More than USD 1.5 bln has been stolen from exchanges. Here’s a recap

pinoyden

full member

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Quote from: aoluain on January 22, 2019, 03:26:11 PM

I havent been affected by any of these hacks because i dont keep any
significant amounts of anything on exchanges although i do have the
dregs of some shitcoins.

We should be mindfull of putting too much trust in exchanges to create
enough security for our coins and tokens.

Same here . i never experience to get hack because i dont leave my coins on exchange or even on online wallet but im not saying that all users will follow it . its bad because if no one will deposit their coins online the value of crypto can also degrade more and more . keeping coins online is also good if you are an active trader or investor because that saves time to cash in .

yusupjatigumilar

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Activity: 644

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It was a very worrying thing when bitcoin and other crypto currencies were above the sky then fell to the ground when it happened because since then many people were selling large amounts of assets they had because trust in the exchange was lost due to the hacking incident, then did the perpetrators who is known from the attack?

upsidedown75

legendary

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There is a huge difference between "blockchain" as a whole and blockchain as in your wallet. There is a huge difference between attacking a whole blockchain with a 51% attack and trying to brute force your way into a wallet. You can't fathom to think how much incredibly challenging a wallet hacking needs to be and its definitely impossible to do. That is why we have seen many more 51% attacks but no wallet hacks at all since its really not worth the time and effort put into it.

The required amount of power that needs to hack a wallet itself is bigger then need to hack a website which could yield quicker and better results. So, do not mix up hacking a wallet and taking someones money with hacking a whole blockchain with 51% attack and taking control of it somehow.

exstasie

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Activity: 1806

Merit: 1521

Quote from: el kaka22 on January 22, 2019, 11:43:00 AM

Blockchain and exchange hacking has nothing to do with each other.

Blockchain is incredibly safe and its almost impossible to hack a wallet (still technically doable but quite challenging)

One note on this. Established public-private key cryptography which secures cryptographic outputs/addresses (like ECC in Bitcoin) is incredibly safe, at least until quantum computers start brute forcing them.

Blockchains are not necessarily so safe though. Many proof-of-work blockchains have been 51% attacked and users have lost lots of money as a result. It just happened to Ethereum Classic recently: https://cointelegraph.com/news/ethereum-classic-51-attack-the-reality-of-proof-of-work

aoluain

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Activity: 2436

Merit: 1362

I havent been affected by any of these hacks because i dont keep any
significant amounts of anything on exchanges although i do have the
dregs of some shitcoins.

We should be mindfull of putting too much trust in exchanges to create
enough security for our coins and tokens.

bitbunnny

legendary

Activity: 2912

Merit: 1068

WOLF.BET - Provably Fair Crypto Casino

Quote from: biskitop on January 22, 2019, 03:37:30 AM

some say that the exchange is still vulnerable to theft. but after a lot of theft happened, I also thought that this was a conspiracy, namely whales that took a lot to dump and to the public it was said to be theft. What is your opinion?

This is just another conspiracy theory that has nothing to do with reality. Sometimes I think that whales been given some superpowers.
Exchanges are vulnerable and we are all aware of that. They are perfect target for hackers and there is no conspiracy behind it. It's true that exchanges should do much more on security to protect the funds of their users. And please be aware that hacking exchanges has absolutely nothing to do with blockchain which is a technology. So maybe you should get some information first before setting up theories.

el kaka22

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Quote from: shitcoinoffering on January 18, 2019, 08:04:59 AM

In Blockchain we trust!

Blockchain and exchange hacking has nothing to do with each other.

Blockchain is incredibly safe and its almost impossible to hack a wallet (still technically doable but quite challenging) but on the other hand exchanges do not keep all of their money in a safe secure place, which means its hard to hack an exchanges cold wallet (why blockchain is still secure) whereas easy to hack the hot wallet because you do not keep the cash lying around everywhere if you want it to be secure but you have to have some coins ready to send to customers on the hot wallet.

When people hack the exchanges they do not hack their wallet, they hack the control of their wallet, that way instead of forcing the money out of their wallet they are basically taking control of it hence making it easy to steal stuff.

biskitop

full member

Activity: 686

Merit: 104

some say that the exchange is still vulnerable to theft. but after a lot of theft happened, I also thought that this was a conspiracy, namely whales that took a lot to dump and to the public it was said to be theft. What is your opinion?

omonuyak

sr. member

Activity: 882

Merit: 269

Are we saying blockchain technology is not safe? The level of hacking and scamming is at the alarming rate and the one op listed are those one that are huge and we'll knowing because there are many hacking and scamming that has not been reported.

green_nelson

newbie

Activity: 15

Merit: 1

Why so much noise about it all? In the world there are robberies every day. Yes, this happens, you can not completely protect the system from this, especially when everything happens on the Internet. I'm sure that such cases will occur in the future too. You just need to take this into account, and always be responsible with this.

Kakmakr

legendary

Activity: 3542

Merit: 1965

Leading Crypto Sports Betting & Casino Platform

Ok, so what have we just proven with this info? Answer : Bitcoin exchanges are the point of failure for Bitcoin users, who wants to put their trust into these services.

It would be interesting to see how much money in total have been stored safely on exchanges and also on the Blockchain for the same time and how much money are stolen daily from people's Bank accounts as a comparison. $1 billion (then £572 million) from the Central Bank of Iraq.> Shocked

How safe are your money in Banks, when your government is corrupt? Roll Eyes

figmentofmyass

legendary

Activity: 1652

Merit: 1483

Quote from: Wilhelm on January 21, 2019, 10:12:06 AM

Where is BTCe ?

good catch, although now that i think about it, maybe they don't belong on the list.

the other incidents were hacks where exchange wallets were compromised and coins stolen. even though the feds had control of BTC-E's servers, they were never able to compromise any coins. that's why BTC-E were able to immediately refund ~60% or more of customer funds. people lost money because mayzus financial froze all their bank and e-wallet accounts (and probably sent the $$$ to the US govt).

that experience actually showed me how powerful encrypted crypto wallets are. the feds were sitting on those servers for 7+ months before they dropped the indictment but they couldn't steal a cent of customer crypto!

Supercrypt

legendary

Activity: 1554

Merit: 1054

Hackers will always find a way to hack things. That is what they do and that's what their work is. They are not bunch of young people trying to get some money, these are professional teams of hackers trying all they can think of and if you somehow find a way to stop them from doing the usual stuff than they will try to find new ways to hack you. We are talking about 1.5 billion and more worth of money that has been hacked, do you think 1.5 billion dollars is not a sector of its own.

Crypto hacking has been profiting hackers 150 million dollars a year (considering 1.5 billion dollar value and 10 year period) which means over 10 million dollars a month, that is not of course to one person but that is not even for a team, its a sector, an industry of its own. You can try whatever you want but in the end they will find a way to hack you. You can just make it more difficult, that is it.

Wilhelm

legendary

Activity: 1652

Merit: 1265

Where is BTCe ?

Indrawan77

hero member

Activity: 1274

Merit: 516

Quote from: BLAST2MARS on January 20, 2019, 03:03:09 PM

I really wish that the latest hack in Cryptopia is more than enough to tell people not to store their altcoins in exchanges. Even Binance is an exception to that, I would still put it in a hardware wallet if I have a lot of bitcoins. Don't be lazy people and do your own responsibility.

Yeah it should alarm the people to never make exchanges as their wallet but the most important thing is the exchanges security need to be upgraded, there are already a lot of cases but I still not see a serious solution from the exchanges, I think security should be the priority for the exchanges

atcsecure

hero member

Activity: 756

Merit: 500

Quote from: figmentofmyass on January 21, 2019, 01:26:17 AM

Quote from: tomahawk9 on January 18, 2019, 11:49:07 AM

Interesting to see how even with those numbers, centralized exchanges still rule the market while DEXs (decentralized exchanges) are yet to reach mainstream status. You would think that by now DEX would be at least competing head-to-head with the big exchanges but only a minority of the crypto users actually use DEX, I guess the low liquidity is an issue, but that should be the price to pay for having to trade in a decentralized exchange.

while DEX services have improved from the earliest iterations like etherdelta, they're still not nearly as reliable for real-time trading and especially algo trading. bots/algos are employed by many, many spot market traders whether to enter/exit positions over time, make markets, arbitrage the market, scalp, etc. this doesn't easily translate to decentralized exchanges at all. it requires a boatload of new coding logic and i assume employing algos on DEX is just way less dependable since even manual trading results in somewhat regular errors. lack of liquidity would compound these problems. this is a big part of the reason why all the liquidity is still on centralized exchanges.

Blocknets DEX was designed from the ground up to have a bot-friendly API and already has bots written and deployed. API specs are here https://api.blocknet.co/#xbridge-api and a simple-bot is available in my github @ https://github.com/atcsecure/dxbottools.

Blocknets DEX has handled over 10k trades in the last 4 weeks alone (since launching its beta program), and it is 100% decentralized.

Checkout https://blockdx.co/charts

eaLiTy

hero member

Activity: 2814

Merit: 911

Have Fun )@@( Stay Safe

Quote from: Mat Lion on January 18, 2019, 09:04:11 AM

More than 1.5 billion has been stolen from exchanges, PLAAK has a solution to store your crypto assets on the PLAAK Hardwallet Card. Keep your digital assets safe and be your own bank.

Personally i feel exchanges need to be regulated with KYC and AML compliance. I hope they find these criminals to get back the stolen funds.

The hackers are not logging with an user ID and hacking the entire coins, do you think that if these exchanges becomes strict you can overcome these hacks Cheesy

" after hacking they will submit their identification documentation because of the strict procedures" Tongue

.
The exchanges must the made liable for the lost coins and there must be strict regulations to run an exchange, other than that there is no other way, never deposit any coins in any exchanges if you are not planning to trade and never use those wallets as a mode of storage, if you can take care of that then your coins will be safe.

Pain to go mad

newbie

Activity: 14

Merit: 0

Cryptocurrency trading platforms have been hacked, and it's not the cryptocurrency's fault, as shown in the table above. I didn't see the ZB. I kept using it. It's stable as a rock.

figmentofmyass

legendary

Activity: 1652

Merit: 1483

Quote from: tomahawk9 on January 18, 2019, 11:49:07 AM

Interesting to see how even with those numbers, centralized exchanges still rule the market while DEXs (decentralized exchanges) are yet to reach mainstream status. You would think that by now DEX would be at least competing head-to-head with the big exchanges but only a minority of the crypto users actually use DEX, I guess the low liquidity is an issue, but that should be the price to pay for having to trade in a decentralized exchange.

while DEX services have improved from the earliest iterations like etherdelta, they're still not nearly as reliable for real-time trading and especially algo trading. bots/algos are employed by many, many spot market traders whether to enter/exit positions over time, make markets, arbitrage the market, scalp, etc. this doesn't easily translate to decentralized exchanges at all. it requires a boatload of new coding logic and i assume employing algos on DEX is just way less dependable since even manual trading results in somewhat regular errors. lack of liquidity would compound these problems. this is a big part of the reason why all the liquidity is still on centralized exchanges.

virasog

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Merit: 1172

Leading Crypto Sports Betting & Casino Platform

Quote from: ramesh770 on January 19, 2019, 07:57:58 AM

Quote from: Mat Lion on January 18, 2019, 09:04:11 AM

More than 1.5 billion has been stolen from exchanges, PLAAK has a solution to store your crypto assets on the PLAAK Hardwallet Card. Keep your digital assets safe and be your own bank.

https://www.instagram.com/p/BsvaRFhnwnv/?utm_source=ig_twitter_share&igshid=l5rwytv5b65u …

Personally i feel exchanges need to be regulated with KYC and AML compliance. I hope they find these criminals to get back the stolen funds.

https://www.plaak.com/

Even KYC and AML can be faked by the hackers, because when they can hack the exchange what is the big deal in faking the documents and create a new account in exchanges and then hack it. So in real their is no big security which cannot be defended. It will take time to hack the exchange but it can be done. That is why it is not good to keep your coins in exchange if you are not trading daily. Even then you are insecure in any way.

Although hackers are very much active these days, yet we cannot just say that our funds in exchanges are not save because hacker have many techniques to hijack the exchanges system. It is also the responsibility of the exchanges to spend some good amount of funds to secure their system from hackers.

Topic: More than USD 1.5 bln has been stolen from exchanges. Here’s a recap (Read 564 times)