Bitcoin Forum

In the last couple of weeks,we have seen a lot big exchanges being hacked, funds stolen and everyone thrown into panic.The last one being Bithumb (https://cointelegraph.com/news/bithumb-details-still-sketchy-after-30-mln-hack). Is there really a permanent solution to this nightmare by hackers?

Exchanges platforms are hacked for years. A permanent solution? Yes I have 2
Tell to people to stop to panic when an incident strikes (after all we repeat again and again to not kee^p your coins in a website) and tell to the exchanges to take care of the basics security firstly. Exchanges are not always at the top when it's about security. They learn it with the hard way.

id say a good 80% of exchange "hacks" are actually insider retirement plans.

and as long as people stupidly use an exchange as a long term bank account where they are not day trading. then the owner will see a big neon total holdings that will tempt them at one point to retire and run off to a island somewhere, because they can earn more by faking the "i been hacked" scheme, than they could earn by continueing their service for years

so if you have funds in an exchange and you dont trade/use it daily. GET IT OUT of the exchange.

if the only funds an exchange holds is the funds on a daily order book. the exchange will make more money staying alive and allowing trades. instead of running off with the hoards of coins that are not on orderlines but just held in wallets.

put it this way. if there was only 10k coins on orderbooks and daytradres rinse and repeated 5 times a day(at 0.3% fee on 50k vol=150btc/day)
means that in 66 days the exchange can make 10k coins, which is ~55k btc a year  or steal 10k once and forever watch over your shoulder
where as
if 10k coins are on orderbooks. but 300,000 are held on the exchanges wallets like a bank account store.
an exchange would see it will take 6 years to earn 300k. or steal it in one day which is more worthy of looking over your shoulder.

in short dont have more coins doing nothing on an exchange than what an exchange could earn in a reasonable time so its not a temptation

as for the other 20% (well all 100%) of "hacks" xchanges need to stop storing private keys on their webservers. then theres nothing to take from outside hacks because the hackers cant find the privat keys when hacking the webserver

Sometimes i feel the story of exchange hacking is planned and organize crime from exchange management to empty traders wallet that why i am think to read more about decentralized exchange platform .  

It's becoming a rountine that I now begin to wonder who and who is hacking who itself. Guess it's high time exchanges step up their security features adeqautely to secure users investments.

Yes. When those who intend to build them understand the risks that they attract by owning one, they would consider all before starting something.Next, all the other exchangers will do some buffering to prevent same from happening. Just more time and and smart work and we'll be out of the woods

This really hard to control the hacking. I think keeping the money in a very secured wallet like hardware wallet would reduce the rate of hacking in the current time.

What do you mean that there are lots of big exchange being hacked this last couple of weeks? as far as I know Bithumb is the only exchange that had been hacked this past few weeks. I think the only solution to this hacking problem is for exchanges to always update their security system, but the thing is there is no perfect system, there will always be vulnerabilities. And another thing is, some of this exchange are not really got hacked, we all know that some exchange are not and most are not fully regulated, this is why exchanges can make an inside job and then they will say that they got hacked to stole millions of dollars from their customers.

No, it will not end soon, like bank robbery, you can lower it as much as possible but you will find always some people trying to figure a way to steal from it.
Exchanges need to enhance its security level and customers need to move always their earning to cold wallets

Yeah, there really is no way to stop exchanges from getting hacked. If it were easy to stop hacks, then they would have stopped already. One thing to also remember is it is hard to prove that an exchange that gets "hacked" isn't just an inside job. How hard is it for someone in the company to steal funds? Or even then, its really easy for the owner of the exchanges themselves to steal from customers and then claim it was a hack.

that's the only thing I know that can stop or minimize exchange hacks
hacker won't be that easy, or perhaps near impossible, to steal users' fund
even exchanges itself cannot steal your fund because they don't have full control of the fund

I recently lost 5 eth on HITBTC. I got an email someone from switzerland logged into my account. They withdrew all funds and i lost it all.  I think its safer not to use APIs as I think thats what the issue was. I used a random trading bot and that probably got me. 

My fault so no harm done, I am now more secure with my online trading and withdraw the second I sell.

Hackers are very detrimental and very annoying to traders and this greatly affects bitcoin prices and bitcoin price reductions and we must always be vigilant.

as of now we could not assured that these hacking happen now in different exchanges trading,is been stop or less,because hackers are still there waiting for the time to get and find the victim or  exchanges that lack of defense of there system wall,thats why its not better to put all your portfolio into the trading exchanges sites because we have no assurance that if there something bad happen we could get back those our invested crypto coins.

boring news, where everyone is panicking in trading
I hate this kind of news, and hope, if anyone cheats about the exchange being hacked, then I will never use the exchange again, I hate the developers and teams of the exchange

it seems that, to overcome this hacker it can not, we can know just call it pentagon class can still be hacked with a very sophisticated security though, I think it depends on each investor how they manage to fund, if I personally to overcome this, I do not keep a lot of funds in exchange, I save more money in wallet etherwallet (ETH) or blockchain. I think it's safer.

The exchanges hacking has become more and more often and make market condition become bad, this is definitely not a great things for crypto reputation, but nothing we can do to stop the hackers, the exchange supposed to be increased their security, and for the users we only can make sure we dont store too much coin in the exchanges

I dont think there will likely be solution to exchange hacks, because most of the hackers are part of the system so even if developers proffer ways to stop it, the system will still be hacked. the hackers are part of the system already so they know the nitty gritty.

Ofcourse as I attend seminar last year they said that all the website can be hack as long as they are in the internet there are a possiblity and they are assure that it can be hack. They just need a time learn the security as they said and it will launch a virus. Thats why we have a developer to update and update the system and the security of it.

Theres is no more other way to prevent those hackers but its avoidable like upgrading the security system of the exchangr so that hackers are not easily to access its information to hack them.Thats the only way i think on how to avoid them.

It is recommended again and again by the experienced investors not to hold funds on exchanges unless you want to trade immediately. As far as exchanges are insecure, hackers well keep trying to steal funds. However, we can always hold our funds offline through the user point of view if we care about the security of our funds. It is not a cool idea to expect from hackers not to hack exchanges or from exchanges to keep our funds secure. Bitcoin and other cryptocurrencies give us the freedom of holding our funds with ourselves and that's what decentralisation is all about so we should understand the potential of this technology and use it to the fullest.

this is also the same that mtgox announced since 2014, I always say 2018 is almost similar to the 2014 scenario then, so what is interesting this year the price will only tend to decline until the next year, if you want to look to the moon see after halving happen, need a long time to recover is what is called a 4-year phase

So that's why the price of all the crypto coins is going down again especially bitcoin price. How can they hack such a big exchange with tough security? Is this an inside job again like in nicehash?

It can be lessen but it will never end, hackers will always find a way just like us to our problems we will always find a way. We just need to be careful in giving private information about our wallet and life, and also be able to know what site to trust.

We have seen that the exchanges are now working on security aspects and thus incidents will reduce. Still some hacks occur and I think that exchanges might be involved in these.

Nope. No system is fool-proof. Even banks, who have their online systems set up far longer, and with much higher budgets and stakes than exchanges have are vulnerable to hacking. One could even say that the internet itself is inherently insecure, because at that point you're exposing your system to be accessible by anyone. All they can really do is patch as many holes as they can and keep up with the trends. For exchanges specifically, this means strengthening their inner protocols as much as their external cybersecurity, as most exchange hacks are speculated of being inside jobs.

But yeah, like the others have said, this doesn't mean you should stop using them completely. They're vital to the ecosystem after all. You should just do all you can to minimize the risks that come with getting involved with them.

there wast only one exchange hack which was somewhat big but also it was mainly XRP that was stolen not bitcoin. where do you get the rest of them that you call it "a lot"?!!

and no it will never end. just like anything else on the internet, exchanges will be under attack specially since they are handling money and successfully hacking them means a lot of money. it is a never ending war. like viruses, there is a new virus every day and there is a new update to antiviruses to protect against that.

No man, hackers will always find a way to bypass someone's security. As long as there's a way to create something, there's also a way to destroy it. No matter how good the security, if hackers are professional, they will find a way even if they take a lot of time to do it. There were some cases that there were some inside job where a hacker is part of a team or a staff that handles things in an exchange which give him time and materials to hack an exchange easily. In conclusion, hacking won't stop no matter what.

Do you believe them these hacker stories?
I don´t know, I have many doubts about that, there are no regulations, no one controls them.
How to know if what they say is true or they did it themselves?

As of the moment there's none. As we move forward to the digital era, these hacking incidents will grow exponentially. There are lots people who takes advantage of the vulnerabilities online. Most common factor that leads to these hack incidents are human blunders. Hackers will always find a loophole for them to make money easily. Hope that these people will be put behind bars.

I think this is really hard to control the btc hacking. Need more secure wallet for btc .

I think it's impossible to stop a group of good hackers from hacking the exchanges if they want it.
Did you see that even the biggest exchange in the world like btc-e got hacked in the past and that costs like hundreds thousands of BTC was hacked .

the solution is to periodically update the security system and hold a contest for hackers, which can give the weakness of the system will get a reward ..

No chance hackers stop doing hacking that's their way of living, exchangers better do is to hire also some hackers  to protect their business.

my expectation must end soon because the impact will be very influential globally
as is the case now, the fall of bitcoin
each exchange must perform its own testing of the system security and must continue, in order to cope with increasingly massive cyber attacks

This is way similar to banks who were getting robbed. It won't end my friend... money is the main thang! If robbers are passionate enough with their art, the more these hackers are.

So if you are scared, use hardware ledgers.

 i think hacker will never stop hacking. because hacking exchanger is the good way source of income. the only way to avoid hacker is always update the security of thier system make it improve.

Solution on what in securing your funds or solution in hacking?

The one that can saves you is to keep your money safe in a hardware wallet. Lucky for those stolen that bithumb will cover the amount that has been lost but not everytime it will be covered the lost. Exchange hacks will not end the big money is there and it is the prime target of this hackers especially the low security exchanges. Put how mow much you can afford to lose and always bear in mind to wothdraw your coins or token if you will going to hold it.

Permanent solution is for everyone to safeguard their assets. Dont trust any exchange by keeping your coins on their website. No exchange is above hacking. The reality only comes when it happens. Everyone should be warned and not panic about petty things. Give value to what is valuable.

I don't think there is any solution.
Because exchanges can only use big data and cold wallets to avoid these hackers' attacks as much as possible.

Since technology keeps evolving I don't think hacking will ever stop and it's also the reason why there are security upgrades from time to time in big cooperations and institutions around the world. A lot of people are motivated to test security in recent times than help improve security so the exchanges ought to be aware and improve their security from time to time.

it will not stop. hackers are smart and they will find a way to hack the site. many of this hackers are educated people. there is always a loophole that they can exploit.

I believe that asset theft on the stock exchanges will never end. Hackers will not give up attacks as long as there is Internet, that is, this will always happen, as it is a way to get easy money.

Hack attacks will never end as long as there are lovers of free money.
The only way I see to guard your funds is not to keep a lot of coins on these exchanges, even if you are doing daily trading.

its not the hackers fault that the security of the exchanges are easy to penetrate,
sometimes it makes a company strive for a secured network, to be able to protect themselves from hacking
i think exchanges needs to harden their firewall and security to protect the investors money
its always their fault, because its their responsibility to keep it safe, from hackers

This is a sign and reminder for Bitcoin holders. do not trust 100% against any Exchange.
do not keep BTC in exchange except in no time. use it just to redeem it or use the shoot and run method.

hard to end it , some exchange just to proud about their security and think they wouldnt get hack , and rarely too update. i think the best way is every exchange do maintenance on their site not only to get profit  

I don't think exchange hacks will cease in forseeable future. Of course, exchanges will continue improving their security systems making it more difficult to penetrate, but hackers can learn as well. It's quite likely such hacks will create a new market for blockchain-based insurance companies which exchanges will cooperate with in order to minimize their risks.

What with the currency anybody knows? What now? global warming? the conspiracy of Freemasons? an attack of aliens? what?

Well this is a good indications that the exchange site lack the security capacity to protect their site from being hacked into, and this is the right opportunity for them to step up in security in other to protect their members coins from being stolen. Or hacked.

Currently available all crypto currency exchanges are full with bugs .They do not take care for their security or for their users security .So they are getting hack.Few days back i reported a bugs to btcc.com and they found it (btcc.com Ticket ID #43743 /) .They promissed me to give some bounty but till now i did not recieve any bounty.So why anyone will spend time for report bugs to exchanger.If exchangers provide some good bounty for security researcher they will research it and exchange website can be more hack proof.

If that was a terrible problem, the exchange houses solution with a lot of security and cold wallets that are not connected to the Internet impossible to hack and anti tracking coins like those of the tor platform so they can not be hacked but I know that there is some world that will solve this problem in a short time

Yeah. I heard that it was about $31 million. https://btcmanager.com/32502-2/
What a huge loss! I think it never ends until the security is improved. These hackers are really genius and we cannot blame or judge them anything about their jobs.  :-[

Some hacks are staged. Exchange owners collaborate with criminals or are the criminals themselves.
Don't trust the tears and whining of the exchanges if again some mysterious hack happened.

in my opinion there is no solutions about that and hackers will always be targeting big exchange to get free money and i think in the future possibility to see new exchange got hack again will pretty high and the problem currently is how to avoid panic after hack issue because it's necessary to keep the price not fall more deep again

Inside hack is the first possibility that any policeman will look on it. Mt gox, is the best known example, at least until Karpeles proved to be innocent.

There is a way to put an end to exchange hacks where to keep your coins under control which is not possible with centralized exchanges . it is only possible own your private key with decentralized exchange only like tidex (wave platform) the problem face decentralized exchanges is low volume .

As long as the security is soft and the target is ripe for the taking I doubt it's ever going to stop. Exchange hacks have been an absolute constant for as long back as I can remember back in 2011 with Mt. Gox causing the first Bitcoin crash from $32 back down to $2. Bitcoin is just a dream for hackers given the nature of how it works.

No, there can only be a remedy to minimize the occurrences.  these can include, looking into decentralized exchanges. The biggest difference between centralized exchanges (like Coinbase, Kraken and Bitfinex) and decentralized exchanges is that decentralized exchanges do not hold users' funds. No one can ever access your funds other than you. So it can't be stolen unless your private keys are compromised. Strong password. Make sure to set a really hard and long password, and you are the only one to access it from a piece of paper that you control.

As long as centralized exchanges exist, nope. Even some "decentralized exchanges"  with some centralized mechanism won't escape being hacked. We need to by all means encourage real Decentralized exchanges to enjoy the full benefit of Cryptocurrency

Some exchanges don't take matters of security as a priority at all. If we keep thinking about volume and liquidity alone we'd continue to have some of these bad news periodically. Exchanges must put customers' interests first by ensuring maximum protection of their funds.

Yes, now this is a very big problem and the exchanges need to take care of their safety. I think that all exchanges will soon fix this problem

It needs to be more secured in terms of their security of not to get hacked. One of the best thing to do as a user is not to get panic everytime their is situation like this. Hacking issues always do exists so do not store always your funds in the exchange.

As the popularity of bitcoin increases, the price becomes more fantastic, so the crime mode is also higher, one of which is the hacking case. Some people want to cheat to get big profits instantly, regardless of the loss of others. But, that's a risk to be faced, quite difficult to find and hold hackers who work neatly, so in anticipation, we must be good at keeping the assets we have. The case of bithumb hacking is enough that we should not keep all your assets in the wallet exchange. Use a separate wallet, and use only wallet exchange when trading.

I don't think it will ever stop, its juat like saying and stating that when will fraud or money or internet hackers ever going to stop in the internet. Its interesting to know that some exchange hacks that might be going on are most times, are intelligent games played by the Exchange owners to their users. To stay on a better side, do not leave your funds in any exchange for too long to prevent you from lossing your funds.

ther have been several hacks on exchanges in the recent past and millions of dollars in crypto have been lost, this has further deeped the safety of crypto investment into further doubts,I however believe that these hacks just dont bring the bad,as the hackers continue to  succeed, the more the exchange developers are challenged to make  come up with hackproofe codes to protect the exchange wallets. The hacks acn just be a stepping stone to future success in creating safer exchange wallets

In my opinion exchange hacks will not end because there are people that not contented by their income they want to cheat to add to their income.

I hate the exchange that makes the crypto community panic in the move
news about hacking exchange, very annoying, especially korea, which within 5 months, there are 2 exchange from korea hacked,
in fact they are annoying

Do you really believe that those website are vulnerable to hacking they are wasting millions of dollar hiring a team to secure thier websites. Changing codes every week to be able to secure our funds. The reason here are some of the website owner declaire that thier website are hacked to be able to do thier exit.

Hacks operations are spreading all over the Internet, and even larger sites are hacked because of security vulnerabilities, so it is difficult and the platform must always be developed

if they are broken, then the cryptocurrency has value. this may end when the exchanges are decentralized, but to be honest, I don't know how it can be