of the kind of coins that you have, if they want it then they can take it. Which is the reason you should never leave your coins on exchanges as they are prone to hacking. 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.
each exchange has a different policy for the customer's lost coins. Some exchanges will compensate and some will file bankruptcy. Never use exchanges as a deposit of long-term funds, if you want to save, you can do it in the wallet.
trading or exchange can all be hacked, but we can still outsmart it by copying your money in several places and making sure that the place is only you who knows. And the most important thing is not to put everything in one place. must make a copy that is different from the needs you use, then you lock the two places and make sure only you hold them and use them.
if the resentment has occurred in the exchange, the asset of the trader becomes a threat and will not be able to return. but for large exchanges like bittrex, bitfinex, binance, bitbay etc, it increases security. If you want to be safer you can save assets in a personal wallet like Ledger or Trezor.
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.
The fact is not only bitcoin but all digital currencies hodl on exchanges possible to loss if exchanges been hack. Its better to keep your hodling in your safe wallet rather that keeping it in exchanges. So no excuses for losses if you hodl and the exchanges was hack.
#Support Vanig
Thats why if your holding your coins better its better to move it to your private wallet thats safer !
It depends on the exchange, which pays out if it trades all the money it needs.
But if the exchange cannot pay the token, it will disappear.
But if the exchange cannot pay the token, it will disappear.
To reduce the risk from this case, its better to chooce exchange that has protection for their customer, like Binance that has SAFU program ( Secure Asset Fund for Users). All exchanges should be has the same protection for their customer. Other way to minimize this risk is use also minimum 2 different exchanges.
On the off chance that a major trade hacked, enormous and terrible things happen. For example, the death of individuals' personality data to programmers, the robbery of coins, and so on., take the crypto cash world too far back. Individuals' trust is finished and nobody needs to contribute
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 it will be gathered also by the hacker to trade. There are a lot of money in altcoins too and I bet most hackers targets altcoins instead of bitcoins, I wish there's away to hold funds that are confirmed taken by these hackers to stop these instances.
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.
At the stock exchange, all the coins can be lost and lost, BTC has the biggest price and most of it is stealing the most, so if they have the opportunity to steal some other coin, they will steal it too.
We have always make our token and coins not to stay long on an exchange wallets. Hackers now are targeting any security exchanges even it is centralized or decentralized. We have always diversified our assets because no one is secure now.
It will be an unfortunate situation for both exchange and owner of coins. I think different exchange has their policy regarding hacking or loss of customers funds. Some may decide to compensate customers while some may not.....its better to find out.
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