Is there any way to out of this insecurity? - page 3.

isaac_clarke22

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Quote from: SARA ISLAM on July 19, 2020, 02:27:29 PM

Over the past few years, I have been horrified by the way accounts of various exchanges and crypto-related websites and individuals have been hacked by hackers. Is there any way to out of this insecurity? I think cryptocurrency will lose popularity if it continues like this, share your ideas on what can be done to overcome this situation.

Even government sites get hacked.
Everything in the internet is vulnerable.
Have you heard about the recent Twitter hacks that scammed a lot of people recently?
There's no such thing as perfect security as long as you're using something under one's creation or code to be precise.

So for exchanges, regardless of how reputated it is, hacks aren't avoided.
That's why people are advised to not keep their money/fund/capital in an exchange wallet when they're not trading.
It's not your money when you put it in an online wallet because you don't hold the private key, remember that.

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Quote from: SARA ISLAM on July 19, 2020, 02:27:29 PM

Over the past few years, I have been horrified by the way accounts of various exchanges and crypto-related websites and individuals have been hacked by hackers. Is there any way to out of this insecurity? I think cryptocurrency will lose popularity if it continues like this, share your ideas on what can be done to overcome this situation.

just to clarify,Why are you becoming insecure?i mean what about the hackings?have you invested Huge amount?
The way you react seems like you have been a victim of hacking or you are a big investor that afraid to become a victim?

Lets just be realistic here.

Because you made us confused since the topic is very serious when we as long term Holders are very precise in our trust in this market.

Sebas.tian

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Quote from: Oyarebu on July 21, 2020, 01:55:46 PM

Don't expect all cryptocurrency exchange to be same when it come to it security, some had the money to use while others don't. Mostly, the exchange we should be afraid of are the new cryptocurrency exchange and not some old exchange that has good reputations when talk about security. The likes of Binance and other good exchange should be embrace and use.

They don't hack without a source, those hackers do carryout their dubious actions through compromised emails and systems, many had sometimes given out their social medias handles which had exposed them to hackers, they then use the opportunity to maliciously steal from their victims. To be safe in this cryptocurrency industry, ensure to hide your identities from hackers and always double check your URL before imputing your data.

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Quote from: Shasha80 on July 22, 2020, 04:58:41 PM

Therefore do not keep all the coins we have on exchanges, only keep what we will use for trading. The rest of coins that we have keep
in the hardware wallets, then choose popular and trusted exchanges. So when these exchanges are hacked, our lost coins can be replaced
by them. Don't forget to activate 2FA and use strong password. The last thing to prevent being a victim of hackers, don't just click the link
that we don't know. If all the things mentioned above are done correctly, we should be able to avoid being a victim of hackers.

Some traders think that purchasing a hardware wallet is expensive and they can't avail it. If that's a problem to them, they can download those wallets for the coins that they have specifically for the desktop wallets where the security is better.
2FA is a must. It makes the security tighter if most of the coins are in the exchanges but for the sake of safety, newbies should stop keeping their coins in exchanges.

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Quote from: michellee on July 22, 2020, 09:56:34 PM

Quote from: AakZaki on July 22, 2020, 06:38:38 PM

Never leave all your assets with an Exchange Provider, it will be very dangerous. Use your personal wallet, which is Hardware wallet which in my opinion will be safer.

It is what we need to do for our assets because we never know what will happen to the exchanges. If we feel insecure to keep our assets in the exchange, we need to move it to the personal wallet and don't risk your fund in the exchanges. That will be a side job too you, means, if you want to trade or sell the coin, you need to send the coin to the exchange, but that will be worth doing to prevent hackers.

It is not that easy for day traders to move their assets in and out of exchange anytime they want to trade, this is the more reason why exchanges needs to up their game in tighten the security of their exchange,
in most cases, traders have the majority of assets on exchange, an investor who just want to hold a coin should be wise enough not to leave the assets on exchange,
The best option will be to use dex but we all know dex has less volume than cex, it is not easy for day traders to use them, although they are more secure.

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Quote from: AakZaki on July 22, 2020, 06:38:38 PM

Never leave all your assets with an Exchange Provider, it will be very dangerous. Use your personal wallet, which is Hardware wallet which in my opinion will be safer.

It is what we need to do for our assets because we never know what will happen to the exchanges. If we feel insecure to keep our assets in the exchange, we need to move it to the personal wallet and don't risk your fund in the exchanges. That will be a side job too you, means, if you want to trade or sell the coin, you need to send the coin to the exchange, but that will be worth doing to prevent hackers.

AakZaki

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Insecurity arises because you are too paranoid so there is no safe gap in your mind.
All systems will indeed not be safe and have gaps, but you will remain safe as long as you follow all the rules, follow the safety instructions properly.

Hacking various kinds of sites such as Exchange sites is already common, it is the duty of exchange providers to continue to build strong security. Even Binance as the most popular exchange has now been hacked by hackers.

Never leave all your assets with an Exchange Provider, it will be very dangerous. Use your personal wallet, which is Hardware wallet which in my opinion will be safer.

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Quote from: Shasha80 on July 22, 2020, 04:58:41 PM

Therefore do not keep all the coins we have on exchanges, only keep what we will use for trading. The rest of coins that we have keep
in the hardware wallets, then choose popular and trusted exchanges. So when these exchanges are hacked, our lost coins can be replaced
by them. Don't forget to activate 2FA and use strong password. The last thing to prevent being a victim of hackers, don't just click the link
that we don't know. If all the things mentioned above are done correctly, we should be able to avoid being a victim of hackers.

This is mostly the common thing that people who are scared on hacking do, I also do this on my trading account. I don't make my asset sit on my trading accounts since there's always a possibility that it can be hacked, Though I don't have any experience of being hacked, it is my own safety precaution for myself not involved in any hacking activities. 2FA is a simple but really strong additional security, Most of my account has it. Of course, you need awareness of what's happening in the environment you're having at. If you're having a weird experience on your trading account or the device you use, It's better to check out the asset you have and make move.

Shasha80

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Therefore do not keep all the coins we have on exchanges, only keep what we will use for trading. The rest of coins that we have keep
in the hardware wallets, then choose popular and trusted exchanges. So when these exchanges are hacked, our lost coins can be replaced
by them. Don't forget to activate 2FA and use strong password. The last thing to prevent being a victim of hackers, don't just click the link
that we don't know. If all the things mentioned above are done correctly, we should be able to avoid being a victim of hackers.

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Quote from: Da_Primate on July 22, 2020, 04:00:16 PM

It still boils down to doing your own research on any platform that would be housing your money. There are exchanges with great security and also have users fund safu.

Doing research about security level of an exchange or platform you use before trusting them with your fund but online platform is ever cautious even with the said SAFU cause sooner or later human error will occur and this is the reason why people are advised to keep online the fund they can afford to loose on exchange site.
@OP, to over the issue of insecurity every crypto exchange and project owner need to think like scammer/hacker in other to provide adequate security.

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Quote from: Lanatsa on July 22, 2020, 03:11:49 PM

Quote from: bitbunnny on July 22, 2020, 01:17:18 PM

There is no absolute security, we need to be aware that. Every account and wallet can be hacked, just like any bank can be robbed.
However, exchanges and other crypto services can raise the level of security and we also need higher awarness among users to protect themselves. We need to be aware that cyber security is very important, that there are some technical measures that could be implemented and we can also protect our personal and financial data.

Nothing is secure and this is why there are security measures that we can somehow able to use like on-site 2fa and other verification before it can be breached out and as a user then its part of our responsibility
to be active on setting things up since we know that we are storing our funds in.

In all cases, we should really be aware on how possibilities could happen when in talks of hacking incidents thats why just like on what others said that leaving big funds on exchanger or any platforms
is really a bad idea.

Insecurity? get used to it because these circumstances isnt really something new into this crypto world.

I think all things that involve money has always its scammers around no matter what we do. We should face the reality and just get used to it. This is the reason why we should always be responsible with our own accounts not to be steal by other people and always assure its security by not putting all our investments in a single exchanger.

Da_Primate

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It still boils down to doing your own research on any platform that would be housing your money. There are exchanges with great security and also have users fund safu.

Lanatsa

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Quote from: bitbunnny on July 22, 2020, 01:17:18 PM

There is no absolute security, we need to be aware that. Every account and wallet can be hacked, just like any bank can be robbed.
However, exchanges and other crypto services can raise the level of security and we also need higher awarness among users to protect themselves. We need to be aware that cyber security is very important, that there are some technical measures that could be implemented and we can also protect our personal and financial data.

Nothing is secure and this is why there are security measures that we can somehow able to use like on-site 2fa and other verification before it can be breached out and as a user then its part of our responsibility
to be active on setting things up since we know that we are storing our funds in.

In all cases, we should really be aware on how possibilities could happen when in talks of hacking incidents thats why just like on what others said that leaving big funds on exchanger or any platforms
is really a bad idea.

Insecurity? get used to it because these circumstances isnt really something new into this crypto world.

bitbunnny

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There is no absolute security, we need to be aware that. Every account and wallet can be hacked, just like any bank can be robbed.
However, exchanges and other crypto services can raise the level of security and we also need higher awarness among users to protect themselves. We need to be aware that cyber security is very important, that there are some technical measures that could be implemented and we can also protect our personal and financial data.

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Quote from: Savemore on July 22, 2020, 02:15:23 AM

Quote from: sujonali1819 on July 21, 2020, 11:14:13 AM

As long as the crypto exchange will remain in the internet hackers will try to hack them. And they become successful sometimes for the poor security. If we don't make secure ourself we continuously will victims of these hacks. So what should we do. Use always most trusted/secured exchanges. Again don't hold your capital in any exchange. Exchange only for trading not for holdings your money. So avoid doing it and always hold your capital in an external wallet.

Exchanges out there are vulnerable to hackers even though they have really tight and high security. This is one of the factors why we should not see it as a wallet to save our coins there for a long period of time. What I deposit in my exchange is the money that I willing to risks, I deposit in my exchange there because I actively buy and sell altcoins and my goal is not to deposit there for a long period of time. For those traders out there, just choose an exchange that has high security in order to guarantee that your funds out there are safe and secured.

In fact, hackers are not stupid people and they can always find ways to get to your account and your cryptocurrency funds. But nevertheless, it is best not to store all your capital in the wallets of the cryptocurrency exchange, but only the part that is needed for trading. in addition, I made a choice in favor of binance, since this cryptocurrency exchange is not only the most balanced in its functionality for a trader, but also provides a good degree of protection, including confirmation of actions via SMS by phone.

Savemore

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Quote from: sujonali1819 on July 21, 2020, 11:14:13 AM

As long as the crypto exchange will remain in the internet hackers will try to hack them. And they become successful sometimes for the poor security. If we don't make secure ourself we continuously will victims of these hacks. So what should we do. Use always most trusted/secured exchanges. Again don't hold your capital in any exchange. Exchange only for trading not for holdings your money. So avoid doing it and always hold your capital in an external wallet.

Exchanges out there are vulnerable to hackers even though they have really tight and high security. This is one of the factors why we should not see it as a wallet to save our coins there for a long period of time. What I deposit in my exchange is the money that I willing to risks, I deposit in my exchange there because I actively buy and sell altcoins and my goal is not to deposit there for a long period of time. For those traders out there, just choose an exchange that has high security in order to guarantee that your funds out there are safe and secured.

Bitstar_coin

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Quote from: SARA ISLAM on July 19, 2020, 02:27:29 PM

Over the past few years, I have been horrified by the way accounts of various exchanges and crypto-related websites and individuals have been hacked by hackers. Is there any way to out of this insecurity? I think cryptocurrency will lose popularity if it continues like this, share your ideas on what can be done to overcome this situation.

I think this is a growing concern in the crypto space and believe it or not it will have some negative effect when it comes to new investors coming in to the market, just like you are feeling insecure so will be new investors, their thoughts will be on the lack of security and the frequent hacks that have taken place in exchange, if you are not a trader and don't have the need to keep your funds in any exchange, you may not be bothered about it,

However, i think it has gotten to a point when this various exchange should put all hands on deck and find a lasting solution to this problem, it won't be nice to constantly face with same issue, security should be a top priority, am sure there is a way this can be resolve to reduce this attacks.

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Quote from: maxreish on July 21, 2020, 08:01:15 PM

Even the big , best and well established exchanges cannot escape in the hands of the hackers. It is a normal thing that is happening now. I remembered Binance when it was hacked before but they compensate and return the lost bitcoin of users. Given that it might harm their reputation that is why the owner took the responsibility and return the funds of those users that got affected.

The point here is that even the tightest security can be deminished.

Yes, not just binance, but poloniex, and bittrex and the other big exchange have those experiences. The exchanges can protect their site from hackers, but they can not always secure the website, especially if hackers have high skills to break the security on the exchanges. But the exchanges need to take responsibility if they don't want to see the members leave on their site because they can not protect the site. It is hard for the exchanges, but I am sure they will do their best to protect them.

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I don't take loans, ask for sig if I ever do.

Don't use exchanges then. And as a matter of fact, you should also stop using any type of social media, forum, hell don' t use the internet. Nothing is perfect in this world, and hacks and the like are, as much as I hate to say it, perfectly natural for exchanges and companies to experience, especially if they're just in the beginning stages. It's rather simple to actually avoid your funds getting hacked from an exchange tbh, use a hardware wallet. Stop storing coins in exchanges and you're basically safe. You're insecurity rather really just stems from you believing that crypto wouldn't last due to these setbacks, but setbacks themselves are the ones that provide development to something.

If you fully believe that crypto would die due to this, just stop using it entirely, no one is really forcing you or anything. Being hacked/scammed of your funds is basically avoidable if you put enough preventive measures, especially since you're only managing your own sole funds.

maxreish

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Even the big , best and well established exchanges cannot escape in the hands of the hackers. It is a normal thing that is happening now. I remembered Binance when it was hacked before but they compensate and return the lost bitcoin of users. Given that it might harm their reputation that is why the owner took the responsibility and return the funds of those users that got affected.

The point here is that even the tightest security can be deminished.

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