Poloniex was hacked (Security Breach Discussion)

wxa7115

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Quote from: Publictalk792 on November 18, 2023, 12:53:34 AM

We have many hacks since the start of the Crypto world now we can recently CoinEx exchange hack and this which you have mentioned.
And this is a new thing for me and also good to see that they are offering a reward to hackers who can help find problems and make their security better.
I think that exchanges and DeFi platforms need to keep improving their security. As the cryptocurrency industry is growing hackers are getting smarter. Platforms should stay updated by adding strong protection and updating their security measures.
All the projects in crypto should make security a priority and should find new ways to protect users. If they will do this they will make trustworthy users and get more people to use it. This will make the whole system safer and stronger.

Not only hackers are getting more capable, we must also understand that as this market has become bigger the attention of more talented and skilled hackers have become set on this market.

And this can be a real problem for exchanges, because as much as they want to protect their customers, hackers have all the time in the world to infiltrate them and look for any vulnerability, and as soon as they find one then they can take advantage of it and steal tens of millions of dollars with ease.

Publictalk792

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We have many hacks since the start of the Crypto world now we can recently CoinEx exchange hack and this which you have mentioned.
And this is a new thing for me and also good to see that they are offering a reward to hackers who can help find problems and make their security better.
I think that exchanges and DeFi platforms need to keep improving their security. As the cryptocurrency industry is growing hackers are getting smarter. Platforms should stay updated by adding strong protection and updating their security measures.
All the projects in crypto should make security a priority and should find new ways to protect users. If they will do this they will make trustworthy users and get more people to use it. This will make the whole system safer and stronger.

adaseb

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Many don’t remember this but they were actually hacked before. I think it was in 2013 and it was before I even used the exchange. A bunch of coins were stolen and they had to do a haircut for everyone’s balance. It was so long ago, most people don’t remember or are new to crypto.

The fact that they got hacked this day and age is crazy. Especially with what happened last year with Ftx. Hopefully all users will be reimbursed.

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Quote from: Tigerheart3026 on November 17, 2023, 12:26:28 AM

it's not like that a new hacked in crypto currencies, i think poloniex hacked amount is over 60 millions usd,we know binance is also hacked in several times,
hacker try to find out any error/weak point in such exchanges then attacked.
i'm using hardware wallet to keep safe my coins because it's big risks to holding altcoins in exchanges,

Binance was one of the strong exchanges I have seen that was able to stand strong and never crashed just like many that crashed because of being hacked. I think exchanges supposed to have other plans or insurance in case they got hacked. There are many ways exchanges can prevent severe hack that would affect their company but many would never have a second plan for customers funds and would rather prefer to crashout so that investors would have no option than to forget about their funds.

wheelz1200

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Quote from: ShinyStarPrincess on November 10, 2023, 09:13:49 AM

Well, guys, I guess a lot of you already know this. Poloniex, aka Justin Sun's own Exchange, suffered a hack of 60M+ USD, and they are offering a 5% Bounty (if there are any white hat hackers here or do you know an interested one, here is the official announcement https://x.com/Poloniex/status/1722956238160536049?s=20).
On the other hand, TRX and USDD do not seem to suffer any backlash from this news.

Topic Security Breach and Protection Layers. Do you think that Exchanges and DeFI need more development and investments here or is this just something we have to lay down our heads and deal with?

I will be honest I never even knew that poloniex was even still operating lol. I used to use them a long time ago and it was a pretty good exchange. Do they even still operate in the US? But on this note why do people keep.their crypto on exchanges? Seriously will people ever learn? It's not a wallet amd shouldn't be treated as such otherwise you will inevitably lose your money.

batang_bitcoin

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If you're asking if there's someone who's a white hat hacker here or any color variant of it, are you expecting that someone's going to outright answer you that they are? Because I don't think that a real hacker will reveal himself even on the forum or if they do, they're going to do that to actual hacking forums that there have been a lot of it existing on surface and deep web. Usually the ones that are on the surface web could be script kiddies, etc. and the real ones won't speak that much whether on a private or online forum.

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Quote from: cryptoknightt on November 17, 2023, 01:30:28 AM

I think if someone can take it, it can be frozen because CEX can mark the address that made the withdrawal...

I think hackers are not stupid enough to use CEX, while they can easily exchange their coins using decentralized exchanges.
Such hacks of cryptocurrency exchanges once again give us a lesson that not everyone has yet learned - keep only the necessary minimum on the exchange, which is necessary for trading.

cryptoknightt

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Quote from: ShinyStarPrincess on November 10, 2023, 09:13:49 AM

Well, guys, I guess a lot of you already know this. Poloniex, aka Justin Sun's own Exchange, suffered a hack of 60M+ USD, and they are offering a 5% Bounty (if there are any white hat hackers here or do you know an interested one, here is the official announcement https://x.com/Poloniex/status/1722956238160536049?s=20).
On the other hand, TRX and USDD do not seem to suffer any backlash from this news.

Topic Security Breach and Protection Layers. Do you think that Exchanges and DeFI need more development and investments here or is this just something we have to lay down our heads and deal with?

I think if someone can take it, it can be frozen because CEX can mark the address that made the withdrawal.
If indeed they give a bounty to whoever can find it, maybe they can't do what I mentioned before, or is this just a drama to manipulate the market.

Tigerheart3026

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it's not like that a new hacked in crypto currencies, i think poloniex hacked amount is over 60 millions usd,we know binance is also hacked in several times,
hacker try to find out any error/weak point in such exchanges then attacked.
i'm using hardware wallet to keep safe my coins because it's big risks to holding altcoins in exchanges,

LogitechMouse

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Quote from: Lambaz on November 14, 2023, 06:38:51 PM

Please is this a new hack? I thought they were recently hacked and the hacker agreed to the 5%bounty. This hacking is just getting too much

It's a new hack... I guess. This article has been posted a few days ago: LINK
What's good right now is that, the exchange resume their withdrawals already after what happened to them: LINK. You see it too much? It means one thing, and that is "THEIR SECURITY IS WEAK." They are focusing more on the marketing rather than the security of their own exchange.

Quote from: ShinyStarPrincess on November 10, 2023, 09:13:49 AM

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Do you think that Exchanges and DeFI need more development and investments here or is this just something we have to lay down our heads and deal with?

Poloniex is one of the exchange that I've seen when I was starting in crypto in 2017 aside from Bittrex. It being hacked just shows that their security is weak to the point that they can get hacked that easily. They need to develop... or I should say focus more on the security of the exchange or else this might happen again, and again.

Hackings happening here and there just shows that the security of these Centralized Exchanges are weak. I guess it's a good thing that they are reimbursing it. Well, it's their fault after all so it's their responsibility. Hackings always happen that it came to a point that we see it as a normal thing already. More of these in the future.

wxa7115

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Quote from: The Cryptovator on November 13, 2023, 02:39:20 PM

Hacking cryptocurrency exchanges isn't something new; even top security exchange Binance gets hacked sometimes. No doubt, Exchange should focus on finding a security solution to prevent scams. But the problem is that hackers always try to break exchange security. When exchanges improve their security, hackers will find something to break it. So it's better to implement our own security system, I mean secure our funds. I am talking about don't store cryptocurrency in exchange. When you buy something, just move it into a non-custodial or hardware wallet. So it doesn't affect us when centralised exchanges get hacked.

This is the right approach but investors rarely listen, after all even if the security exchanges can implement is superior to what a person can do on their own, at the same time the intensity of the attacks that we will have to face is way lower compared to the constant attacks exchanges are subject to.

So by simply becoming smaller and less profitable targets we can avoid a great deal of the hackers out there, unfortunately there are many holders that prefer to keep their coins at exchanges and risk losing their coins this way.

Lambaz

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Please is this a new hack? I thought they were recently hacked and the hacker agreed to the 5%bounty. This hacking is just getting too much

MarvieJ

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Quote from: cryptoaddictchie on November 10, 2023, 10:11:29 AM

Quote from: ShinyStarPrincess on November 10, 2023, 09:13:49 AM

Topic Security Breach and Protection Layers. Do you think that Exchanges and DeFI need more development and investments here or is this just something we have to lay down our heads and deal with?

Yes and more professional ones. This happened due to a low security network of Poloniex. Probably they need to have more security protocols and not only them but a lot of exchange like Binance Kucoin, which is targeted by hackers. Obviously this is not new but considering the news it will have a great impact on market situation.

As you have said truly no exchange is beyond hack but in the past I think I have heard about poloniex hack , happening again means they’ve got a weak security. Handling our assets they should tighten security am sure hackers will be targeting other cex like binance or even Bitget but seems unsuccessful coz they have tight security

The Cryptovator

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Hacking cryptocurrency exchanges isn't something new; even top security exchange Binance gets hacked sometimes. No doubt, Exchange should focus on finding a security solution to prevent scams. But the problem is that hackers always try to break exchange security. When exchanges improve their security, hackers will find something to break it. So it's better to implement our own security system, I mean secure our funds. I am talking about don't store cryptocurrency in exchange. When you buy something, just move it into a non-custodial or hardware wallet. So it doesn't affect us when centralised exchanges get hacked.

devil-soul

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It is not the first time this has happened, fortunately poloniex will compensate the users involved, they should invest more in security measures, no exchange is 100% safe

el kaka22

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This is a huge one, but it also begs the question, how did 60 million dollars was at a place that was easily accessible by a hacker. I mean there shouldn't be that much money in the hot wallet, which means that its going to be a tough pill to swallow for them but something they could learn from.

A 5% return would be 3 million dollars, and the yare not like asking it to people, they are asking the person who stole the money to bring it back. So, you either get 3 million clean money, or you get 60 million dirty money.

Anyone who has gone enough far to just hack it on an exchange and steal 60 million dollars would be a black hat hacker anyway and I do not see them giving that much money away to clear their name and give 57 back. That should be a priority of them to offer a bounty like that before any of this happens, so people could show them what's wrong, if you do not do that then you are going to get attacked by people. At least they learned a very expensive lesson, if they survive this then they should be able to protect their money better.

nelson4lov

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The fact that two of Justin Sun's products — poloniex and Houbi exchange have had security breaches which isn't pleasant to hear. If I was a user of any of these exchanges, I doubt that I would want to try out any of Justin powered operations in the near future as these hacks that all occurred in the same year is a testament of how serious their security game — I know the security game is hard and no system is 100% safe from hack but still, if it's too easy, that's a problem for users. They might refund affected users but there's a point they can't refund if it becomes a normal occurrence.

ShinyStarPrincess

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Quote from: wxa7115 on November 11, 2023, 12:24:03 AM

Quote from: Altcoiner007 on November 10, 2023, 06:29:07 PM

It appears that some cryptocurrency exchanges are viewing each other as competitors rather than business partners. This could make it difficult for them to work together to protect each other's interests in terms of security. For example, Bitget you mentioned above once partnered with COBO Superloop, an off-exchange digital asset custody provider, to ensure that their users' funds are safely stored offline. This could be an effective security measure that other exchanges could adopt, but it is unclear how they choose to operate differently.

Exchanges treat each other as competitors as that is exactly what they are, while an exchange getting hacked is bad for the credibility of this market as a whole, and it is not something we want to see, for a competitor exchange hearing about a rival exchange getting hacked is in fact a good news.

Since on the short term people will decide to avoid that exchange and they will have the chance to gain those clients, so exchanges do not have too much of a reason to support each other on their efforts to improve their security as a whole.

Indeed competition, but I guess the exchanges in come way know that if others keep falling is not good for them in the long term. On the other hand, CEX as DeFI should look at what types of attacks and hacking happened to keep an eye on how to avoid it in the past. Hacking will happen always it will never fade.

PD: Again a white ethical hacking is mandatory for any project as well as a good Lawyer one for any financial company

Altcoiner007

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Quote from: wxa7115 on November 11, 2023, 12:24:03 AM

Quote from: Altcoiner007 on November 10, 2023, 06:29:07 PM

It appears that some cryptocurrency exchanges are viewing each other as competitors rather than business partners. This could make it difficult for them to work together to protect each other's interests in terms of security. For example, Bitget you mentioned above once partnered with COBO Superloop, an off-exchange digital asset custody provider, to ensure that their users' funds are safely stored offline. This could be an effective security measure that other exchanges could adopt, but it is unclear how they choose to operate differently.

Exchanges treat each other as competitors as that is exactly what they are, while an exchange getting hacked is bad for the credibility of this market as a whole, and it is not something we want to see, for a competitor exchange hearing about a rival exchange getting hacked is in fact a good news.

Since on the short term people will decide to avoid that exchange and they will have the chance to gain those clients, so exchanges do not have too much of a reason to support each other on their efforts to improve their security as a whole.

This is well explained. So all Exchanges mind their own business and if they care enough for the user's safety on their Platform, they'll on their own look for ways to boost their Exchange security. So I would say it's not wise waiting to be hacked before looking for white hackers to help see to getting funds back. Why not bankroll a number of them, as well as implement other optimized security techniques.

wxa7115

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Quote from: Altcoiner007 on November 10, 2023, 06:29:07 PM

It appears that some cryptocurrency exchanges are viewing each other as competitors rather than business partners. This could make it difficult for them to work together to protect each other's interests in terms of security. For example, Bitget you mentioned above once partnered with COBO Superloop, an off-exchange digital asset custody provider, to ensure that their users' funds are safely stored offline. This could be an effective security measure that other exchanges could adopt, but it is unclear how they choose to operate differently.

Exchanges treat each other as competitors as that is exactly what they are, while an exchange getting hacked is bad for the credibility of this market as a whole, and it is not something we want to see, for a competitor exchange hearing about a rival exchange getting hacked is in fact a good news.

Since on the short term people will decide to avoid that exchange and they will have the chance to gain those clients, so exchanges do not have too much of a reason to support each other on their efforts to improve their security as a whole.

Topic: Poloniex was hacked (Security Breach Discussion) (Read 370 times)