Topic: Track and Trace (Read 231 times)
Criminals are stealing more cryptocurrency from exchanges, and that’s driving growth in a cottage industry of services that allows for money laundering of coins, In the first half of the year, more than $760 million in cryptocurrency was stolen from exchanges nearly three times more than in all of 2017, CipherTrace said in its initial quarterly report on the subject. CipherTrace is a Menlo Park, California-based blockchain security firm that works with more than 40 companies and governments to trace crypto transactions.
Minimizing legal and financial exposure seems the direction that crypto is moving. Companies like Ciphertrace have discovered that more than $760m in crypto was stolen from exchanges so far this year. Do we allow this to happen or do we allow companies to step in to help stop these criminal acts?
$760 Million?
OMG!It is huge money. I think exchanges should do something immediately about it. They may consider investment insurance, for example.
The exchanges are the one with the soul responsibility of providing security for they exchanges and members and if they can do that it good enough to invite a cyber security outfits that can help minimize the rate of hack and stolen found from exchange.
And how did this company, Ciphertrace helped to make the community better. Yes, they track, they trace and listed the total amount of stolen money from exchanges but like he mentioned, they don't help at all.
these "companies" are worse than exchanges. they don't do anything or help anything.
Do we allow this to happen or do we allow companies to step in to help stop these criminal acts?
Do you think that hackers needs permission before attacking? no they won't even give notification they are stealing the funds of an exchange. They don't need validation from anyone if they are stealing. We don't have to be asked if there's a company that's trying to help determine who are those hackers, if they are helping, let them do. 
These companies should rather channel their resources into "improving" software that are used with these centralized exchanges. The hacks are exploiting the vulnerabilities in the software that are used at these exchanges or wallet providers.
Just hire some white hat hackers and let them find the "backdoors" and exploits in these exchanges and then close up these holes, then we will have less problems with hacks.
Just hire some white hat hackers and let them find the "backdoors" and exploits in these exchanges and then close up these holes, then we will have less problems with hacks.
Do we allow this to happen or do we allow companies to step in to help stop these criminal acts?
That's how decentralization works. We can not control them as we can't control cryptocurrencies for being decentralized, those criminal acts are not the problem anymore of crypto-currencies, because it's so natural that crypto-currencies are vulnerable of these kinds of criminal acts. A company should have its own security, it's still business, if they want more money, they will secure their source of money (like their exchange).Minimizing legal and financial exposure seems the direction that crypto is moving. Companies like Ciphertrace have discovered that more than $760m in crypto was stolen from exchanges so far this year. Do we allow this to happen or do we allow companies to step in to help stop these criminal acts?
Exchanges are being attacked from the past few years and they are really does not care about the security concerns on server and etc as I know. If are really looking to save the fund, we must need to use the private key secured wallet.
If you are trader to avoid the hacking attack, crash the fund from the exchange every day or three time a week.
Minimizing legal and financial exposure seems the direction that crypto is moving. Companies like Ciphertrace have discovered that more than $760m in crypto was stolen from exchanges so far this year. Do we allow this to happen or do we allow companies to step in to help stop these criminal acts?
We can't simply do anything about the hackers, we users have no control of the security of the exchange, it simply up to exchange if they secure the funds of the traders, or possibly they stole the money from the traders, which we have no control, we just hope for them to be caught.Yes we have no power to control the security of exchanges but we can minimize the possibility to lose our assets. That's by not storing our assets in exchanges for long time. Just use exchange whenever we want to exchange our asset or whenever we want to trade. Storing assets always better by using our own wallet where we have a full control of it.
Minimizing legal and financial exposure seems the direction that crypto is moving. Companies like Ciphertrace have discovered that more than $760m in crypto was stolen from exchanges so far this year. Do we allow this to happen or do we allow companies to step in to help stop these criminal acts?
Of course we don't want this to happen. Hackers are always one step ahead of the game, sad to say.
I guess exchanges has the 'responsibility" to protect our funds, at least they should be very attentive 24x7x365 and monitor any suspicious activity before any hacker can penetrate their exchanges. Protection should be their number one priority here.
No matter what anyone does, there will always be hacks on exchanges etc since money is involved. Everyone are aware of the risks involved with this market which is why it is up to us to secure our funds by using hardware wallets, paper wallets etc instead of depending on 3rd party exchanges.
Although hack are happening due to lack of activity but there is no way to trace them. This is the nature of crypto-currency. If you don't know who is the owner of receiver address then just forgot about trace. Hackers discovering new technology to cheat/scam people's. On the other hand lot of coin mixer available on the markets. So it's more easy to hide hackers identity. Nature of crypto-currency is untraceable. If not then people's could trace satoshi 
Minimizing legal and financial exposure seems the direction that crypto is moving. Companies like Ciphertrace have discovered that more than $760m in crypto was stolen from exchanges so far this year. Do we allow this to happen or do we allow companies to step in to help stop these criminal acts?
I think that is the jobs of the exchanges to secure their website from the thief. They can hire a security team or a company to help them to protect their site.It's not easy because they need to concern with their member so their member will feel safe to trade in the exchange.
But the Ciphertrace can come into the cryptocurrency to help the site, and I think it will be good if the company can take part in the crypto worlds.
Minimizing legal and financial exposure seems the direction that crypto is moving. Companies like Ciphertrace have discovered that more than $760m in crypto was stolen from exchanges so far this year. Do we allow this to happen or do we allow companies to step in to help stop these criminal acts?
We can't simply do anything about the hackers, we users have no control of the security of the exchange, it simply up to exchange if they secure the funds of the traders, or possibly they stole the money from the traders, which we have no control, we just hope for them to be caught.Yes we have no power to control the security of exchanges but we can minimize the possibility to lose our assets. That's by not storing our assets in exchanges for long time. Just use exchange whenever we want to exchange our asset or whenever we want to trade. Storing assets always better by using our own wallet where we have a full control of it.
It is the call of the exchanges. They are supposed to be secure against hackers. If they need outside operators to check and enhance their security, then so be it. Exchanges should be proactive and not allow weak spot on their securitY to deter hackers. Anyway, an unsecure exchange will die anyway because users will withdraw from them.
Minimizing legal and financial exposure seems the direction that crypto is moving. Companies like Ciphertrace have discovered that more than $760m in crypto was stolen from exchanges so far this year. Do we allow this to happen or do we allow companies to step in to help stop these criminal acts?
We can't simply do anything about the hackers, we users have no control of the security of the exchange, it simply up to exchange if they secure the funds of the traders, or possibly they stole the money from the traders, which we have no control, we just hope for them to be caught. 
Minimizing legal and financial exposure seems the direction that crypto is moving. Companies like Ciphertrace have discovered that more than $760m in crypto was stolen from exchanges so far this year. Do we allow this to happen or do we allow companies to step in to help stop these criminal acts?
You are going to need to provide more details about your solution. How exactly will allowing companies to step in stop criminal acts?
I would like to see more details about this kind of reports because I haven't heard about any major exchange hacks in 2019 so it doesn't mean to be trustworthy. Also many of those hacks are nothing more than a scam from the exchange administration.
Hacks would keep happening just the same as people are robbing shops and taking cash in real life. The best way to save user's money would be some kind of insurance.
Hacks would keep happening just the same as people are robbing shops and taking cash in real life. The best way to save user's money would be some kind of insurance.
Of course we don't tolerate bad things to happen in the crypto world but it's inevitable for as long as there's an individual or group of people who've bad motive, we can't stop all of it but we can at least minimize in a way that we knew. Learning from the mistakes of the past will generate good outcomes in the future. Being transparent is a key for the trust of the people so I see it more of a 'moving on' rather than allowing bad deeds to happen. There's always a room for improvement.
Ciphertrace
these "companies" are worse than exchanges. they don't do anything or help anything. they are just here to take advantage of the situation and make some money by attempting to do some "chain analysis" which they can never do it properly specially when it comes to serious cases such as exchange hacks.
Minimizing legal and financial exposure seems the direction that crypto is moving. Companies like Ciphertrace have discovered that more than $760m in crypto was stolen from exchanges so far this year. Do we allow this to happen or do we allow companies to step in to help stop these criminal acts?
I think it is up to exchanges to find ways to protect it's user and the companies security it self. We all know that decentralization and government cannot sit along in just one table. So, we will have to just choose let decentralization and criminal acts to occur and let the culprits run anonymously or let the government or some agencies in to amlessen or avoid such acts.
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