Two Exchanges in 2019 lost over $70,000,000

TimtheYoutuber

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Quote from: carlfebz2 on February 05, 2020, 04:32:24 PM

Quote from: Chrystora123 on February 05, 2020, 11:04:36 AM

Quote from: bullrun2024bro on January 15, 2020, 12:51:59 PM

You cannot repeat it often enough the importance of storing your coins and tokens on a wallet you personally own. Don't leave them on exchanges. There is no 100% guarantee that an exchange is not getting hacked. Protect your coins and store them safe!

I agree with you.. there are some users who are lazy to store their coins in a private wallet, they feel more comfortable storing in an exchange wallet, even though wallet exchange is very vulnerable to hacker attacks. storing in a personal wallet is much more troublesome but still the safest!!

Whats the troublesome of it? It doesnt really cost an arm and leg for you to store up your coins on a hardware or personal wallet.
It might just really require you to spent some when it comes to fees but at least you do know the safety of your coins.
People never really learn until they do experience loss of funds.Wont be surprised if there are exchanges as of this 2020 will be hacked.

We can't expect everyone to take care of their own funds. We need to realize this and move on, by making exchanges hold more security.

carlfebz2

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Quote from: Chrystora123 on February 05, 2020, 11:04:36 AM

Quote from: bullrun2024bro on January 15, 2020, 12:51:59 PM

You cannot repeat it often enough the importance of storing your coins and tokens on a wallet you personally own. Don't leave them on exchanges. There is no 100% guarantee that an exchange is not getting hacked. Protect your coins and store them safe!

I agree with you.. there are some users who are lazy to store their coins in a private wallet, they feel more comfortable storing in an exchange wallet, even though wallet exchange is very vulnerable to hacker attacks. storing in a personal wallet is much more troublesome but still the safest!!

Whats the troublesome of it? It doesnt really cost an arm and leg for you to store up your coins on a hardware or personal wallet.
It might just really require you to spent some when it comes to fees but at least you do know the safety of your coins.
People never really learn until they do experience loss of funds.Wont be surprised if there are exchanges as of this 2020 will be hacked.

Chrystora123

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Quote from: bullrun2024bro on January 15, 2020, 12:51:59 PM

You cannot repeat it often enough the importance of storing your coins and tokens on a wallet you personally own. Don't leave them on exchanges. There is no 100% guarantee that an exchange is not getting hacked. Protect your coins and store them safe!

I agree with you.. there are some users who are lazy to store their coins in a private wallet, they feel more comfortable storing in an exchange wallet, even though wallet exchange is very vulnerable to hacker attacks. storing in a personal wallet is much more troublesome but still the safest!!

ololajulo

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Quote from: sisule on January 15, 2020, 11:21:54 AM

I not heard about Binance ever loss more than $70,000,000 in their exchange assets because right now Binance keep exist as market trading and investing until today, how ever if loss raise more than $70,000,000 I think will make some exchange market loss their asset and never exist until right now, with higher amount loss in market bad reputation for this exchange at the future.

He referred to 2 exchanges not one, Binance and Bit. According to the news received $40million was lost on binance and I guess the other exchange added up to the loss of $70 million. The hack did not affect any customer because it was from the hotwallet, holding binance coins. I think the safety of the users is still responsible for the trust on the exchange till now.

TimtheYoutuber

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What does everyone else think about this? Do we need better security standards to make sure that this does not happen?

TimtheYoutuber

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Quote from: hugeblack on January 21, 2020, 02:50:37 PM

One of the reasons that leads to hack the platforms is the developed team. In many cases, the team either steals money to declare bankruptcy or one of the individuals cheated the rest of the individuals.

It is the weakness of the laws, legislations, and controls imposed by governments that encourage such behavior, so I think it is more economical than technology.

If this is the case then it is a problem with internal controls, which should be set by the company. Nowhere in the world is it legal to steal. So companies need to adapt security protocols that an exchange like Coinbase has. They have been without hacks because they have good internal controls to prevent such things.

We can build better tech, but if we don't have good internal controls we are screwed.

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Quote from: hugeblack on January 21, 2020, 02:50:37 PM

One of the reasons that leads to hack the platforms is the developed team. In many cases, the team either steals money to declare bankruptcy or one of the individuals cheated the rest of the individuals.

It is the weakness of the laws, legislations, and controls imposed by governments that encourage such behavior, so I think it is more economical than technology.

Well said because even how tight the security is, if one of the personnel or part of the team tend to do shady acts then its useless.

We already seen big hacks but it do always end up on having the same reason which their security had been compromised.We saw some different
scenario just like what happened on quadrigacx.

hugeblack

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One of the reasons that leads to hack the platforms is the developed team. In many cases, the team either steals money to declare bankruptcy or one of the individuals cheated the rest of the individuals.

It is the weakness of the laws, legislations, and controls imposed by governments that encourage such behavior, so I think it is more economical than technology.

TimtheYoutuber

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Quote from: Kyraishi on January 17, 2020, 07:48:53 PM

Quote

Although the money will all likely be paid back to users, what do you think about exchange security? Do you think there is a certain standard for protection that all exchanges should have?

I mean, I don't doubt that exchanges like Binance have robust security measures in place already.

They likely do, and they enforce it to their best ability. However, there will always be exploits especially when you have such a huge target like an exchange which holds irreversible payment methods. Hackers are inevitably always going to be on your back.

And this statistic isn't even comprehensive, it doesn't cover the smaller exchange hacks or losses. The real figure should be substantially larger.

But how come an exchange like Coinbase hasn't had this done to them? Don't you think Coinbase is following a better process/structure for security?

Kyraishi

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Quote

Although the money will all likely be paid back to users, what do you think about exchange security? Do you think there is a certain standard for protection that all exchanges should have?

I mean, I don't doubt that exchanges like Binance have robust security measures in place already.

They likely do, and they enforce it to their best ability. However, there will always be exploits especially when you have such a huge target like an exchange which holds irreversible payment methods. Hackers are inevitably always going to be on your back.

And this statistic isn't even comprehensive, it doesn't cover the smaller exchange hacks or losses. The real figure should be substantially larger.

stomachgrowls

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Quote from: sisule on January 15, 2020, 11:21:54 AM

I not heard about Binance ever loss more than $70,000,000 in their exchange assets because right now Binance keep exist as market trading and investing until today, how ever if loss raise more than $70,000,000 I think will make some exchange market loss their asset and never exist until right now, with higher amount loss in market bad reputation for this exchange at the future.

You just posted up into this thread without bothering yourself on whats "lost amount" we are talking on here.Im sure you are just reading the topic title and not the op's contents.
We are pertaining or do talk about the amounts that been hacked in Binance and Bitpoint.

https://www.wired.com/story/hack-binance-cryptocurrency-exchange/
https://www.coindesk.com/japanese-exchange-bitpoint-hacked-by-32-million-worth-in-cryptocurrencies

I dont trust any exchange when it comes to 100% security. Just dont leave your coins on exchange to avoid potential loss.

TimtheYoutuber

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Quote from: alyssa85 on January 16, 2020, 07:43:03 AM

Quote from: TimtheYoutuber on January 15, 2020, 10:58:38 AM

Video Covering the hacks: https://www.youtube.com/watch?v=OAktOcT1Mrs

Binance and BITPoint lost over $70,000,000 in hot wallet hacks in 2019. Although the money will all likely be paid back to users, what do you think about exchange security? Do you think there is a certain standard for protection that all exchanges should have?

We don't see Coinbase getting hacked, so are exchanges just not being as careful?

I think there needs to be a higher standard and hopefully, in 2020 we will see less of these hacks, that are actually avoidable.

Some of these exchange hacks have come from inside - so vetting your staff and making sure that you have rules about large amounts being moved and algorithmic checks to detect anomalies is crucial. But of course that all costs money to set up.

Even if everything happened from the inside, there are still better ways to hold internal controls.

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Quote from: TimtheYoutuber on January 15, 2020, 10:58:38 AM

Video Covering the hacks: https://www.youtube.com/watch?v=OAktOcT1Mrs

Binance and BITPoint lost over $70,000,000 in hot wallet hacks in 2019. Although the money will all likely be paid back to users, what do you think about exchange security? Do you think there is a certain standard for protection that all exchanges should have?

We don't see Coinbase getting hacked, so are exchanges just not being as careful?

I think there needs to be a higher standard and hopefully, in 2020 we will see less of these hacks, that are actually avoidable.

Some of these exchange hacks have come from inside - so vetting your staff and making sure that you have rules about large amounts being moved and algorithmic checks to detect anomalies is crucial. But of course that all costs money to set up.

Aikidoka

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I've just remembered when binance get hacked through, and that was probably because of the less care of Binance team. However, everything related to the internet can be hacked so even if it's really so secure it doesn't mean that it has like 100% protections over the hackers, but it's better to higher security levels in every exchange to pretend those hacks which can be affected many sites and make em lose a lot of money.

ubercool

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Quote from: dumbhack3r on January 15, 2020, 12:23:34 PM

is there anyway those exchange scammed those money and tried to cover up the issue with the hacked news because it just became an trend!
its like every exchange is made for hack and lets make up an issue and steal the money!

It happened once or twice may be but the whole team was not into the idea of scamming but only few authorized people.

Whenever we come across a hack news, we start talking about decentralized exchanges for a week and then everything back to how it was.
I think we need more decentralized exchanges or at least ways to make the present one working better than how it is right now.

bullrun2024bro

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You cannot repeat it often enough the importance of storing your coins and tokens on a wallet you personally own. Don't leave them on exchanges. There is no 100% guarantee that an exchange is not getting hacked. Protect your coins and store them safe!

JeffBrad12

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Different exchange different security hole. Binance despite already making a bug bounty program that rewards people who found bug with decent amount of money still got hacked, it just really depends on how the exchange was designed and whether the security is really good. so, comparing two exchange in term of security is kind of abstract and no obvious parameter.

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The year served to be a big year for cryptocurrency in terms of more new exchanges getting launched. This has also led to more hacks and scams getting promoted through these exchanges and more hackers stealing big funds through security breaches that occurred with the exchanges. But this didn't affected the market much as Binance one of the leading exchange took responsibility for the hack that took place in their exchange and settled funds to the users.

Vishnu.Reang

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There are hundreds of large and medium sized cryptocurrency exchanges out there and a handful of them get hacked every year. But in my opinion, the frequency is declining now. The amount being stolen is also going down. For example, the Mt Gox robbery resulted in a loss of close to $600 million (would be $5 billion at current exchange rates). The figures given by the OP looks minuscule when compared to that.

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is there anyway those exchange scammed those money and tried to cover up the issue with the hacked news because it just became an trend!
its like every exchange is made for hack and lets make up an issue and steal the money!

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