Bitcoin Forum

With the increased rate on hack on crypto Exchanges, many has began to fear. Actually this is not good for the crypto world.

What would be your suggestions to any crypto exchange to enhance security and avoid being hacked?

Every exchange has a different security. Every exchange also has advantages and disadvantages.
So, my advice is to use a top exchange. You can choose in coinmarketcap.

It's their obligation to upgrade their security they are going to lose traders and investors if they do not upgrade it, who would want to trade on a not secured environment, they will be out of business if that security leak persists.

 If I may ask, is there any recent crypto exchange hack? however to be on the safer side you should protect yourself by not storing your crypto tokens in an exchange,the exchange itself should put some strong security measures in place to protect their exchange platform.

To be prepared to face any possible uncertainties could be the best suggestion that I can offer. Preparation is tougher than in actual situation. Once we failed to plan we planned to fail.

They need to ensure their servers are secure and encrypted and also that there are no potentially vulnerable back doors. A lot of top exchanges get white hat hackers to try and hack their exchange in an attempt to uncover vulnerabilities that they can then restore, that's probably the best option that these exchanges have.

When an exchange is hacked as it is getting common these days, hopefully nothing would happen to traders  funds for the fact that SAFU is expected to be implemented. No any single exchange that is rendering total free service to any trader. Every funds is expeceted to be safe

Moreover,  base in my understanding I don't think any hack could occure without involvement of an insider.  This is not an easy task

besides the tight or strong security in the system it can be possible there are parties from within as well, because it is not as easy as turning the palm of a hand to break into a market site, especially having reliable expertise and also the insider's influence will also affect it

enhancing security is good but it is not going to prevent hacks from happening. increasing security is like the thing that they should have already done. not something that they should start thinking about now!

what we need is exchanges that guarantee safety of our funds. which means they have to have assets that if they get hacked they use them to compensate us instead of letting us take the loss and they run away!

Just make sure that you go into the right exchanges. All the new ones are really not well known nor tested and potentially they are just scams waiting to happen. Go to the old ones.

i would stop being that naive. you know, following suspicious links from hell knows whom. besides i fancy some kind of cryptoguard, which blocks potentially dangerous links and activities

Every single exchange out there knows very well what are the measures they have to take to ensure the security of their platforms but it seems that they are too lazy or confident to take them. The problem it's not that they don't know what they have to do, it's that they don't do it.

It's so normal even from outside the crypto world, did you even realize how many websites have been attacked by hackers and DDoS? and the count increases this time, that's right they will target exchanges because it involves crypto which has a value to their current market, expect those thieves cyberpunks to storm through exchanges, exploiting bugs and stuff to get some crypto and tokens out of the exchanges, they need to tighten their securities and verification to eliminate possible holes to their system.

If you use centralized exchange than there is nothing to do with it - it may be the hack of the exchange itself, stole of private keys and etc. But at the same time you can got phished. But it is not actually hack - just user's inattentiveness and neglect of elementary safety rules.
Decentralized ones are better in security as I see. How many dexes have got hacked - and how many centralized exchanges

I'm sure an central exchange can be hacked because there are insiders who help or maybe this is just a drama to cheat investors because of this problem now there are many decentralized exchanges
but this has disadvantages like trading volume is very quiet and requires a lot fees if the network is not stable besides that the distance between buy and sell orders very far different

I am not a developer. And not a hacker, I do not know how things are with their defense. I know one thing that there is no perfect defense. Every day an attack can occur. Of course, I hope this will not happen.

i think these exchange won't need any suggestion as the employ the best devolpers to make an exchnage i will suggest to use the DEX as these exchanges are far more secure than the CEX. moreover avoid any type of trading bots

DEX is the only real way forward and is the natural progression.

I'm counting on blocknet or komodo for this.

We will wait and see.

Still decentralisation with multiple security features to retrieve private key from other device something like that. I don't know much on the technicals but centralisation is really vulnerable to hacks and attacks since it has a server that can be penetrated even with high security.

Hackers are everywhere and they have been from the very beginning era of computer world , black hat hackers are modern thieves , I believe they are smart  too but using it in bad ways , yes exchanges are always in danger till hackers exit , And i think it is not a bad thing cause make exchanges do something for their security and stability then we can recognise good exchanges , if there is no competition there won't be any winner!

I want to know that the issues of crypto currency exchange hack is not many as before but for the future security purpose I will advice exchanges to examine the vulnerabilities of the hacked previous exchanges in other for them to be secure and they should work round the clock concerning security issue.

the main feature of exchanges is security they should be aware of a hacker. if this keeps happening this will be the downside of the crypto world. the result will be a lack of trust. we all do know that a large amount of token will enter exchanges. my point is every exchange should not be compromised to keep a good record on their project.

That depends these days on you and the exchange you are referring to as most exchanges today are actually making use of the best securities and as long as you are taking advantage of the available security features on these exchanges as well, then you will have nothing to worry about.

At least, if you do not want to be a victim, it is always better to go for exchanges that are pretty reliable and reputable, and trusted by most people in the space.

A lot of exchanges today do not even keep funds in online storage and they get to only pull funds out during withdrawal, so it is only when you get to leave your account opened and vulnerable without putting high security on it, which can pretty much make you end up getting hacked.

Hacks aren't really good and this ain't only for the crypto market.
I don't have to suggest anything to these exchanges because they know how to increase their security measures.
They know that investing to a tighter security is the best investment for their business.

Thieves can even exceed the security of 2FA, I think coin and the tokens shouldn't be hiding in the exchanges. hiding in hardware wallet is the safest option.

Well, if you do not want to plan to fail, if you are not trading, then do not use an exchange and if you are using an exchange and trading, then you should at least try as much as possible not to put more than what you can afford to lose on the exchange, make sure you are making use of all the available security features like email login, 2FA and so on, and also try to at least spread the risk by trading on at least 2 - 3 different exchanges.

You do not have to be logging in to trade differently every time, you can just make use of your API on all of them, and trade on the likes of coiningly for desktop trading platform where you can input your API and trade all of them, or just use the likes of a mobile platform like Tabtrader, which has been very useful for me personally.

You should know that the exchanges have a big chance to be a target for the hacker and you should secure your account by activating the security that the exchanges suggest. You don't have to use all of your money to be used on the exchange because you know the risk. But I am sure that the exchanges will give high security to their member so their member can trade without worry. And the important is you should only use the exchange that is recommended by many people. Don't use suspicious exchange because the risk will bigger than the other exchanges.