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Wet dream for hackers with the Japanese Security.

Source articles would be great.

Here:

• https://www.bloomberg.com/news/articles/2019-07-12/japan-s-bitpoint-loses-32m-in-lastest-crypto-exchange-hack
• https://www.theguardian.com/technology/2019/jul/12/tokyo-cryptocurrency-exchange-hack-bitpoint-bitcoin

Another crypto exchange got hacked, this is not a new issue after Binance exchange gets hack and now, here is a new one. Hackers target is a hot wallet which is prone to hackers while cold wallet luckily not affected.

There's a good comment here.
https://twitter.com/wiz/status/1149584492559863808

Then, who's the next weak exchange might get hacked? hmmp ::)

It comes to a point where myself got dumb into these exchange hacks news anymore.Hackers do really see these platforms

as honeypots specially market is rising up where targeting weak security exchangers is common.Who comes next?

On decentralized exchanges there will be much less hacks with centralized exchanges it's who the next? ::)

those hack news dont affect the market anymore especially if its not a top exchange.i heard that new earlier today and i didnt care about the details.there will be always hacks here.

A fast money for the hackers but this kind of topic isn't new at all this is why exchange platforms need to upgrade their security every time.
But my real question about exchanges being hack is ,
Is it really been hack by hackers or just an inside job and putting the blame on hackers?

Yeah, I did hear about the news few days ago. That is really sad but yeah, hacks happen. No matter how much secure a crypto currency exchange is, they are still vulnerable and can be hacked easily. Remember, the hackers are always one step ahead of us and every digital stuff is hackable. Let us just hope that this hack won't cause any negative impact on the price of the bitcoin.

decentralized exchanges solve this problem and get most of the hackers out of the game.

centralized tech is very danger because if hackers have access to the main servers they have access to all computers connected to the main servers,/s@

Again! Another one!

That's really sad. Sometimes I really wonder - do they really get hacked or it's just a plot to move the users funds. The cryptopia one did not look good to me. And there were some others too.

Is it ever possible to create a decentralized exchange where we can trade coins including Bitcoin?

What cryptocurrency exchange in particular. There are random post making the news to make investors shiver this sort of news until proven correct remains to me as a no point of interest

Maybe it's time for exchanges to think of a new approach when handling their hot wallets. It feels as if the hackers know that these are the easy ones to target and do not dare touch the cold wallets knowing that the security would be tight. For most exchange hacks that have happened in the history of bitcoin, the targets are always on the hot wallets and not any other part of the platform which is understandable, considering how it is basically an open wallet with lots of ins and outs (txs) and can be hijacked on the fly. This will not be the last of the exchanges that will get hacked if security measures aren't changed.

I think it's high time these cryptocurrency exchange platform really secures their platform and the funds of its users with high security measures. I am not all into technology but i think these numerous hacks sound sometimes like a conspiracy and an exit scam for some projects. Because after all users don't get refunded and team slowly disappear from the space.

This is exactly why they save most of the funds in cold Wallets, because it is harder to hack.

But a small exchange like Bitpoint ,or whatever its name is, keeping $32m in their hot wallet!! doesn't that seem a little bit strange?!

Everytime an exchange got hacked it shows further the vulnerability of exchanges currently, and it seems rest exchanges that haven't experience hack don't learn from the victims to tighten up security, i think it's about time exchanges look for a lasting solution for this mess because it is really not speaking well of crypto.

I wouldn't be surprised if the pattern of hacking is the same, using the same vulnerabilities. I have the impression that people create these exchanges using the same sources, skim the cream, and then ask hackers to hack their exchange and share the profits...

that is racist since it has nothing to do with "Japanese security" but with this exchange lacking security. not to mention that this is not the first time, it is not even the hundredths time! there is at least 100 cases per 6 months of hacks usually from exchanges. that is why everyone always tells you not to leave anything on exchanges ever.

Hackers will always try to get their prey but exchanges should really rise the level of security. In their run for profit security is one of the features they often forget about and performe only minimum of it. With more and more developed and sophisticated hackers attacks this is not enough.
Also we should raise the awareness of users about security issues so that they don't use exchanges as crypto wallets.

in other words the very long list of exchange hack cases grow by one! the list is too long that this one is lost among them specially since this is not even among the top 10 biggest hacks of all times and the exchange itself wasn't big or popular or anything to cause any kind of concerns since not that many people were involved.
besides most exchange hacks have been fake news spread by the exchanges themselves when they need more money!

First of all, this confirms the idea that you do not need to store the cryptocurrency on the exchanges. Exchanges are not reliable and they are often hacked. And maybe the exchange just steal the crypt pretending to be a hack

Honestly, hacks are becoming more popular with regular occurrence. There must be something they're seeing that those tasked with security on these exchanges are not seeing. Every month new hacks happening. Definitely, a hot wallet was the target . Exchanges should invest more in security of their funds and as well as the wallets holding the funds. Another Exchange gone down except they have such amount to repay users.

its not about racist , japan need to improve their security ask experts in security tech space they will tell you about the japanese security

oh OMG..What a bad news.Great and sweet dreams for the hackers but not good for exchange,exchange users and all other market.Exchange lost their money and the users trust.Anyone who used that exchange will fear.That they also been hacked.These incidents will fuel up anti-crypto rally.Security fails of a exchange doing a massive effect on market.

It's so sad anytime i get to hear about all these security breeches on cryptocurrency exchanges because this really drags the image of the crypto community in mud. Safety of funds is very important and i think it's high time exchanges really put their A game on to ensure that their cryptocurrency exchanges are secured enough to prevent hackers from getting access to the funds of users. Exchange hacks have caused many people big loss and i think we really need to look at this issue as crypto enthusiasts.

The hacker can't stop doing bad stealing volume of crypto currency amount, I think now is the right time how to improve and protect the exchange to the hacker. The owners of each exchange need to make solution and learn how to protect their exchange to the hackers.

Hacking is always happening everywhere, cryptocurrency, stocks and bitcoin are no exception. This is one of the things that can cause the impact of investment decline because of fear that their assets will be lost. Basically crime will always be there to find loopholes to get the loot. For that we need to be aware of our assets.

Its beginning to dawn on me that these hacks news making waves about exchange may be a scam on it own, maybe exchange owners may be responsible for the hack anyway, they may see this as a legit means of stealing assets without been the primary suspect. My thought though  ???

It's truly sad and appalling the way such hacks tend to increase within the block chain space. This is partly the reason why many governments are skeptical of adopting cryprocurrency as a mainstream means of exchange; the security of digital assets. As more users tend yo join the block chain space, the potential target increases significantly.

Although am not a security expert, exchanges must find away to prevent major hacks cases like this, they should make all moves to ensure up-to-date security features. This is necessary to keep their customers as hack cases don't majorly impact on the market anymore.

The thing I always ask myself is why they do not make specific wallet running on their exchanges rather than using the regular wallet. They could for example limit the hot wallet to transfer a max transaction of 1 BTC. If more than that send a notification and the operation is done manually, with some verification that the transaction is effectively coming from am identified account.

These hacks will never end because most of the times it’s an insider person, who hacks these exchange with the help of hackers. As far I know most of these exchanges are using premium security to safeguard them, but hackers are also getting smarter and with confidential information being leaked to them their task of hacking becomes easier. I don’t know if exchanges will become more vigilant or not, but I would suggest all to stay away from exchanges as time and time again they get hacked and people loose their coins.

I think there will be an end to the hacks sometime. Especially as more exchanges work with cyber security firms like ciphertrace who specialize in AML compliance. Even if its from the inside job they will be able to catch it early on

These big hacks are more proof that Bitcoin is highly valuable.

Even Japanese security can disappoint. Let's blame people who built exactly this security system, not all the nation.

Not in your wallet, not in your control. Any type of online wallet, including that of exchanges, puts your money at risk. Its the same as a bank, you trust a third party for them to keep your money safe...

This is one reason why holding is so much easier, but you can potentially make more by trading it in the exchange. Its a matter of risk...

Japan has plenty of regulations for exchanges, but i guess that is still not good enough...

       I appreciate this much , having a link to gave more knowledge of the reader and this is always the situation which the hackers were doing better than the security features of the exchange so they must work hard on these part .

We really don’t know but as far as Japanese exchange is concern, i believe its really hack knowing the culture of Japanese. This is juts coincidence and the price of bitcoin are still on the same level, this is just an unfortunate event on that exchange, and hoping for their recovery especially the users of that exchange.

It's shocking that after all the hacks that have happened in the past cryptocurrency exchanges still can't secure their platform from hackers. I'm begining to think that there's much we don't know concerning these hacks maybe the platforms are part of the hackers.

This is the real problem in this industry. The continuously growing up of the market and technology is also similar with the increasing number of opportunity in hackers and scammers. They are unstoppable and anytime, they will attack and loot crypto in exchange. In fact, even binanve will be threatened by hackers. So, as a trader we should be protect our wallets.

Once again, the infamous question, why the exchanges are not modifying the wallets so that they cannot make for example a transfert of money > 1 without having someone verifying that the transaction is made by a valid member, identified and not from a hacker that got access to the hot wallet by hacking the server?
Exchanges have the resources for paying programmers.
Hot Wallet in the exchanges should have an extra layer of security to avoid these big loss of money.