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Title: Hacking hampering the future of Crypto? Post by: CreamIce on September 20, 2018, 10:43:47 AM Japan lost a significant $540 Million to hacking with most of the year still left. This figure will only rise.
How do you think it will impact in long run? What can be done to stay safe? https://www.coindesk.com/japan-lost-540-million-to-crypto-hacks-in-first-half-of-2018/ (https://www.coindesk.com/japan-lost-540-million-to-crypto-hacks-in-first-half-of-2018/) Title: Re: Hacking hampering the future of Crypto? Post by: butka on September 20, 2018, 11:41:32 AM What can be done to stay safe? Don't trust the exchanges. They have been hacked before, and will be hacked in the future. Keep your coins, whichever type they are, in a wallet that you control. It could be in an air-gapped computer environment or a hardware wallet. When you trade your coins, transfer only the amount that you actually plan to trade to the exchange's wallet. Withdraw them immediately after the trade. If you don't have control over the private keys, you don't own the coins. The exchange does and there is nothing you can do to stay safe during that time. Title: Re: Hacking hampering the future of Crypto? Post by: CreamIce on September 21, 2018, 06:38:08 AM Thanks much for your suggestions. I will adhere to these. It's quite scary sometimes. I don't have much knowledge with respect to market, so I keep a low profile mostly.
Title: Re: Hacking hampering the future of Crypto? Post by: JeffBrad12 on September 21, 2018, 07:12:50 AM Thanks much for your suggestions. I will adhere to these. It's quite scary sometimes. I don't have much knowledge with respect to market, so I keep a low profile mostly. Majority of them getting hacked caused by they have been storing their amount to the exchange site. But all of the hacked amounts have already recovered. Remember Japan regulators has been stating to give the responsibility to the exchange site that getting hacked to refund all trader's money. Sent your cash back to your wallet to avoid such thing. Title: Re: Hacking hampering the future of Crypto? Post by: bitmover on September 21, 2018, 05:54:15 PM What can be done to stay safe? Don't trust the exchanges. They have been hacked before, and will be hacked in the future. Exchanges are a huge attack vector. As they have to keep a huge volume of coins online, many people will be trying to hack it. There is also one more problem related to exchanges. Even if the exchange is not hacked, governments can force exchanges to freeze your account, or take away your money from you. The exchange controls the private keys, and governments are regulating exchanges everywhere. They want taxes, they are creating bureaucratic rules, etc, and exchanges must follow all those rules to keep running. If governments or the exchange see any problem with your account and the money you have stored there, they have the control over it. |