Topic: If an exchange gets hacked - page 6. (Read 2363 times)
I wonder why so many people still use exchanges to store their coins for a long time. Exchanges are so unsafe, they got hacked regularly; moreover, some exchanges crash and all users belongings just disappear. Wallets (online or desktop) are free of charge and not so easy to hack.
Exchanges have key information that controls large amounts of alternative coins and especially bitcoins,and Of course they must be very careful when they are checking their wallets and its not about checking hot or cold wallets,They need to renew their security software..So Answer is obvious if they do something wrong about these procedure of course you will lose tokens or another coins too,It depends on which information will they hack,If they steal the information which controls your concrete coin you may say them bye...And we all know, incidents like these have already happened.
I read that there are already cases when hackers hacked exchanges and stole a lot of money,if compared to banks, then the crypt more risky....
This is the risk of a centralized exchange. That's why you should only put the coins/tokens you want to trade on an exchange.
If they can steal Bitcoin, they can also steal the other coins/tokens.
You can minimize the risk by trading at multiple exchanges.
You can use decentralized exchanges, but people don't really use them.
Except some exchanges for Ethereum. But they can be hacked too (DNS hack).
Or you can try to use BarterDEX. But there is too few people using it.
If they can steal Bitcoin, they can also steal the other coins/tokens.
You can minimize the risk by trading at multiple exchanges.
You can use decentralized exchanges, but people don't really use them.
Except some exchanges for Ethereum. But they can be hacked too (DNS hack).
Or you can try to use BarterDEX. But there is too few people using it.
There are three ways of continuation after it. First is that they will not return the money back, no matter what. Second is that they will be fair and will return the money, as it was their failure. And the last one is find hackers and return everything from them.
It is not secret what will happen. Because it is already was happened many times. If Exchange will be hacked, Exchange will lost some crypto and will not able to return crypto to clients. In most of cases exchange will disappear after that.
exchanges should hold a large part of their funds in cold wallets(=only accessable by a few people),
however it wouldn't be surprising if many holds a big part of coins in hot wallets, probably the less established exchanges could do this.
it's never wise to keep your crypto on an exchange! they hold your private key, thus they have full access in the end while you don't.
however if you are not technically interested it's maybe safer to keep it at an exchange, compared with maybe having viruses and such.
ultimately it's your money and your decision!
however it wouldn't be surprising if many holds a big part of coins in hot wallets, probably the less established exchanges could do this.
it's never wise to keep your crypto on an exchange! they hold your private key, thus they have full access in the end while you don't.
however if you are not technically interested it's maybe safer to keep it at an exchange, compared with maybe having viruses and such.
ultimately it's your money and your decision!
There are three ways of continuation after it. First is that they will not return the money back, no matter what. Second is that they will be fair and will return the money, as it was their failure. And the last one is find hackers and return everything from them.
For fuck sake!
The thread creator was asking if an exchange is hacked and Bitcoin stolen, then if other coins will get stolen as well.
A bunch of idiots joined in talking nonsense that has nothing to do with the question. Are you people illiterate? Can't read and comprehend simple questions?
My guess is no, but as one of the rare people who stuck to the topic said, it depends on the hack. Coinone was robbed of NEM and nothing else.
The thread creator was asking if an exchange is hacked and Bitcoin stolen, then if other coins will get stolen as well.
A bunch of idiots joined in talking nonsense that has nothing to do with the question. Are you people illiterate? Can't read and comprehend simple questions?
My guess is no, but as one of the rare people who stuck to the topic said, it depends on the hack. Coinone was robbed of NEM and nothing else.
Why mad?
There are targets for hacks. Have you seen the etherdelta hack? There are just picked tokens that are missing and they are ones who have a greater value. I bet hackers wont be taking any cheap coins since it will be a waste.
Beware of those kinds of exchange for they might have hacked themselves just to rob coins and you cannot do anything about it afterwards. There is no insurance in the crypto world. Say bye bye to it once its gone.
Are you nut? Etherdelta is using the privatekey method and hacker is only able to steal ethereum based tokens and ethereum token itself.
It's different with what already asked by OP. It looks like you are a part of those are not reading what question has been asked by OP properly.
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.
This is why I dont trust exchanges. You don't have the fulk control over your coin and it might be hacked anytime. I just place coin in an exchange when I only needed. I prefer to keep my fund on my own wallet than exchange. Also choose an exchange that is already well known and established. There were large exchanges out there that actually has a good security feature.
For fuck sake!
The thread creator was asking if an exchange is hacked and Bitcoin stolen, then if other coins will get stolen as well.
A bunch of idiots joined in talking nonsense that has nothing to do with the question. Are you people illiterate? Can't read and comprehend simple questions?
My guess is no, but as one of the rare people who stuck to the topic said, it depends on the hack. Coinone was robbed of NEM and nothing else.
The thread creator was asking if an exchange is hacked and Bitcoin stolen, then if other coins will get stolen as well.
A bunch of idiots joined in talking nonsense that has nothing to do with the question. Are you people illiterate? Can't read and comprehend simple questions?
My guess is no, but as one of the rare people who stuck to the topic said, it depends on the hack. Coinone was robbed of NEM and nothing else.
Why mad?
There are targets for hacks. Have you seen the etherdelta hack? There are just picked tokens that are missing and they are ones who have a greater value. I bet hackers wont be taking any cheap coins since it will be a waste.
Beware of those kinds of exchange for they might have hacked themselves just to rob coins and you cannot do anything about it afterwards. There is no insurance in the crypto world. Say bye bye to it once its gone.
all coins hold in an exchange can be stolen... so this is one of good reasons NOT to hold coins on exchange but store them on personal private wallet (better if hardware one like Ledger or trezor)
Well when NANO just got hacked last month on Bitgrail they said that it was only NANO (XRB then) and the rest of the funds are safe. I will believe it when I see the rest of my funds, up until then I obviously will have reservations on their character.
Yes always trust your own eyes only. But you can not really compare Binance with Bitgrail. Bitgrail was/is operated by a person who calls himself "The Bomber"...
Well when NANO just got hacked last month on Bitgrail they said that it was only NANO (XRB then) and the rest of the funds are safe. I will believe it when I see the rest of my funds, up until then I obviously will have reservations on their character.
Yes always trust your own eyes only. But you can not really compare Binance with Bitgrail. Bitgrail was/is operated by a person who calls himself "The Bomber"...
If your exchanges wil lbe hacked all of those investments of yours will be vanished into thin air leaving nothing for your,you will lose everything and that will be unrecoverable if you put all of your investments into these exchanges,that is why it is not recommended to put big amounts of money in your exchange accounts so that you will be safe if anything happened.
Well when NANO just got hacked last month on Bitgrail they said that it was only NANO (XRB then) and the rest of the funds are safe. I will believe it when I see the rest of my funds, up until then I obviously will have reservations on their character.
If an exchange gets hacked and not it's wallets, then your information on that exchange would get leaked. If the hackers get access to the wallets, then whatever wallet has been hacked, then your money if its stored in the wallet will be stolen. Depends on what the hackers want to get access to. Some hackers hack exchanges/sites just for fun. They don't take users funds or any data.
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.
Yes, there is a chance any and all coins will be lost forever. Any coin that the hacker can gain access to will be gone. They won't leave anything behind unless they can't get to it.
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.
Yes it also disappears depending on the target of the hackers. No crypto is safe when an exchange is hacked. It is therefore proven that you must exchange or trade your coins as quickly as possible to avoid the chances to experience major problems. Also, use exchanges which are reliable and has many types of verifications so that you can gain money in a safer way.As I know from reading here on forum exchanges have hot and
cold wallets for every coin they support, hacker hack this wallets
or just one. It is not safe to keep your coins in any exchange, that
is advice from all high ranked members on this forum.
Until now I did not read that any hacker exchanget for hacking
exchange. Cause of that I think that most of this cases are inside
jobs, maybe I am wrong but until I see that some hacker is arrested
I will not change my opinion.
It is usually the case that only one of the coins are stolen. It used to be bitcoin, so they stole that. These days, they steal whatever, but more likely privacy coins like Monero, or they steal something and convert it to monero.
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