Bitcoin Forum

Recently Hacking Incidents are Highlighted in the most Crypto-Currency News outlets and Portals this Incidents are undoubtedly has a chilling effect to the Market Since the Investors are wary about the said Incident lately Bancor Network was Hacked and loss about Millions of Dollars? In your Opinion How could this happen if all of this Exchange is employing top of the class cyber security. I remember and iT Engineer tells me (there's no such thing as 100% secure in the internet) and No system is Perfect! is this true?  Don't hesitate to drop your opinion,

Obviously, hacking an exchange is a shocking as well as terrible thing, personally as a crypto trader i think we cannot completely be safe online and we have to use exchanges, it is only that we can reduce the exposure and the ones we are holding for long term should be kept in private wallets.

I believe that in 99.9% of  those cases were involved humans. Almost 9 from 10 guys who claim that there wallets were hacked had shared some where the passwords or some kind of things that are allowed to access.

This is so funny hear mate. None of the crypto currencies are hackable. If you find the lose on the hacking site means you might came across via fake site which is similar to your wallet. That is the biggest problem.
I do not find none of exchange has given the transaction id of the hacking attack has been taken part. Please check that first and think well what would be happened behind the news you are seeing in the crypto news sites mate.

Yes it's very alarming and i'm very aware on that incidents, However we should keep our coins in a hardware wallet no need to keep it on exchanges. There's alot of hackers they intended to hack exchanges. You should be aware on that thing.

The risk of hacking any exchange there is always. In this regard, do not neglect the protection measures - 2FA, strong passwords to the mail and to the personal account of the exchange, etc.In addition, you need regularly withdraw some of the funds from the exchange to hardware wallets.

I don't really get your Point Mate "None of the crypto currencies are hackable" is that true? I was wondering If that's a reality, and that cyber security technology is existed Why? Crypto-Exchange Platforms are not using it to combat this unfortunate hacking incidents that bring doubt on the system. Since I'm not and IT expert here I have a question, and my question is " Is there really a Hacked Proof System that existed today? if there is can someone name it.

Yes, I have fears. I started hearing such bad news about hackers very often. And that's why I never keep my coins on stock exchanges so that they are not stolen.

this is nothing new. if you check the history it is filled with exchange hack cases, some of them more serious than others and usually they are inside jobs or the exchange itself scamming its users out of their money!

in any case this is not about "nothing is safe on the internet" it is about exchanges not being safe and it is their own fault that they get hacked and the users shouldn't pay for their mistakes. in other words we need exchanges that guarantee the safety of trader's funds instead of making them pay for their mistakes in case of a hack.

This is true that there's no 100% security. Any exchange can be easily hacked if their employee is part of the hacking process. Also this is why most bitcoin users are adviced to not use any exchange wallet as their main ones. I'm not worried about these hacks though you can simply avoid them by quickly moving your funds in and out of the exchange after you're done trading.

And what about decentralized exchanges?
It is possible to take possession of the domain of the exchange, but it seems impossible to crack the users' wallets. Decentralized exchanges do not have normal trading volumes. In the rest they are good.

 This is why most bitcoin users are adviced to not use any exchange wallet as their main ones, but to be safe about these hacks  you can simply avoid them by quickly moving your funds out of the exchange once trading is done, to be on the safe side.

Yes, the statement disclosed by the IT Engineer is correct, the more sophisticated the security technology so the hackers are smarter and curious how to infiltrate the security system. Also, hackers take advantage of people carelessness in action.

That's true that there's no perfect security and all of them have some few bits of openness.

There's no perfect system to be precise so whether they keep on upgrading their security and make it tighter, if these hackers were all living just to rob, they'll still find some ways to get in.

Yes, I'm afraid of the news of the stolen exchange. >:(
Because most of the time, if the top exchanges were stolen, there would be a big drop in the market as a whole, which is a terrible thing.

I'm very aware of that. that's why i don't recommend that to my friends when they're asking me this kind of question. I prefer keeping it on MY etherwallet or coinomi wallet. Metamask and hardware wallet.

This is one of my mistake, but I put only a certain amount for me to easily buy and sell. But for term hold, I am using a hardware wallet and mostly if its a token, I am using myetherwallet for  easy  access of my funds.

Of course, everyone is alarmed by exchange hacking incident and many exchanges already shut down.

So choose big exchanges like binance and bittrex as much as possible, and security will be better protected.
If chose small exchange, so appear pilferage event, probably small exchange cannot afford to pay out.

there is always the risk of hacking in the digital world. There is no guarantee of this at all. The biggest mistake we make is to keep our assets in the exchanges wallet.

It seems to me that almost any computer system can be hacked. Quite possibly, they launched into the Bancor network some virus that could copy some wallets of the owners, after that they just took their assets to their addresses.

well,there have been a lot hack but they issues are given out info to wrong personels,by given out info hackers can use that to take off your coins,though much work are still need in hacking issue

Actually we can use offline wallet but I absolutelty trust to Binance exchange becasue They never be unfair. If some hacking problemes live, They can solve problem and give your coin to you.

I am very much aware of it and I think what your friend say is absolutely true, there is no such thing as "100%" safe when it comes to internet technology. Even we think that all of these exchanger are safe there is always this possibility that it can be hacked. As we can see hackers are very much smarter than we ever think and I guess those hackers are also IT experts.  So to profect your funds and avoid being hacked  it would be better not to store your funds in any exchanger,  store it in your personal wallet instead.

the hackers are always trying to find opportunities to find shortcomings in an exchange security system, the hackers will try hard to use their ability to get what they want, I agree there is no system that is 100% safe, crypto market is so vulnerable to hacking and news stories about hacking makes people panic then the market becomes chaotic. that's the system that occurs in cryptocurrency.

I treat such news calmly because such incidents occur in the crypto-currency world not for the first time. And to avoid becoming a victim, I keep all my coins on a cold wallet. And what you recommend!

Hacking exchanges is the very old condition already.
I am dont store all my coins on exchanges only some of part which i want to sell immediately if pump happened

Thats why I never jump into flashy new exchanges. The so called ICO exchanges nowadays are operated by novice high school programmers who just know some bootstrap html and want to operate an exchange. You should look for professionalism and experience when it comes to handling your fund.

Hacking incident on exchanges is dreadful especially if you keep all of your holdings their.  Oh yeah, there is no 100% secure exchanges platform. If their IT staff are expert, those hackers are expert too. So, a little glitch that will happen on security system, surely those hackers will grab the opportunity to attack the system of an exchanges.

That's why we shouldn't store our cryptos into an exchange platform for they are very vulnerable to attacks. Hackers always find ways to infiltrate exchanges that are holding huge amount of crypto. Maybe there are some exchanges that do have some insider tips that's why some intruders can penetrate from their security.

Nothing is impossible for the internet, they will easily enter and try to unload the best security system, others will have a certain system that is not deliberate to be able to access it very easily.
Things like this often happen in the last few years, this is very common for people in the world of technology and the internet, so no wonder famous exchange sites are hacked and get a lot of losses, they are already planning it for more axis again in the crypto world, giving big losses to the market, spreading fear for everyone.

Im not alarmed because I never stored crypto in Exchange but my view in this hacking Incident was positive to spread awareness to all exchange platform that they must make there cyber security more secure to repill this Treat.

More and more often I read news of thefts in the cryptocurrency exchanges, and this is a very bad situation, both for those who lose money, and for all those who would like to approach this new sector to invest and get discouraged. I hope that, for a good growth of the sector, all the exchanges increase their security levels to the maximum, even if some theft can always happen

the real question is, what are you going to do about all these hacking incidents that keep on happening to some exchanges out there?
just being alarmed is not enough anymore. you need to do something. and that can be beginning to move to decentralized exchanges. they won't become any better if you don't start using them. as more people join, these exchanges will grow bigger and have more volume and also the bugs would be found faster and the platforms would become stronger. and eventually we can stop seeing hacks like this.

I think the exchange is not really safe, it still has a lot of holes and it seems that every exchange has holes and need to fix in the long run. You should keep your money in your wallet and use it as needed. In addition, you should take steps to secure your account on the exchange or wallet

I won't lie i am really alarmed because if a big exchanges can be hacked with all their high tech and all their tech devs, that's means there is a problem, it means we are not really safe and it means the hackers are getting more smarter on daily basis

Hack of exchange is one of the worst scenarios for storing crypto assets on exchange. But also you have to be careful with some shady exchanges like yobit, exmo, wex.nz, bitforex etc. Some of them has a lot of troubles in the past and can create more for the customers in the future.

yes I am very surprised because I am confused how can the exchange place that has team informatics and experts in security could be hit by hack, I suspect that who gives access to entry is from insiders or from negligence security team system owned by the website itself.

Cryptocurrencies are always vulnerable to hacks, but several digital token thefts have rocked the market in a short period of time.

Most recently Bithumb is reported to have lost $30 million in cryptocurrencies after a massive hack hit the exchange.

I am expecting the digital currency to see significant drops in the coming days.

Of course yes the bad people are no space herein cryptocurrency need to learn how to avoid this incident
Dev and all people in this world of new digital currency is front to the hacker need to be malicious to the people to avoid hacking and taking care for their investment put strong security system.

Of truth it is so alarming the way the hackers hack many the crypto exchanges, it's a norm now that every week we will hear news on of hack or the other but most times it doesn't really bother me much because crypto is still in the early development, I remember when credit card first came it suffers the same thing but today's it's been secured with many ways, so i believe cryptos will reach that extent in the future.

I am not only alarmed, I'm disappointed as well! Cryptocurrency have an history of unscrupulous element always trying to exploit the weakness of any protocol or exchange. I believe security is not just one time thing, you have to be vigilante all the time and exchanges know this!

You don't have be disappointed, remember crypto currency is still in it's early stage and I believe that in the near future they plug all the loopholes and make crypto currencies more secured for everyone, it will take a little time but a time like that will come when everything will be secured.

Yes, I am concerned about hacker attacks on cryptocurrency exchanges. after all, some of them are successful and the exchange was closed after that. I don't want to lose my money.

I think everyone is affected and everyone worries for their money both on exchanges and on purses. Keep coins on long on hardware wallets.

Agree completely there is nothing perfect in the security of the Internet , but I think some wallets need to be improved every time that there was no hacking

I am really worried about the recent hacks incidents that is happening in some exchanges, it always make me to ask the question if we are really safe at all by keeping our coins in these exchanges, For me I would want to exchanges to form an alliance to share information  that would help protect our funds in their various exchanges.

I know that investments and exchanges are risky. But I came here to make money. I have not kept coins on stock exchanges for a long time. These are my precautions.