Is there any way to out of this insecurity? - page 4.

DoublerHunter

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Quote from: Oceat on July 21, 2020, 12:40:05 PM

Quote from: SARA ISLAM on July 19, 2020, 01:27:29 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.

You know it's not just crypto exchange's been hacked before, right? Bank accounts, social media accounts and any other kinds of accounts connected to the internet is a target for hacking. So get used to it already since you can't stop them from doing it anyway, all you have to do is to fully secure your account all the time since anytime the hacking could happen. There is no perfect or safe system, everything is vulnerable to hacking.

^ Definitely right and this is the fact.
Anything can be hackable, even good exchange can be hacked also. I saw that reply above was referring to Binance exchange but we know that they had a hacker record last year because of breaching their security system which is losing thousand of Bitcoin in different accounts. So, theoretically, there is no safe exchange at all. You are not lucky if you have been chose an exchange site that was hacked. Nevertheless, there is always a good advantage if we choose a reputable exchange than the shady one.

lixer

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Quote from: sujonali1819 on July 21, 2020, 10:14:13 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.

I think a small 2-step verification can solve most of the problems and hacking will be almost neglected because like Binance asks you to verify code every time you make a withdraw so that enables either the hack to have access to your mobile or you are tricked into sending the hack the OTP via a phishing site which is not as easy as it is easy without the OTP.

Most of the exchanges have implemented and actually made mandatory to have a 2FA enabled which sometimes sounds irritating but is the need of the time we are in and since crypto can't be tracked so you cannot do anything once you have been stolen.

wozzek23

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Quote from: Oyarebu on July 21, 2020, 12:55:46 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.

The problem occurs with emails mainly in my opinion as people are sent lucrative offers via emails and those who are new clicks on it to go into the world of hackers where they will ask you to login and you are basically giving away your money and account to them.

The root of the problem is how the hackers are getting your email id and that is via airdrops and various other sources so just make sure the email you use for exchanges and accounts you never use the same emails for airdrops and other activities.

You need to safeguard your money and no one else is going to do it for you, so be smart and firstly, don't make your email known to hackers and if even somehow they do, make sure you check the web address thrice before putting data.

carlfebz2

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Quote from: Oceat on July 21, 2020, 12:40:05 PM

Quote from: SARA ISLAM on July 19, 2020, 01:27:29 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.

You know it's not just crypto exchange's been hacked before, right? Bank accounts, social media accounts and any other kinds of accounts connected to the internet is a target for hacking. So get used to it already since you can't stop them from doing it anyway, all you have to do is to fully secure your account all the time since anytime the hacking could happen. There is no perfect or safe system, everything is vulnerable to hacking.

You are right! Nothing is unhackable out of this world and it does exist even crypto market havent existed yet.So the best thing to be done is indeed to follow is on how to secure all of the accounts you do have.

When you do have some money on wallets then always back it up plus setting out the most secure kind of way on protecting towards hacker,once you've done this then they cant easily access it out

unless if the platform or said service had completely been breached nor take controlled.This is how thing goes into this market and its not really something new.

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If we keep going on studying on different exchanges' hack events, we can easily find out some similarity and one of them is basic vulnerability to be found on crypto wallets; before devs find them those hackers exploit them for their benefits. When exchanges are keep updating their wallets, the chances for hacking will be greatly minimized. I'm just talking about what happened with one exchange and there could be many other security breaches and these are the the actual invitation for hackers.

Another important thing about exchange hacking is, insider information. Running exchange is a big business and this is the reason the owners need to hire many people and when one of them is going corrupted for their own benefit or guided by others for some reasons, the hacking will become inevitable.

Oyarebu

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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.

Oceat

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Quote from: SARA ISLAM on July 19, 2020, 01:27:29 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.

You know it's not just crypto exchange's been hacked before, right? Bank accounts, social media accounts and any other kinds of accounts connected to the internet is a target for hacking. So get used to it already since you can't stop them from doing it anyway, all you have to do is to fully secure your account all the time since anytime the hacking could happen. There is no perfect or safe system, everything is vulnerable to hacking.

Yamifoud

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Quote from: SARA ISLAM on July 19, 2020, 01:27:29 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.

Hacking is a global market problem, in fact, not only it happens to crypto market but also in social media accounts. But could we see this a horrifying scenario? Maybe yes, but I wasn't thinking that we can put this to an end because hackers will still be making way to crack down keys just for them to succeed with their intention.

We can just minimize this but certainly can't be avoided. Besides, the hacking incident of Binance never has been expected as well and this also happens to others. What we are doing now and for these big exchanges is to thighten up their security and more vigilant with the activities.

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Quote from: SARA ISLAM on July 19, 2020, 01:27:29 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.

Once you deposit your coins to an exchange and you activate 2FA there is not much to do except what you should always be doing like surfing safely the web and not install anything suspicious on your computer or phone, once your coins are in the possession of someone else then it is the responsibility of the one holding the coins to secure them, your only option to reduce this risk is to become a position trader, position traders only perform a few trades per year, which means you could deposit your coins, make your trade and then get your coins out of the exchange, if you are fast this could take just a few minutes and it will be very unlikely for you to lose your coins during that period.

sheenshane

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That's the reason why we do our own diligence upon choosing a good exchange. Hackers will never stop chasing to scam exchange as long as they know they can get profit on it. Once there's an exchange that weak security measures, hackers will take advantage that might be causing security breaches.
Always prefer to the good exchange and have multiple security features and funds should be safe like Binance exchange that has a Secure Asset Fund for Users or (SAFU).

The most important thing is don't leave your money in exchange. Pull out when you have done in trading. There's no way to trust them to hold our fund for long term purposes.

sujonali1819

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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.

traderethereum

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As long as the exchanges can protect their site from hackers, we don't have to worry about anything.
I am sure the exchanges, especially the big exchanges, will try to secure their site and be aware of the hacker attack.
If you still worry, you don't have to join the exchanges, but you can use another way to trade.
But I am sure that the cryptocurrency will not lose popularity because of that problem because people will have another exchange to trade, and they will not back to that exchange.
People have many good exchanges that they can use to trade, so they don't have to worry about hackers.

mk4

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Quote from: Lucius on July 21, 2020, 09:20:01 AM

On the other hand, those who would practice your advice would have a rather big problem if they would often withdraw their funds due to rather high fees when it comes to BTC.

Unfortunately it's their only option if it's the case that they do trading with a significant bankroll. Especially those who trade high-liquidity pairs like BTC:USDT on spot exchanges without leverage. It's not like they're trading 24 hours a day though, so a lot of them probably wouldn't mind slow transactions for their non-trading hours.

LbtalkL

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I was thinking different until I read the whole message "insecurity" = uncertainty or anxiety about oneself; lack of confidence. But I guess what you mean is to have better security and privacy on our accounts on exchanges. Hacked is something we cannot stop hackers always find a hole or bug to penetrate, but of course we can prevent it if the exchange have tight security. If indivual accounts, most likely it is a user base attack maybe a phishing or something, but the bad thing is if the hacker hack the exchange but some exchange has insurance like binance and cover any losses.

Lucius

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Quote from: mk4 on July 20, 2020, 12:52:02 AM

1. Only leave the minimum amount of money you need for trading on exchanges.
2. Withdraw frequently.

That would be an ideal solution, but a large percentage of crypto users are not at all familiar with the concept of desktop/mobile/hardware wallets and keep everything they have online. On the other hand, those who would practice your advice would have a rather big problem if they would often withdraw their funds due to rather high fees when it comes to BTC.

In fact, it's about controlling the risk as much as possible, and making you aware at all times that the funds you have on the crypto exchange can be hacked, your account frozen or shut down at any time. Those who do not want to live with such a risk choose a much safer method to simply keep their coins in non-custodial wallets and profit from price increases over a longer period of time.

bhadz

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Quote from: SARA ISLAM on July 19, 2020, 01:27:29 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.

Crypto won't lose its popularity just because of it. Because there are more severe cases with the bank online thefts yet people are still using the banks so that can be the comparison that I can give. And for your security, make sure that you are not keeping a big amount on exchanges.
Turn on the 2FA for better security, 2fa with google app or authy or through your email or sms.

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Quote from: SARA ISLAM on July 19, 2020, 01:27:29 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.

This depends on the cryptocurrency exchange, some exchanges are the cause of their hacks, sometimes some of these hacks are been investigated and traced to internal involvement which we can wholeheartedly said they are the architect of their misfortune. Good cryptocurrency exchange can't be a threat because of their investment in their security shields against any hacks. When choosing your cryptocurrency exchange, ensure to put security first before making your coins deposits.

BitcoinTurk

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Is there any way to out of this insecurity?

I think the only way to protect you from the unsafe situation you mentioned is using a cold wallet. In addition to using cold wallets, you can protect your electronic devices with special antivirus software and feel a little more secure and realize that you are really safer compared to other users. On the other hand, the services you mentioned are obliged to ensure their own security and you cannot do anything for the security measures of these services. The only thing you can do here is not to use the services you don't trust.

aioc

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Quote from: SARA ISLAM on July 19, 2020, 01:27:29 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.

These are exchanges and sites that has a weak security and do not allocate funds and hire the best security experts, we should not trust these kind of sites and exchanges, if they cannot keep up then they better ship out, they do not have business operating in an industry where there are so many hackers roaming around.

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That's the importance of conducting some research first before accessing it or observing first the platform that you are using.

Crypto related websites, exchanges, or wallets, are really prone to those hackers because it involves money and assets, but you should also consider that they have their own level of security so that they can maintain their good reputation towards those cryptocurrency users. They are working on it so that those insecurities of other people, not only you, should be lessen and those popular exchanges or platforms are really doing their best for its customers to become comfortable while accessing a crypto related programs.

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