Bitcoin Forum

I remembered when I posted this some time ago and some people kept saying to be safer you need to be on an off/hard wallet.

https://bitcointalk.org/index.php?topic=5469814.msg62971784#msg62971784

And here, I talk about Hacks that happened both in Cex and Dex
https://bitcointalk.org/index.php?topic=5471139.msg63031458#msg63031458


I said it, if we are in this cryptocurrency ecosystem, our first safety comes from us. No matter what you want to use, there are times when what we believe is the safest won't be the safest. In my post in that link above, I talked about navigating how to be at least 60-80% safe with your assets.

I just got this news that some users lost over $600k from hackers on their Ledger wallet.

https://www.dlnews.com/articles/defi/a-ledger-employee-got-phished-defi-users-lost-thousands/?utm_source=telegram&utm_medium=organic_social&utm_campaign=

Indeed you where correct, now it's obvious no where is safe for the safe keeping of your cryptocurrency. Hackers are becoming more smart and fast, most especially this period, but that doesn't mean we should avoid the use of hardware wallets. They are still the best and the safest for now until a more top secure wallet is built beside, ledger claims that the attack was not centered on hardware wallet but on the Dapps who used ledgers connectkit. Tether have already frozen the account of the hacker while $254k was still found in the hacker wallet address, so it's possible it might be reversed back to ledger, ledger are looking forward to make a more secure upgrade, so let's keep our hopes high that such aren't gonna happen again.

exactly there are people with bad intentions everywhere we should never be complacent when it comes to making sure the crypto we hold is safe whatever system you use, you have to maintain a certain alertness still

Life’s a risk, businesses are risky, investing in Bitcoin is a risk, but it doesn’t mean one shouldn’t make calculated risks. Now, I can tell you that it is riskier to have your money on a CEX than a DEX. In fact, you can’t even have money in DEX because you only connect your wallet to make a transaction but it isn’t as if you are storing your crypto with them. Many people are conscious to disconnect their wallet afterwards to further reduce the risk (we should try to do so too). But CEX? Your funds are with them before you can even transact. Not only does your fund depend on their security, even the platform can lock you out and you lose your money (not often though). I believe it’s reduced risk to just have your wallet to yourself… that’s the best one can do.

This was really shocking that a hardware wallet was also compromised. If a hacker can put value draining codes in a hardware wallet library then whom could we trust? After this incident, I am thinking of using two separate wallet one for interacting with dapps and another for holding funds that don't need to move for a long time. The hacker only managed to drain user funds from those who have used certain dapps with their ledger wallet. Another thing that we should keep in mind is to provoke connection to any dapps we have interacted with with our wallet. Complex smart contracts are the ones targeted by hackers more frequently than any centralized exchange these days.

This news was about Ledger's library and has been made some topics on certain sections of the forum. But as you're pointing out the safety of everyone and with wallets we use.

The problem starts with the person who owns a wallet. If you're careful and regardless of the wallet you use, of course the official ones. You're unlikely to get phished or hacked.

Monitor your internet activity and the websites you're browsing especially the applications that you're downloading. Because most of these hacks start from people's negligence.

Different hacks happened and also different stories of why they are hacked, the main problem is lack of knowledge.
If you're knowledgeable in technical matters plus using decentralized, I often heard of hack incidents.

Yes, I tend to agree, that nowhere is safe in crypto and everything is prone to hacking especially when we're connected to the internet but we can minimize risk when we are fully aware of those risks.  Negligence is one of the primary subjects why people keep getting hacked nowadays, especially newcomers.

The world is getting more advanced and why technology is suppose to help make things much easier and safer for we, many people are out there trying to do it the wrong way by scamming, frauding and hacking people had earn money from their banks, Cex and Ledger wallets.
The truth is that no matter how safe we try to play there are people who understands technology better and can by that means be able to steal from us that should not mean we should be careless with stuffs. First applying safety will help us not fall victim as of many hacks and fraud.

Although I am not someone who is very knowledgeable about security methods, I am aware of what it means to adapt to the field we are learning about. The cryptocurrency space has many pitfalls and risks at different levels. Experiencing and receiving reports from someone helps us to be somewhat aware of improving our own protection. I don't like to look at external factors to evaluate because in the end the biggest mistake always comes from personal ignorance. There are many lessons for us to exploit to become more mature over time, the balance of good/bad people is partly the meaning of life. If we don't try to learn, being afraid and not daring to face will never help our goals be accomplished.

Moreover, storing coins on Ledger is safe in itself - offline. We are exposed to danger only at the moment of connecting it to any site (market, CEX/DEX, etc.) - online. And this incident in itself with duplication of the “Wallet Connect” window revealed the inattentiveness of users. The simplest risk assessment will lead to the conclusion that your crypto assets should be divided into operational expenses and savings, as CEX (cold/hot wallets) do. That is, you can have two Ledgers, if of course we are talking about hardware crypto wallets.

You can't be wrong about this, but first, why are these posts in the altcoin section of the forum? They are better in the main section of the forum to gather more recognition and reading, even as it's the right place fitting for this post. You might want to contact a moderator to help you move them (including those in the links attached) to the right section.

Well, there is no total security in the crypto space, I will always say that, but there are layers of security which I would like people to always consider for the protection of their money. Those who have huge amounts of money will always need offline wallets and so on, after all, they visit the internet not often, especially if they are to be held for long years. While others in terms of exchange, there is no way the DEX will not be better than CEX, but still, as you said, nothing is hidden under hacking, and once they know the domain server itself, it's all done. This is applicable to any system whatsoever and the most protected assets in the world inclusive.

This is why some hackers smile when you say a thing is unhackable, they might trail it for years until they find the weak point to act upon.

Wow! Is that so, I never knew of such. I'm trying not to break any rules that's why I feel posting it here is better. I'll contact the mod right away...

I don't know but I think cex might be better in a way if we don't look into the centralised aspects for a second. Now, we know how coins are getting listed every day and everyone is eager to make money not minding what link they click on as far as they get what they want. Same can't be said for cex. You don't need to click here and there and avoid giving hackers your information

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Yes! Especially the system we chose to use is improving daily in their security. I have used like three exchanges and just one dex and can say among these three, Bitget and Binance are really improving in their security. As for dex, I have only used Trust wallet so far

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I also do not believe that this topic belongs here, I think it would have better fit in the cyber security sub board if it were created. Maybe, it will be nice Op send the topic where he made the first topic about no place is safe.

Actually, the cryptocurrency industry is full of risk and the best way to avoid being hacked is to avoid people knowing you own bitcoin and the wallet you have it.

  Hackers or scammers are very smart these days. And because they are so smart, we should be smarter than them. Now the question is, how do we do that? This is where people argue and have problems. Yes,  most of the community here in the crypto industry knows that they or we should be careful, but most of them don't know how.

  Can anyone here tell us the steps to take to avoid this? It's so easy to say, Let's be careful, but the action to avoid is that no one really knows what steps to take.

Trust wallet isn't a dex but it has an integrated exchange. Well, it's a wallet that many are using because it supports a lot of cryptocurrencies.

Do not download files that you don't know, don't visit or click links that are unfamiliar. Start from having that discipline and you'll be able to avoid getting hacked or scammed.

Yes, technically it's safe if you do nothing. But I guess everything is fine now but still always check for updates if you are the type of guy that usually connects your hardware wallet to these dexes.

Well, IMO, these hardware wallets should be good for storage and not for active usage which usually connects to the dexes. Because the purpose of it should be main storage than a daily drive you use if you're an active trader.

It's the reality that security breaches can happen even in the safest platforms, whether CEX or DEX. So individual responsibility and vigilance in the crypto space are very important. But you know, honestly, based on my personal experiences, I have never been robbed of funds on centralized platforms, perhaps because of second-layer protections such as 2FA and email or mobile confirmation and verification, but on decentralized platforms, it has happened several times. I admit that maybe I wasn't careful enough or I had some shortcomings that led to it happening to me. When I became aware of hacking incidents, I started avoiding dapps or defi platforms that require connecting wallets.

Nowhere is safe if you don’t know how to secure your asset properly. All of the issue including hacking events only possible because the victim itself use the service that got exploited. Crypto holders should have a separate air gapped wallet for their main holdings to their money for trading to avoid exposing to risk all his asset at once.

You will lower your chance of being scam by using your wallet frequently online instead use a separate wallet that contains part of your funds to connect online frequently.

I agree with you. I believe the real or possible cause of this hacks is as a result of using main wallet for all transactions. I think there is need to have separate wallets, so that one should be for storage while the other one is for frequent transactions.

That's true. You might be able to avoid your people knowing, but you can't avoid internet knowing. So, the best option here is to use an exchange that you know is working well with securities. I'm familiar with cex especially those two I mentioned in my link. Those two securities a top-notch notch that's why I prefer using them among others and always get updated with their protective funds and reserve ratio

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Yes, this is plausible. Among the cex I mentioned about their hacks. Bitget wallet wasn't really hacked per se. It was through the link users clicked on one group like that. That made the hacker have a way into their wallet. But the issue was resolved and affected users got compensated. This happened when the wallet wasn't bought by bitget yet.

I think you've given me an idea.. I'll likely have a part in this diffusion and discuss how people should avoid getting affected by hackers

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Concerning security no one can be smart enough to avoid such not only in the crypto world, I think anything that has to do with money scammers will always be ready to take advantage over every little mistake, even a crypto expect can fall victim when he's not careful with his investment, just like what the op said security starts from us cause if we decide to play with our investments scammers will always be ready to take advantage, my first idea on security do not disclose personal informations to the public, the issue with hackers have asked such question before I don't think crypto hackers can be tracked cause if possible a lot of them who are involved in such act will be punish.

Bitcoin is risky. When we invest in bitcoins we must be aware of the risks involved in investing in bitcoins. Likewise, whichever wallet we keep our coins in, we must be careful with security. Because day by day hackers are hacking different wallets with their modern methods. Whether we keep hardware wallets or any other wallets, hackers will try to hack our wallets by fooling our eyes with their fancy methods. Of course we should try our best to protect our wallet from all those hackers.

Since you plan to keep the money safe by investing in crypto, it is rarely safe. However, there are many safe places where you keep your money, but you can keep your money safely using that wallet. But you must keep your wallet keys in complete security and safe, then you will have fear of losing your money and chances of hackers hacking. Many times it is seen that if there is a large amount of money deposited in an account, hackers plan to hack and can take your money by hacking. That's why you should keep some money in few wallets and then invest for a long time, but you will get some security for the money.

It's easier said than done but I think when it comes to security you really have to be well-educated on anything involving crypto. For me hardware wallets are still the best when it comes to security, it's still on you if something happen on your assets.

Those who lost funds with the recent ledger exploit have done transactions with various dapps which opens a loophole for the exploiter to drain some users accounts. If you use one wallet to store your funds and another one to do transactions or interact with various dapps then that solves the problem. Just separate your long term portfolio from your regular-use portfolio so that your long term portfolio can be safe which has most of the funds. Hackers and Exploiter is smart so we need to be smarter to be on the safe side.

This is a risky investment but more worth it compare to other investments option.
When it comes to security, this should be your top priority as you are putting your hard earned money here and we know that hackers are always there watching your account and waiting for the right moment to hack you. You should activate every security feature available in your wallet, and protect your keys at all cost.

The market is a big ocean where the hackers are trying to catch those fish who don’t know how to protect themselves and that can happen to you as well especially if you don’t focus on the security of your wallet. We must protect our wallet at all cost, and we should not save any crypto on any exchanges because we don’t have control over it. Hackers and scammers are always here in the market, know how to be more secured and don’t ever trust anyone without doing your own research.

Well i don't know about that. It's definitely closer to crypto ethos to be decentralized as possible, but when it comes to being risky, many of the CEXes get hacked but still keep enough funds to have money for their customers. Unlike hacks in decentralized finances. (https://bitcointalk.org/index.php?topic=5267124.360) <- (on which you might want to take a look that link).

I understand why people argue that we should head for decentralization, but using DeFi, isn't risk free. Far from it. In fact i wouldn't say it's riskier in any legit CEX.

But you acknowledge that you have to be connected to the exchange for you to also be a victim when decentralized exchange hack happens? I think it is easier for someone to disconnect their wallet when they are done. Unlike centralized exchanges where most people rather store their funds since it’s stressful to send in and then out again. I know centralized exchanges can take responsibility when something goes wrong but I don’t think I’ll risk my money on that. What if it’s too much money than they can give? And many more what ifs. But it’s all personal preference and opinions.

Well first off steer clear of any exchanges to store any coins obviously.  But in terms of safety it's real easy.  Air gapped computer, gen up a cold wallet or even paper wallet.  Throughly wipe the computer and bam ypu have yourself a safe wallet that can't be hacked.  I don't think it's as hard as people are making it.  Problem really lies with people taking the easy way out and not learning crypto storage safety it's not really hard at all.

Our negligence and carelessness is the key for the hackers. No matter how save the wallet you use is, being careless can make hackers get you down. A friend of mine was scammed of few dollars just because he connected his wallet with a website to claim an airdrop. One has to be careful with the site or app one connect his/her wallet with.

Nowhere is safe so we need to make sure that we don't invest our money anyhow or in a project we don't have good knowledge about
Cryptocurrency has a lots of risk beneath it but we might not understand since we have never become a victim of hacks or cryptocurrency scam. Things are happening and we should always look for ways to safeguard ourselves so we don't become too focus on what we make us lose in the cryptocurrency market. We can make profits from the market if we know what we are doing and how to go about things.

Scamming projects are everywhere in the market, before it can be selectively spotted out but now, it requires lengthy period of time before things will finally fall in place for a trader. Everyone should be extremely careful of not fulfilling the entire purpose of grabbing golden opportunities, everything falls to become lesser than our figures, I mean our money invested. I'll never welcome the idea of defeats which I don't find in my personal dictionary of my mind. Nowhere is safe in crypto, we just gave to apply our good sense of humor if we want to survive in the market and milking heavily from the system.

 Of course, nowhere is indeed safe, especially for the people who is careless and lacks of knowledge how to secure their assets and wallets. There are a few things we can do or apply to put extra layer of security to our wallet, but that doesn't guarantee your asset is untouchable and I agree to what you have said that we are responsible for our own safety. Once you got expose with the hackers/scammers, you'll become their next target waiting to fall for their gimmicks.

Nowhere is safe for us and what we are left with is to make decision that will affect our present consistent.
Those that understand the market will not have much problem from taking appropriate decision that will lead to them making money from the market. Even investing in Bitcoin has it own risks so we have to be careful and prepared for the better things the market has for us..
Whether investing in altcoins or Bitcoin, we can still make profits from the market with relaxation and calmness.

That is only one reason to get hacked, but there are still other more. Have you heard about phishing? It's when we use the website/app that we think is legit but it was actually a clone (a fake one). And once we entered our sensitive information, like passwords, that is how phishers can access our accounts.

We can get aware with it, but it's almost too late to do an action because our accounts were already got emptied by them. Apart from separating our main wallet, we also need to hang out often in the communities, so that we are updated on what are the in's and out's. This already includes knowing the tactics of the hackers, and on how can we avoid them.

safety is not always 100% guaranteed, but their are method that are safer than others although they both require carefulness and lack of unnecessary greed that could lead to hacking of a users account.

One has to know that anyone can be victim of hack and so its necessary we put in the effort in ensuring that we put in law all the safety measures that are needed to guarantee our safety to a reasonable extent

Their is no total guarantee that cryptocurrency is very safe, it is risky that is why people don't need to put in all they have in cryptocurrency.  Cryptocurrency is not what people needs to rush into,  people needs to understand it very well because if you go into the wrong investment in rush you can end up losing your hard earned money.  It is important to invest only on the amount you afford to lose because of how risky the market is.

I usually do anything to ensure the safety of my crypto assets. I could do something like secure my seed phrase offline by saving it somewhere disconnected from the internet. I also like to enable 2FA on all sites where I store my crypto assets and if necessary I will do an OTP via phone call. Even though it sounds like a hassle, in the 5 years I've been on this forum I've never once lost any of my assets even though my assets are actually only a few thousand dollars if you put them all together.

That's good option to have since actually it can save our funds to get drained if we mistakenly click any link that contain those malware. But some other people think that this is hassle action that's why they choose to have one only.  But in case like that, they should know how to secure their wallet and choose to have their own private key then they should never click any random especially those shortened links comes from unverified source to get away on troubles that we possibly encounter. People just need awareness about different methods use by criminals so that they can assure to be safe from hacking and scamming.

You've said it all. In most of the exchanges we use, they usually ask us to do more security by giving us options on many ways to secure our assets. I also have not encountered any sort of security bridging in any of the exchange I'm using

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It's so bad that many people get to click any link they see. I think I'll write something about this when next I talk about this topic. I'm thinking of making a part 3 of it on how we can be safe from all this drama

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Hackers were there roaming around like a lion seeking for whom to devour, we must always have this on our minds, then try as much as possible to understand the ways we could achieve a maximum security practice and stay safe with the use of our wallet, when we have an understanding of what to do, we will not remain stranded to defend ourselves in case of times they are striking at us for an attack.

Using all available forms of protection is the right approach, it is better to put in the effort and spend a little time to make your efforts pay off. The most important thing is that your assets remain safe for many years. I do the same, it's important when peace of mind, it gives strength and confidence.

That's why we need to focus on our wallets if there's a links then passed by other people then we should don't open it. And also we must don't give our private informations about our wallet's, cause nowadays scammers fo their very best to scam people cause through scams they can earn a lot of money, so we every individual must stay safe and also our money will safe from the scammers. So it better to double our security.

Though I don't your point but there are places that are safer than the other, though hackers can not be stopped totally but with good information from reliable crypto enthusiasts we can make a good choice of a custodian wallet for the safe custody of our coin, cyber attackers are everywhere looking for the fastest opportunity to attack at all time because that's what they are trained to do, we should at all time be security conscious of our wallet, your wallet as far as crypto is concerned is your way of recruiting your asset, so for you to continue in the business it should be protected with every measure it means available.

it would be useless if we couldn't secure our wallet from hacking, this often happens because we are focused on price movements. On the other hand, various interesting link titles sometimes attract us to open them and follow the instructions and finally hacking occurs. Therefore, the most important thing is that we have to be careful of various modes that lead to hacking, because that is basic knowledge in investing

Sometimes we indirectly take security for granted by not being security conscious or learning new tricks by scammers or hackers. And of the best wey to defend yourself against scam or hack is when you learn how they operate, it will give you clue on how to avoid them. For example those sites that redirect you to another page, many of those site page are not secure this, it exposes you to hackers or scam. And with the current amount of persons who are desperate for airdrops, scammers have begin to use to medium to steal people's coin.