LOSS OF CRYPTOCURRENCY TO HACKING INTENSIFIES

Wintersoldier

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Quote from: DaMut on October 06, 2019, 02:16:23 AM

Quote from: Ailmand on October 06, 2019, 01:41:30 AM

Well, that is why we need further development in security. Hackers are also finding new means on getting through security of wallets and funds. As time goes by a lot of money from other wallet gets hacked. Inside job is also common, that is why investors are beggining to become skeptical when speaking of security.

The hack happened not just because of security and inside job, but most of them were due to human error. There is no small number of people clicking random pages on the internet when they were browsing it thus leads them to get hacked. I think what we need to do is simplicity and biometric, we need to have a simple wallet to store our assets (without downloading this and that) and at the same time, it is protected by biometrics.

Quantum resistant could fix the system from the outside, but it would not be able to fix the issue from inside.

Biometric security might exposed our identity to risk, if we are going to let anyone know our personal records and identity, there would be no hacking incident for large projects or companies but will lead us to dangers whenever incase the information is leaked. It is very personal and we should be responsible about it. It is enough to have simple wallet without any third parties, those that we have the private keys.

Lantind

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Quote from: Winscosinally on October 06, 2019, 01:48:57 AM

I don't think that hackers can be stop one way or the other they will always try to break any new technology or securities, even if every one turns to quantum secured wallet and exchanges its only a matter of time before hackers find another breakthrough, they always try to find means at all costs

Hackers can not be stopped, because a hacker is always looking for ways to penetrate the security system anywhere, both in cryptocurrency, and in other places, but we must also have a way to avoid hackers or prevent hackers from breaking into our personal data, for example using hardware wallet for cryptocurrency and other hardware that can store our confidential data.

lobat999

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Quote from: NathanJB on October 06, 2019, 05:29:32 AM

Do you know why this will not be put to stop once and for all? Because, I suspect, many of these hacks do not totally come from the outside. There might be someone or some persons involved in many of these hacking incidents that are working from the inside. Of course this is just a suspicion but I think many share this suspicion of mine. A thorough investigation should be conducted with each of these incidents because these projects and exchanges are not losing their own money but the money of their investors and clients. Due punishment should be imposed.

Correct! I guess its a possibility that the "hack" were orchestrated by insiders but we will never know its real story unless a thorough investigation (as what you've suggested) will be conducted along with the relevant evidences. Again, we cannot deny that some people in the community might entertain this "inside job" theory but I guess we cannot blame them since cryptoverse is becoming more and more saturated with these kinds of incidents resulting in the community also getting more and more suspicious!

I might say we will not be surprised to see most of its stakeholders will be very disappointed with the team's carelessness of handling those funds which in turn will leave a taint in Algo Capital's image which could be very detrimental to the project!

Baby Dragon

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Quote from: Genemind on October 06, 2019, 04:30:03 AM

We couldn't eliminate hackers in just a single step. They will always find ways to fool users and to steal their earnings. What we have to do is to be mindful of our holdings. If you want to keep your crypto safer, then store it in a hard wallet. Hacking and scams are everywhere and its number is growing so we have to be observant.

Indeed, we need to be attentive and cautious because we can't easily get rid of them, particularly nowadays that they are using different strategies and techniques just to deceive other people and take advantage on them. When you have enough understanding about some safety then you can avoid falling into some kind of problem like hacking because you have the knowledge that can help you make intelligent decisions.

#Darren

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I do not know if it is possible to protect your wallet/funds from hackers at any moment. In my opinion there would be always a way to find a security whole and to get fingers on your money. Spread your funds among different wallets to increase the security level.

ecnalubma

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Even if the technology keeps on advancing hackers are also finding a new way to exploit and penetrate the system. We can't prevent this to happen even some institutions brag that they have the state of the art technology it doesn't mean that its hackproof. Its just few millions out of $200 million fund that they had raised but still the perpetrator should be find and put in jail.

NathanJB

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Do you know why this will not be put to stop once and for all? Because, I suspect, many of these hacks do not totally come from the outside. There might be someone or some persons involved in many of these hacking incidents that are working from the inside. Of course this is just a suspicion but I think many share this suspicion of mine. A thorough investigation should be conducted with each of these incidents because these projects and exchanges are not losing their own money but the money of their investors and clients. Due punishment should be imposed.

clickerz

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Backed.Finance

Quote from: Genemind on October 06, 2019, 04:30:03 AM

We couldn't eliminate hackers in just a single step. They will always find ways to fool users and to steal their earnings. What we have to do is to be mindful of our holdings. If you want to keep your crypto safer, then store it in a hard wallet. Hacking and scams are everywhere and its number is growing so we have to be observant.

Its an alarming observation that its rampant now compared before. Yes, its our responsibility to protect our crypto assets but, of course hackers are always finding ways to access our wallets.A good suggestion is to have a hardware wallet indeed, of course if you are the sole owner, how about if its a corporate, its a different story. We need to step up on wallet security, the cryptography employed should be enhance as well imho.

lobat999

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As long as there are people in this world that has malicious intent and has the motivation to do evil deeds at the expense of other people, these hacking incidents will not stop and never will because greed is everywhere! I find it very frustrating to see these kinds of people with God given talents - use them to harm other people but not to enrich and uplift humanity!

Needless to say, I feel weird on how the Chief Technological Officer's phone got compromised and I reckon he is being complacent on his phone's security - allowing a hot wallet to be accessed by perpetrators! I think this should have not been possible had the CTO and the Algo Capital team had exercised extreme caution to protect this huge amount of funds not to mention that at least a CTO should have known and knowledgeable on these kinds of attack vector!

Reference: https://www.coindesk.com/algo-capital-loses-crypto-funds-after-ctos-phone-is-hacked

Genemind

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We couldn't eliminate hackers in just a single step. They will always find ways to fool users and to steal their earnings. What we have to do is to be mindful of our holdings. If you want to keep your crypto safer, then store it in a hard wallet. Hacking and scams are everywhere and its number is growing so we have to be observant.

Baofeng

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Quote from: upyem2k on October 06, 2019, 12:44:45 AM

The rate at which cryptocurrency is lost to Hacking has been intensified since the reduction in the scam ICOs. The newest is the stolen of between one to two million ALGO CAPITAL fund through the Hacking of their CTO. Series of individuals have started claiming to have solutions to this threat by developing a quantum resistant wallets and exchanges which prevent and protect individuals wallets from been hacked. Will there be anyway of preventing such occurrence aside from the QUANTUM RESISTANT ECOSYSTEM that some people now campaign.

This is part of the equation here, when we involved ourselves in crypto we should learn how to protect our assets otherwise hackers will just going to take it away no matter what. So this will be a continues cat and mouse game. If you have tons of coins then better put it in a airgap wallet so that the likelihood of a hack is lessen.

styca

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Quote from: upyem2k on October 06, 2019, 12:44:45 AM

The rate at which cryptocurrency is lost to Hacking has been intensified since the reduction in the scam ICOs. The newest is the stolen of between one to two million ALGO CAPITAL fund through the Hacking of their CTO. Series of individuals have started claiming to have solutions to this threat by developing a quantum resistant wallets and exchanges which prevent and protect individuals wallets from been hacked. Will there be anyway of preventing such occurrence aside from the QUANTUM RESISTANT ECOSYSTEM that some people now campaign.

Hacking and scams will increase as the value of crypto increases. It's unfortunate, but the more these coins are worth, the more hackers will do to get hold of them.
Not sure about the quantum-resistant coins - surely this is resistance to attack from quantum computers? We haven't seen any quantum-computer-based hacking as of yet, so I don't think this is relevant.

iamsange

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Quote from: Winscosinally on October 06, 2019, 01:48:57 AM

I don't think that hackers can be stop one way or the other they will always try to break any new technology or securities, even if every one turns to quantum secured wallet and exchanges its only a matter of time before hackers find another breakthrough, they always try to find means at all costs

More like if we have 1000 ways, hackers will have 1001 ways to steal people's wallet. Not only users, developers should really aware with their wallet. Even exchanges can get hacked. That is why they wouldn't stop as long it can give free big money to them.

DaMut

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Quote from: Ailmand on October 06, 2019, 01:41:30 AM

Well, that is why we need further development in security. Hackers are also finding new means on getting through security of wallets and funds. As time goes by a lot of money from other wallet gets hacked. Inside job is also common, that is why investors are beggining to become skeptical when speaking of security.

The hack happened not just because of security and inside job, but most of them were due to human error. There is no small number of people clicking random pages on the internet when they were browsing it thus leads them to get hacked. I think what we need to do is simplicity and biometric, we need to have a simple wallet to store our assets (without downloading this and that) and at the same time, it is protected by biometrics.

Quantum resistant could fix the system from the outside, but it would not be able to fix the issue from inside.

Winscosinally

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I don't think that hackers can be stop one way or the other they will always try to break any new technology or securities, even if every one turns to quantum secured wallet and exchanges its only a matter of time before hackers find another breakthrough, they always try to find means at all costs

Ailmand

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Quote from: upyem2k on October 06, 2019, 12:44:45 AM

The rate at which cryptocurrency is lost to Hacking has been intensified since the reduction in the scam ICOs. The newest is the stolen of between one to two million ALGO CAPITAL fund through the Hacking of their CTO. Series of individuals have started claiming to have solutions to this threat by developing a quantum resistant wallets and exchanges which prevent and protect individuals wallets from been hacked. Will there be anyway of preventing such occurrence aside from the QUANTUM RESISTANT ECOSYSTEM that some people now campaign.

Well, that is why we need further development in security. Hackers are also finding new means on getting through security of wallets and funds. As time goes by a lot of money from other wallet gets hacked. Inside job is also common, that is why investors are beggining to become skeptical when speaking of security.

upyem2k

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The rate at which cryptocurrency is lost to Hacking has been intensified since the reduction in the scam ICOs. The newest is the stolen of between one to two million ALGO CAPITAL fund through the Hacking of their CTO. Series of individuals have started claiming to have solutions to this threat by developing a quantum resistant wallets and exchanges which prevent and protect individuals wallets from been hacked. Will there be anyway of preventing such occurrence aside from the QUANTUM RESISTANT ECOSYSTEM that some people now campaign.

Topic: LOSS OF CRYPTOCURRENCY TO HACKING INTENSIFIES (Read 205 times)