Security measures in casinos are better than exchanges! - page 2.

Josefjix

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Quote from: Outhue on August 26, 2023, 01:52:48 AM

Do not compare an exchange with a casino, a crypto exchange is like an online bank but in the crypto world where people can exchange valuable assets, there is no such thing going on with a casino.

Tell me why should a casino get hacked when most money deposited on their website or platform is already theirs? It takes luck to make it yours again and that's if you win their games, so tell me, what much security would they need? They are going to settle you back from their pocket if you win anyway.

Do you also know that crypto exchanges have much number of people and their money on the platforms compared to casinos? So many people are still scared of gambling till now and they choose to stay far away.

They both have higher numbers, anything without tightened security would be easily infiltrated by hackers trying to defraud individuals, therefore the best approach is to take preventative steps to avoid scams proceedings. Crypto exchanges and casinos fulfilled the same purpose and increased security. Hackers focus on both sectors to get hits and extract large sums of money from their victims. They accomplish this by creating and disseminating anonymous emails that could potentially link directly into a user's account if the user unwittingly clicks on them.

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Do not compare an exchange with a casino, a crypto exchange is like an online bank but in the crypto world where people can exchange valuable assets, there is no such thing going on with a casino.

Tell me why should a casino get hacked when most money deposited on their website or platform is already theirs? It takes luck to make it yours again and that's if you win their games, so tell me, what much security would they need? They are going to settle you back from their pocket if you win anyway.

Do you also know that crypto exchanges have much number of people and their money on the platforms compared to casinos? So many people are still scared of gambling till now and they choose to stay far away.

Bitcoin Smith

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Quote from: Don Pedro Dinero on August 26, 2023, 12:56:02 AM

What you say is nonsense that you say simply because you think it and you don't provide any weighty argument to back it up, no data or anything else. You mean a small casino has better security measures than Binance? Think about it.

The fact is that there are many more hackers trying to hack Binance than a small casino, because the prize pool is much bigger.

You still want proofs for exchange hacks? Ironic.

Anyway, you can start from Mt.Gox to Binance every exchange faced hacks and the proofs are below

List of Hacked Exchanges, since 2011

List of cryptocurrency exchange hacks

For casinos:

Primedice Bitcoin Gambling Site Hacked for $1M

Vulnerabilities in gambling websites in past

Clearly you can see which one fell more as victims, I am not bullshitting here, I felt it's a valid argument, and Its not a valid point that hackers attack only the crypto exchanges so casinos are safe which isn't true cause hackers can attack the bank account even if it has balance of $100.

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Quote from: Bitcoin Smith on August 25, 2023, 02:14:06 PM

We heard that data breaches and hacks in the crypto currency exchanges are more often and almost every exchange faced that but when it comes to casinos they're actually better in that isn't it cause I don't see any casino's got hacked like exchange which means the casinos are having better security standards when it comes to protecting the data and funds.

If that so then how is it possible for the casino why not by the exchanges.

Your thoughts!!!

What you say is nonsense that you say simply because you think it and you don't provide any weighty argument to back it up, no data or anything else. You mean a small casino has better security measures than Binance? Think about it.

The fact is that there are many more hackers trying to hack Binance than a small casino, because the prize pool is much bigger.

Quote from: Darker45 on August 25, 2023, 08:44:18 PM

I agree with many opinions here that exchanges are probably targeted more because there's so much more money there than on casinos.

In the end, since we have no concrete data, this is a thread that can turn into a mega-thread in which we can only speculate.

Bitcoin Smith

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Many of you guys claim that casinos are often hacked like the exchanges but I don't see many casino hot or cold wallet hacked by hacker on the other side every crypto exchange including Binance hacked so that is what I am talking about.

Who are talking about account frozen by casinos, providing 2FA as security and blah blah, please read OP carefully before replying.

Casinos are dealing with big amounts too, and most of you wearing signatures of casinos so I suggest you to go and take a look around the wagering amounts in the history section of any casino to find how much we are talking.

Darker45

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Do we have data that confirms that there are more exchanges hacked than casinos? Or do we have data that say there are more hack attempts on exchanges than on casinos?

I agree with many opinions here that exchanges are probably targeted more because there's so much more money there than on casinos.

However, we really cannot make a general claim. The largest crypto exchange must be bigger than the largest crypto casino, but there must also be a number of crypto casinos that process more money than many exchanges.

And it's not as if casinos have uniform security measures and exchanges have also their own uniform measures. Security systems vary from one casino to another just as they also vary from one exchange to another.

uneng

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Maybe it's more related to the fact exchanges have the largest balances in the hot wallets, so they become the favorite targets of hackers, while it wouldn't be equally profitable for them to focus on casinos when applying their hacks. Also, we can't take every claims of hacks as legit, because the exchanges operators can just spread this fake information to hide a rug-pull executed by the operators themselves to scam customers and leave without suffering the consequences. I would say most of the hacks around aren't hacks for real, but exit-scams played by CEOs and managers.

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Quote from: Bitcoin Smith on August 25, 2023, 02:14:06 PM

We heard that data breaches and hacks in the crypto currency exchanges are more often and almost every exchange faced that but when it comes to casinos they're actually better in that isn't it cause I don't see any casino's got hacked like exchange which means the casinos are having better security standards when it comes to protecting the data and funds.

If that so then how is it possible for the casino why not by the exchanges.

Your thoughts!!!

Not really, I've heard of a casino getting hacked a while ago, this means everything in online could be hacked while the owner doesn't care about security. One factor a casino rarely hijacks because not many people play the casino than put the money to exchange. even if hacked, not much money the hacker finds when compared it to an exchange. Maybe both use the same security vendor, so if there is a chance, the hacker will take precedence to hack the exchange first, after that they just hack the casino.

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I would say this is definitely false. Casino's may just not be as widely publicized, but definitely there have been hacks of many casino platforms. You could probably look around here on the forum and find a few sites that have claimed to be hacked. BetKing comes to mind when thinking about it.

tabas

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I think it's that most of the media are just focusing on these breaches that mostly happening in exchanges. And that's why they're getting more exposure than the casinos. The betting sites are no exception when it comes to these attacks but, I guess the business is more with the exchanges and that's what are people interested to know just to take flame on the market and put it to their audience. Just noticed that, so there's bias in reporting. However if there's a stat that provides that there's not that much breach that happens in casino then that proves it. If not, then that only sets the idea that we see articles focused on dealing and publishing headlines related to crypto hacks.

Ultegra134

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Although gambling websites have improved their security measures, I will have to disagree with you. The most major exchanges, such as Coinbase or Binance, are established financial institutions that deal with transactions worth billions of dollars on a daily basis. Of course, they take security extremely seriously, which sometimes makes it tiring and annoying. Binance requires two separate 2FA authenticators just to log in to your account: one code from your phone's authenticator app and one through your email. I had once requested a 2FA reset on another reputable exchange, and the whole process took over 2 to 3 days to verify my identity.

Both industries have suffered from exploits that are almost impossible to prevent, as hackers keep finding ways to penetrate the top-notch securities of these institutions. Fortunately, I don't recall any major recent hacks, but I might be wrong as well.

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Quote from: Bitcoin Smith on August 25, 2023, 02:14:06 PM

We heard that data breaches and hacks in the crypto currency exchanges are more often and almost every exchange faced that but when it comes to casinos they're actually better in that isn't it cause I don't see any casino's got hacked like exchange which means the casinos are having better security standards when it comes to protecting the data and funds.

There's also a security problem in crypto-gambling sites but we just don't hear those cases most of the time. In crypto exchanges, even the considered Tier III exchanges are being widely in focus once there is confirmed security-breach-related stuff. I even believed that security in crypto-gambling sites is much more breachable than in exchanges. If you don't see casinos got hacked then maybe you are staying only at the one side of the internet.

Generally, there are also lots of crypto-gambling sites being hacked, and at most cases, that situation will just come and go and then will be forgotten.

goinmerry

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Quote from: Bitcoin Smith on August 25, 2023, 02:14:06 PM

We heard that data breaches and hacks in the crypto currency exchanges are more often and almost every exchange faced that but when it comes to casinos they're actually better in that isn't it cause I don't see any casino's got hacked like exchange which means the casinos are having better security standards when it comes to protecting the data and funds.

If hackers will focus more on gambling sites, we should also see the same situation with the exchange. But that's not the case.

Anyway, what's the point? Do you mean crypto exchanges do have poor security compared to gambling sites? No. It's just that when exchanges got hacked, they received more attention as they were an exchange platform, having more users than gambling sites and playing a factor in the price behavior in the crypto-market.

If gambling sites are being hacked, the news isn't that big that's why you end up thinking that exchanges have worse security compared to gambling sites. Overall, based on my own view, gambling sites are more prone to be hacked since then than crypto-exchanges. Again, it's just that when crypto-exchange gets hacked, the news about that is big in most cases.

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Quote from: Bitcoin Smith on August 25, 2023, 02:14:06 PM

We heard that data breaches and hacks in the crypto currency exchanges are more often and almost every exchange faced that but when it comes to casinos they're actually better in that isn't it cause I don't see any casino's got hacked like exchange which means the casinos are having better security standards when it comes to protecting the data and funds.

That only means that most casinos are investing in their security or have people that are working hard to protect their systems and operations 24/7. While for the exchanges, they're probably just doing the same thing but it's that they're more targeted by the hackers and that's why they're inventing and discovering more ways to abuse a little hole that they see and attacks it through it.

Quote from: Bitcoin Smith on August 25, 2023, 02:14:06 PM

If that so then how is it possible for the casino why not by the exchanges.

Your thoughts!!!

Another thing is that, when these hackers do it at the same time and they're more with the exchanges, the success rate that they're doing is more than the casinos. But who knows, I don't have the stats for that.

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Quote from: Bitcoin Smith on August 25, 2023, 02:14:06 PM

Your thoughts!!!

Since casinos have fewer users than cryptocurrency exchanges, some transactions may go through manual confirmation. Therefore, casinos may be less likely to be hacked. Also, if a cryptocurrency exchange is hacked, we all hear about it, but if a casino is hacked, it's not even newsworthy. I don't think casinos are more secure than cryptocurrency exchanges. But, fundamentally, both are not secure because both are centralized systems. Never trust them too much.

dothebeats

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I'm pretty sure that exchanges are far more capable in deflecting hacks and attacks on their systems. It's just that they have more money in them hence why they're being targeted more. Gambling platforms are also heavily beefed up when it comes to security, but their volume is smaller compared to exchanges that are moving and facilitating millions of dollars every single day. If your platform is doing that, might as well improve security in every way possible.

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Quote from: Bitcoin Smith on August 25, 2023, 02:14:06 PM

We heard that data breaches and hacks in the crypto currency exchanges are more often and almost every exchange faced that but when it comes to casinos they're actually better in that isn't it cause I don't see any casino's got hacked like exchange which means the casinos are having better security standards when it comes to protecting the data and funds.

If that so then how is it possible for the casino why not by the exchanges.

Your thoughts!!!

Many, if not most of the casinos used online are operated from exotic jurisdiction and often unlicensed and unregulated in the countries they provided their services in. Which means, that if something goes wrong, they wouldn't care to inform their customers to not scare them away.
Big exchanges are mostly regulated (one way or another) and have to follow much stricter requirements, including keeping the customers informed of any breaches.
Also, the top exchanges are much larger than casinos, so any hack of the exchange is much more "newsworthy" than of the casino that most people haven't heard about.

DoublerHunter

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Quote from: Baofeng on August 25, 2023, 04:07:15 PM

Quote from: Bitcoin Smith on August 25, 2023, 02:14:06 PM

~snip~

Maybe it's not about security though, it's about how much money crypto exchanges has at a certain time as compare to crypto based casinos. And for obvious reasons, and even if there are like thousands of gamblers around at a certain period in a casinos, I doubt think it can beat the numbers of crypto traders in a given hour or even in a minute.

^ This!
First, the number of users plus the amount being held and that is the reason why gambling often hack more than exchange.
Because the potential financial gain for hackers in breaching a cryptocurrency exchange can be immense due to the large sums of cryptocurrency held and traded on these platforms in exchange. Plus another reason could be, that crypto exchanges handle a massive number of transactions within short periods, potentially creating more opportunities for hackers to exploit vulnerabilities. Probably that was a reason and I think it is not all about security.

klidex

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I don't think there is any comparison but for me both have the same level of security as strong it's just that hackers target exchanges because the possible amount of money on those platforms is different.
As some people have said here, if we don't know for sure whether gambling has never been hacked or the personal data of its customers has been leaked, because this is all online, we will not know the truth, it could be that gambling has experienced this, it just hidden from the public.
Actually, if you look at it as a whole, it a little difficult to compare the security levels of these two parties, but in my view, both have the same level of security and gambling owners and exchange owners always improve the security of their sites, it doesn't mean that one of the two parties doesn't do anything to improve security.

Baofeng

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Quote from: Bitcoin Smith on August 25, 2023, 02:14:06 PM

We heard that data breaches and hacks in the crypto currency exchanges are more often and almost every exchange faced that but when it comes to casinos they're actually better in that isn't it cause I don't see any casino's got hacked like exchange which means the casinos are having better security standards when it comes to protecting the data and funds.

If that so then how is it possible for the casino why not by the exchanges.

Your thoughts!!!

Maybe it's not about security though, it's about how much money crypto exchanges has at a certain time as compare to crypto based casinos. And for obvious reasons, and even if there are like thousands of gamblers around at a certain period in a casinos, I doubt think it can beat the numbers of crypto traders in a given hour or even in a minute.

And that is why exchanges are a target for this criminals, as it can house a millions to billions of dollars and most likely they have security lapses that this criminals studied and explored.

Topic: Security measures in casinos are better than exchanges! - page 2. (Read 362 times)