Many cryptocurrency exchanges are vulnerable to breaches.

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legendary

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Quote from: ImHash on October 03, 2018, 12:20:43 PM

Robbing crypto banks is much easier than robbing the real banks thanks to the nature of cryptocurrencies being digital.

If people get their bank accounts emptied it's all digital as well, so there isn't much different in this specific case. What's different is that banks (as long as the fiat isn't physically withdrawn) have the ability to reverse all transactions without losing anything. When exchanges lose funds it's lost for ever with how irreversible crypto transactions are.

Exchanges should get rid of hot wallets and manually start processing withdrawals one or two times a day, which might not be what noobs want as they prefer everything to happen instantly, but what else is there to do? Bitmex does it already and not many people seem to complain about it, so let's make it an industry standard. The only risk left is insider theft, but that's impossible to combat when using a centralized platform, so I'm really looking forward to the end of hot wallets.

LeGaulois

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Check the thread I posted some months ago Security status in Cryptocurrency exchanges 140 crypto exchanges were checked one by one for basic security issues

- 20% expose server info
- 26% of them use frontend libraries with known vulnerabilities.
- 2% implemented a Content-Security-Policy
- 40% of them are using headers like the Strict-Transport-Security header

The situation as surely not changed a lot and there are still a lot of things to do

carlfebz2

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Quote from: Quantumcrypto317 on October 03, 2018, 05:46:03 AM

We all have heard about the hacks on many exchanges with millions
of dollars being lost. Despite this many exchanges still haven't improved their security.

ICOratings.com published a list of exchanges according to their security score.

Coinbase pro has scored the highest with 89/100
Okcoin.cn is placed at the bottom with a score of 15/100.

Cryptocurrency has changed significantly since the inception of Bitcoin, but the number of
security breaches on exchanges remains unaltered.

https://news.bitcoin.com/54-of-cryptocurrency-exchanges-have-security-holes/

High score or Low score the chances of getting breached or hacked wont really be avoided.We don't know on how they do perform such testing when it comes to exchange security yet we have known
that there is no single way on how to hack or breach exchangers. Hackers are capable on things on we do least expect so therefore theres no assurance about 100% safety.
When we deposit on exchangers then you are already tied up with that kind of risk then you should be ready anytime.

ZoranLOP

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There are a lot of things to understand how exchanges are vulnerable to breaches but at the same time we have to be careful by taking the necessary precautions to prevent security issues from our end.

StephanHofmann

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Crypto currencie system is prone to hacking. So, one should invest on a coin which has good security and reliability. One should also have the knowledge of keeping their account extremely secure.

Larssoneos02

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Hacks are a major feature of this modern era.You should save your assets in a trusted cryptocurrency market with a proven level of security.

iam_aayushiJ

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Whole crypto community would gradually start moving towards DEX, because decentralisation is the essence of cryptocurrencies.

The least we all can do today is use non-custodial exchanges. Have the custody of your coins with yourself. Use a wallet which lets you generate a private key and keeps your fund safe.

gopherberry

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As bitcoin is untraceable and kind of anonymous, so it would be easy to hack for the cyber criminals. So one has to be very careful about his wallet and password and of course the best use of it.

ImHash

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Cryptocurrency exchanges are not safe at all, They can be hacked and have been hacked so many times. Most of the hacks are also the inside job. Robbing crypto banks is much easier than robbing the real banks thanks to the nature of cryptocurrencies being digital.

DarkBullet

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Those breaches are inevitable and I agree to the fact that most exchanges still have holes in terms of security. Even if you activated 2FA or the strongest password, your funds will still be stolen if those hackers have greater knowledge than the trading platform staffs and if those hackers will take control of the main server. I might say that security it is one of the biggest problem in cryptocurrency but you also have to help yourself on how to protect your funds against those scammers.

D3m1r4wanti

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indeed there were so many exchangers who had committed violations, I had traded on etherflyer exchangers, and the exchangers had committed violations by making fake volumes on their platforms

adzino

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Quote from: 1NV3ST0NM3 on October 03, 2018, 09:41:57 AM

ICO Scams have become quite common these days. So the members of the crypto community have to double safe about their funds so that their funds are not lost in such stupid and fraudulent scams. These scams owe their origin to lack of regulations and rules in various countries. There are many countries where crypto market is not being regulated. So it has become really important for the investors to be double secure for their investment.

Did you even read the original post? Or at least the title. The title clearly states what the post is about and you just blindly posted how ICOs scam people? If you want to contribute, at least post something on-topic.

No matter how much secure or how high rating their security is, you should never be storing any kinds of coin in an exchange wallet for a long term. Exchanges no matter how secure they are, are still vulnerable to hacks in one way or the other.

thisav

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I guess every exchange can be hacked, it's just depends on how hard it will be. Even the biggest exchange like Coinbase was hacked and lost millions of dollar. To me, putting your crypto in exchange is taking the risk of being hacked, so I will say don't store your crypto for a long term in exchange, withdraw the crypto within a week will help. The only save place to store the crypto is your wallet.

1NV3ST0NM3

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ICO Scams have become quite common these days. So the members of the crypto community have to double safe about their funds so that their funds are not lost in such stupid and fraudulent scams. These scams owe their origin to lack of regulations and rules in various countries. There are many countries where crypto market is not being regulated. So it has become really important for the investors to be double secure for their investment.

metalglowd

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Quote from: Quantumcrypto317 on October 03, 2018, 05:46:03 AM

We all have heard about the hacks on many exchanges with millions
of dollars being lost. Despite this many exchanges still haven't improved their security.

ICOratings.com published a list of exchanges according to their security score.

Coinbase pro has scored the highest with 89/100
Okcoin.cn is placed at the bottom with a score of 15/100.

Cryptocurrency has changed significantly since the inception of Bitcoin, but the number of
security breaches on exchanges remains unaltered.

https://news.bitcoin.com/54-of-cryptocurrency-exchanges-have-security-holes/

this is the problem that cryptocurrency continues to face, new exchanges are more vulnerable than well-known exchanges, such as Binance, Bittrex and others. however, people prefer new exchanges because they generally do not need KYC when they withdraw their coins

tweetbit

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Then the best solution is to follow what good trader always do.

Don't store your coins or token in exchanges.
Then what gonna be the problem?

I've said it before while continuously others are too careless of using exchanges as an online wallet that is a much riskier than using a hardware one.

We are the one who must be vigilant in order to save us from bad luck.

pawanjain

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Nothing lasts forever

Quote from: Quantumcrypto317 on October 03, 2018, 05:46:03 AM

We all have heard about the hacks on many exchanges with millions
of dollars being lost. Despite this many exchanges still haven't improved their security.

ICOratings.com published a list of exchanges according to their security score.

Coinbase pro has scored the highest with 89/100
Okcoin.cn is placed at the bottom with a score of 15/100.

Cryptocurrency has changed significantly since the inception of Bitcoin, but the number of
security breaches on exchanges remains unaltered.

https://news.bitcoin.com/54-of-cryptocurrency-exchanges-have-security-holes/

Which is the reason why we should not put all of our money on exchanges. It is best if we store our coins in private wallet rather than on exchanges and use them to exchange the coins only when needed. It might be a turn down for traders but then if we store our coins on different trusted exchanges, chances are that we will be safe to trade. This is the reason why experts say that don't put huge amount of money on exchanges for a long time.

chidrawarster

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I agree that many exchanges lack security and are vulnerable to hacks and also severe breaches .The only way what we can do is either look for an alternate exchange or not storing much assets in on exchange .These are the only 2 ways what i suggest people as we have no other option as protection of assets is our take and point of concern.So i would also tell many well wishers that we are going to here for very long time how bear the markets will be but protection is utmost priority.

vv181

legendary

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Quote from: davis196 on October 03, 2018, 06:56:37 AM

How is this "security score" being measured?What are the factors that determine that score?
We all know that all the smaller crypto exchanges are more vulnerable to hacks,because they obviously don't have the money to invest in security.The users create accounts and deposit funds in those exchanges at their own risk.

The measurement method is explained in the articles, check out the source link. It's covering the user security requirement and domain and register security.

Centralized exchange being hacked is becoming the norm in cryptocurrencies space. It needs an extra work in the security sector. However, the user too, needs to be educated about how to secure and use maximum security for their account.

fanji

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To avoid the action of hackers who attack your cryptocurrency market account, save your assets in a trusted cryptocurrency market with a proven level of security. Protect your email and market cryptocurrency accounts to the maximum. Please use different email and cellphone numbers for social media accounts. and your market cryptocurrency account, this is to avoid your email address and cellphone number being known by the public. a list of trusted exchanges as well as no guarantee your account is safe from hacker attacks, starting from previous cases let us always provide extra security for an exchange Cryptocurreny account

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