Bitcoin Forum

With hacks occurring more frequently these days, I would strongly emphasize the importance of security. Whether it's a decentralized exchange (DEX) or a centralized exchange (CEX), no one is immune. First, we witnessed the Mixin incident, and now it's Galxe. It's crucial for everyone to assess the security measures of any platform before entrusting their funds. We all bear the responsibility to conduct thorough research before investing our hard-earned money

Edit: ok guys, I have gone through everyone comments and I like the fact we all understand why Security is very much important especially when it involves our assets. Like someone said in the comment section. "When it involves putting our money in BTC, we should be ready to take risk." And this is absolutely right.

So, I bumped into something that is interesting on twitter which I think all exchanges should be putting into practice wether DEX or CEX. I believe with this, 1 quarter of the security breaching would be solved.

https://x.com/bitgetglobal/status/1711319577714708889?s=20

I also hope this would help many people who don't know how to go about with exchanges to use when it comes to security.

Risk is inevitable, but let choose them.wisely!

Having knowledge of basic security when using the internet is really a must especially if your money is stored online like cryptocurrencies.
Another thing is even though we know that nowhere is safe even though centralized exchange is reputable, we really still need to protect our funds by avoiding storing your cryptocurrencies on the exchange, you can create your personal wallet.
Another thing is having knowledge abut scams/hacks just like identifying phishing sites or some scams, it is really helpful.

How are regular users supposed to thoroughly assess the security of the platform they are using? Noting some users are fallible with simple scams.

Ensuring platform security by means of simply relying on security audits is also not the surest way to validate the security. One question that arises from OP is, is the frequency of hacks getting more a lot or is it an incompetent cryptocurrency platform fueled by hype that keeps getting popped up? Also, do both things increase linearly?

It's meaningless if the users who barely comprehend cryptocurrency security conduct a full-fledge of the cryptocurrency platform, especially the new one. One surest way in order for altcoins to develop further, I believe, is to trust a long-standing and battle-tested platform and give complete distrust if there is a gullible vulnerability.

    When I have another crypto on an exchange and it's at a large value, what I do is first transfer it to a wallet where I save an address with a private key. Because I don't have the money to buy hardware yet, I only use the meta wallet first. As long as I'll make sure I have the private key and I also write it down on paper and save it on the USB flash drive, no matter what.

   And so far, so good right now. For at least my crypto assets that are outside the exchange, it's difficult because when there is a hacking issue, I can't release my crypto from the platform because they will suddenly freeze the accounts of their clients for sure.

Can't agree more. As long as scams and hacks are still happening frequently, that only means one thing, there are still a lot of people who falls into these.

Now, with those crypto platforms getting their security breached by a hacker causing havoc financially not only for the company but especially with their clients, most of them did not see that one coming. Except for those who are well aware of such possibility to happen so they avoided funding their account with not more than 30% of their total holdings.
Crypto platforms needs to prioritize and invest more on their security rather than the development of it's project, because these are all going to be useless once breached by hackers. However, no matter how thick the security is, nothing can stop an inside job if that is the case lol.

If these types of services aren't focusing more on the security of their project, nobody really is safe.
I mean nobody really is safe these days. TBH, I consider the securities of different projects, or exchanges whatsoever as weak ones. I mean they can prevent getting hacked if their security is that strong right?

Research? For me it's useless because you don't know which exchange or project will most likely to get hacked. Binance got hacked, Ronin blockchain got hacked, DEX'es got hacked, and so on, and so forth. I guess let's just accept the fact that these companies doesn't focus that much on their securities, but they're focusing more on the marketing side of things, and when they got hacked, it's either they will reimburse the hacked money, or they will just run.

I guess the best thing to do is to just put our assets in hardware wallets. It's safer out there than storing it on exchanges.

I think crypto is all about scams. Most of the project owners are doing rugpull or exploits them self. Because they need to stole the user's funds. So that's why they are doing this.  When it comes to the galaxy and balancer, same hacker did  this. Because he is always doing front end hack. So he need the entire code base. There may be possibility inside of group member leaked entire code base and DNS information.

Everything is only looked back when a problem occurs, it is the wrong user to put complete trust in the playground of some projects, like sitting in a car and thinking it will happen safe.
In space, internet security needs to be a priority at the beginning to avoid mistakes later, but in order for the problem to not be too serious, I think a lot of experience is needed during use.
Through warnings from our predecessors, we can partly understand that problem. The real result is that in recent years, the losses in the cryptocurrency space from hacker attack services have been many. However, they still understand that the market is receiving a lot of attention and there are no new people accessing the internet so it is easy to create attack missions.

Absolutely; I agree with you. Security should be a top priority in the crypto space. The recent hacks like Mixin and Galxe are stark reminders of the risks involved. It's essential to do due diligence on exchanges, whether DEX or CEX, before using them. Protecting our investments is a shared responsibility. Stay safe and informed!

That's why you don't want to stack your crypto inside the exchanges for obvious reasons because you are not always online and when they get hacked you won't get back your crypto also there are tendencies that they suddenly close the withdrawal of their exchanges like what happen to Okex back then but they resume it after weeks of waiting. This is not an easy matter especially when you already have some plan to withdraw your crypto and you find out in the morning it's already gone because of hacking or you can't withdraw it temporarily but you don't know when they resume it.

A little extra
HTX (Huobi) hacked $8m
Coinex hacked for $70m

No platform is safe, they always have loopholes even though they have improved their security system, but they are still lucky if they bear all the losses, if they have to lose customers' money without replacement then this is clearly a loss for all of us.

Then why entrust funds to them? It is a centralized platform so it is vulnerable to any attacks, it is better to use a non-custodial wallet for the assets you hold.

^True. Nowhere is safe except your own wallet.
This has been said here in the forum for like a million times already but it feels like it's always brand new whenever someone talks about scams and hacks.
Never trust an exchange, use them with what they are meant for. To exchange. They are not wallets, they can easily be gone without our knowledge and some of them are never even traced like bubbles popping in the air.
I learned my lesson a long time ago when I saw one exchange fall. When it comes to projects I think I've had enough tokens in my MEW too that are now useless due to scams. We could minimize the risk with hard research, but it will always be there. We can only ensure our safety to hacks when they offer their own wallet.

The safest strategy is not to put all your crypto in one wallet, you should spread your assets across several wallets. Non-custodial wallets have the strongest security because they are not easily hacked. Additionally a non custodial Wallet allows us to have full control over the assets we own by storing passphrases.

In essence, there is no guarantee that you store assets on a platform, even though the success of the platform has been tested, it still does not guarantee that there are no vulnerabilities. On the platform you only save your email and password. So far, many platforms have ended up collapsing, causing you to lose money even though you have taken all precautions to maximize security. Basically there is no way to guarantee security if you store assets on the platform.

This thing is easier said than done. Except you're not a trader, there's no way you won't use exchanges to store some of your coins for trading. You can't be moving a few coins there each time you want to trade and then miss trades occasioned by transfer delays. I guess you could say, move them out once you're done trading. What if a hack happens within the few minutes your coin is just transferred there. This is the risk every trader/investor has to live with in as much as it's online. Offline businesses also have their own issues.

You are quite correct that securing security in the crypto realm may be a difficult task, especially for busy traders. With a private wallet, you reduce your vulnerability to potential hackers while maintaining the freedom to trade effectively. For further security, use two-factor authentication (2FA) and consider adopting respected security features like as hardware wallets.

I believe that no system is safe, every system has a chance to get hacked by a good hacker. Though having a tight security makes it hard for a hackers to hack the system. Most of the reputable websites has a good security until they are hacked, I think the only thing you can do if you want to research about the system security is to search about the past incidents of that website and the available information of how does the website maintain their security. I'm talking about DEX, CEX, crypto crowdsourcing website or any crypto related stuff. It's hard to find information over the internet about security of each website in my experience. The only thing you can do is to secure your own assets in your own non-custodial wallet also carefully manage the external wallet access on your wallet if your wallet have one.

Exchange hack shouldn't be a big bag on investors if only you only invest by just buying and holding in your own wallets,  this way you alone become the custodial of that wallet and also control your security taking your investment from the exchange should be a must-do at whatever point to sustain and secured your coins.

It's quite unfortunate that after all the warnings that have been given to cryptocurrency investors on the danger of leaving their assets on an exchange be it centralized or decentralized exchanges because the first attack on your asset is that the exchange holds your coins and you can't control the wallet since you don't have private keys to exchange wallets,  that alone is a big risk for investors.

Keep it on always mind never shearing your important documents to others people's because it will be leaking your pash and others mail and password than was hacking and another one important think never use any unsafe vpn to using your wallet it will be harmful to your privacy also.

In both cases though, we can't do anything about it since it was the platform that is getting hack not our accounts. However, there are layers of security that has been put up to help us not get our accounts to be compromise, like 2FA and others. So in our end, we should practice security hygiene like

- not clicking on any link specially if we don't know the source, it includes email and even text message
- update our OS and A/V
- get hardware wallet if we can
- don't write or save your mnemonic code or private code in your machine or in the cloud

So there's a lot of responsibility here, don't trust anyone and if you can, have a separate machine for your crypto activities.

I don't really know how hackers use and penetrate to some websites, and secondly many people who built websites do have antivirus and anti hackers in same websites, I don't if their sites now doest not have an anti hackers, sometimes when issues of hacking a websites occur their is every tendency that someone working in the website is the one that review the secret of the website, because I know quite that it takes hackers some duration before they can penetrate into websites, so therefore the problem of any website start with the developer of the site or their team of anti hacker is not being strong.

That is the point of not storing our funds on exchanges as they are prone and targeted by these hackers. Even big exchanges are not safe and it was encouraged not to store it in a single wallet but to spread it. Yes, with the recurring hacking incidents, the more it causes panic to the holder who might be thinking of withdrawing their funds instead of keeping them there.
As we are aware of this situation, the more we become careful about storing our keys, visiting sites, and most of all, not clicking links sent by unknown persons.

One of the weaknesses of the online world is cyber crime, as well as the offline world with its various criminal acts. So it cannot be denied that wherever it is, there will always be risks, and it will never be 100% safe. Even in banks, they promise safe security. Apart from the ordinary and protected by law, we cannot guarantee that our money will be 100% safe.

That's why, wherever we are, we must continue to be alert and be careful and careful when placing our money and cross-checking it. In this case, when we invest or invest in Bitcoin, we must increase our risk in investing in Bitcoin. In this case, we must understand where we store our Bitcoins, avoid various phishing, or various possible scams. And avoid other things that could trigger our account to be hacked. We can only try optimally to reduce this risk.

Yes, I agree with you that all CEX and DEX platforms may be exposed to what happened to GALXE and Mixin in terms of hacking and theft cases that resulted in losses estimated at millions of dollars, and other users of other platforms may be exposed to similar incidents and expose their capitals to great risks, Because there are no platforms that are 100% immune, and they are all clear targets for hackers.

Even after you have conducted comprehensive research, you cannot determine through it whether the platform on which you placed your assets can withstand security challenges and hacker attacks or not.

It is worth noting that Glaxe will develop a recovery plan for 110% of the funds of users who were subjected to stealing on October 16 automatically through USDT coins, and this indicates that popular platforms that have a large fund of crisis reserves held in an emergency are what the user can use because, in the event of an accident related to the platform, they will be responsible for compensating the customers who were affected. ^{[SOURCE] (https://twitter.com/Galxe/status/1711825245123084319)}

Yes! Definitely, I just Updated the post with something I found on Twitter. I hope it will help so many people to avoid this

The exchanges are really pushing upwards these days which we never called for. I mean Bitcoin was supposed to be transacted on day today basis as an exchange value to something. This however turned into nightmare after someone thought that we can make a business out of it and make it tradable asset on the market. Then came lot exchanges, the weak security, the broken rules and revaluations from the government and much more. Basically everything is crippled in crypto trading and I would straight away blame exchanges fosfor poor practices of running their businesses. Some exchanges do it intentionally because they know bitcoin won’t be traced after a hack and hundreds of tracks can be created thus making it look like an accident. Anyways users should never call for the trap and only Hodl bitcoin in cold wallets.

I always suggest people not to keep extra funds on the platform, don't even keep them in a decentralized wallet if you use that wallet on a decentralized exchange because it takes no time for things to escalate if there is an attack or anything your address or wallet might get into the mix and that will obviously cost you a lot of money if you are keeping a substantial amount in your wallet. That's why, it's important to only use the assets that are being used for trading on a daily basis and keep others somewhere safe, maybe a hard wallet or something.

There have been several hacks and security breaches on exchange platforms in the past, and these things are happening more and more as we get into the future, the reason for that is obvious, hackers know that cryptocurrencies and trading are the hottest topics in the town right now, and if they get their hands into an exchange, they will surely get a good chunk from there.

Mind you that exchanges are not supposed to be used for hodling your assets, your assets should be held in a non custodial wallet whilst exchanges should be used only for what they were built for, and that is for exchanging/converting/buying/selling assets. Having said that, centralized exchanges can lock your assets even at the point of deposit, but your assets cannot be locked/seized in decentralized exchanges because you have control over them, thus you should assess the risks before using either of them.

We can’t prevent these hacks. Hackers are everywhere and they try their best to hack the server and get the necessary details and the coins. What we can do is that choose the best platform, which guarantees and have strong security system. I know each and every platform has flaws in it, but why not we choose the old and trustworthy platforms? I know these new platforms provide more beneficial deals, but lacks in security. Hence this is just another lesson which we need to learn and be more cautious with our funds.

Well spoken. I mean, if platforms both Cex and Dex can put aside some emergency funds as precautionary measures so that in the wake of a hack, users can be reimbursed or compensated then such platforms would've shown that they care about the welfare of their users. So far, Bitget has some user protection funds. I recently came across that here. https://www.bitget.com/protection-fund?clacCode=

My advice to investors would be to look out for this because any exchange might be prone to hacking, but the big question would be, can they cover your loss?

yes, this is correct part of the users must start reading about "what is the ecosystem they are investing in". Speaking about the OP CEX the good thing I found is the Security funds that might add more confidence if the fault of a hacking is a security breach or a malicious attack. On the other hand is hard to see a Galxe attack because a lot of projects trust this platform to make tasks (Orbiter finance, even linea). The high importance to invest in White Hacking people (must be a crucial investment aside of Lawyer Department)

With the recent events in the crypto space, it is ideal to express fears about safety. However, some platforms have really considered how paramount safety is by bringing in frameworks to enhance security. Just recently, CEXs like Bitget forged a partnership with security frameworks like COBO to make for security breaches.

Unfortunately, this is going to increase with the adoption of crypto, A crucial part for investors is to check they are entering a HTTPS Page, if it's not it might be a scam or a fake page. A trezor or a cold wallet at this point it will be mandatory. And for the projects (like I said before) a Strong Ethical hacking is the leading priority, for example, a countryman of mine found a massive contract breach in Curve and finally retrieved like 30M stolen.

Risks are there but we can minimize that depending on our practice and approach with these platforms. If you're someone who's aware of that, you'll only have to deposit that amount you need for their service, not your entire money to be in there wholly.

While many of these events have already happened in the past, one company has to learn from the attacks that had happened to others.

For them to at least give that safety net that they need to provide to their customers. But as a customer, we all know that none is safe with all of these attacks.

A regular person is not really used to think about their security online as they share all kind of details about their lives with strangers, download all kind of files from dubious sources and use an OS that is insecure, so they are surprised when they are now the ones that need to take care of their information and their money, but that is simply the principles in which bitcoin and this market operates, and if they are unwilling to make that adjustment then losing their coins is just a matter of time for them.

DYOR!
COMMON SENSE!

This 2 things would really be that saving up your ass on this risky space.If you do ignore up these things then expect on what would happen into you. Hackers would really be targeting out these platforms or any
places which does really have that millions of dollars enclosed to it on which exchange platforms,bridges, wallets etc. would be mostly likely their main target. No matter how trusted or old
a certain service or platform it would be but still it wont really be giving out that 100% assurance that it would really be considered to be safe.

This is why it would really be that recommended that you should really be only saving up those coins of yours on non-custodial wallet. Leave or transfer only on the amount
which you are intending to trade into those various platforms and then next then you should not let those coins park into those places because there's always that accompanied risks into it.

They have to make sure that their offer the best platform with the best security because investors will look into that although there are CEXs that are still vulnerable to hackers.
There's no safe place online, you have to make sure that you use every security feature available just to protect your own account, hard wallet seems to be the most safest wallet but of course it can still be hack and it will depend on how you protect your seed with that wallet.

Secured site can give at least a peace of mind but not a guarantee that your asset will be safe with them so limit your exposure on any exchanges and hold on your own hard wallet instead offline, this can be more secured if you will never exposure your wallet on any online platform. Hackers are very wise nowadays, and they have ways to hack even the most secured site or exchanges, the crypto market is very risky always remember this.

You are absolutely correct, when I’m feeling lazy I just leave some for easy accessibility on cex to buy any altcoins. One thing that stands out about cex for me is the accessibility & prolly some airdrops events lol . Gotten few from bitget over the months

Yes and whatever they did, they are still vulnerable to hacking. Sometimes there is an inside job that is pretty easy for them to do that. That is why it was advisable to just deposit the amount that we use to trade, not to use it as our storage wallet. It is best to be aware and be able to anticipate that kind of scenario as we don't need to wait to have that experience before we make a move.
Well, no wallet that can assure 100% safety assurance but it would more safer if we did not expose our wallet address.

Security and privacy are two things that are very closely related and influence each other. When we try to strengthen our security system, but we are unable to maintain privacy and even share or display it on public pages, that's it, our security will definitely be disturbed or threatened. Because after all, sometimes many hackers start their actions from various social media.

Sometimes, certain platforms actually provide sophisticated security systems and are considered very safe. However, it cannot be denied that hackers can sometimes still penetrate them. That's why, indeed, when we invest in digital assets, our big risk is in this security system, and the threat of cyber crimes. And we can't avoid it 100%, we can only optimize our security and privacy and protect it so that we don't get hacked easily.

The best and most secured bet for an investors is to get their coins off the exchange and just like I pointed out in my earlier comment,  I do far better to withdraw all your balance from any exchange platform that you use to buy them and never get involved I third party asset holding,  or take part in all the staking and other investment interest projects that make you to give out your asset to any platform. 

Some time trust can fall because even even if those plartfirmydont scam you in the form of an exit scam,  the exchange can possibly get hacked along the line,  so users need to be careful.

Afaik wasn't the issue with Galxe a socially engineered hack? What's to say the same couldn't happen to other companies? It isn't anything new to say that there is no perfect security out there, all systems can inevitably be breached so why not just use a damn hardware wallet if you really wanted security. It secures both your privacy and security in most cases unless you got robbed of both of your keys and your wallet though. In choosing amongst those exchanges that can inevitably be hacked though, it's kind of hard to determine which is safer than the other but I'd just go for the most reputable for the majority of my transactions. As for trying out new stuff, well, it'd only stay on the "trying part" until further notice.

Actually this is not necessary action that needed to do since as long as we know how to deal with the risk and never do any extra curricular activities that can possibly harm our accounts then I think for me we are fine with that. We should always be aware that issues like this exist that's why for our selves we should apply some good actions to make our accounts safe and always use dummy wallets for the task needed to be done on some airdrop platform so that if same issue about hackings will happen we are not badly affected with it.

Its not good to fully trust them because they became a big platform since we already prove that none of them is safe and we just need to know on how to deal with the risk that possible to happen on this platforms since for sure one of these days they will be the target of attacks since this hackers know that they can get something with the platform especially the datas of users stored there.

Yes as long as the cryptocurrency investor can build the basic knowledge on how to protect his assets and always work to increase his or her privacy and never get too overly greedy to the point of trusting all those high profits yielding platforms that only seek to take control your coins and also be contented with whatever we have and try to build our knowledge and also research before we trust any platform this can help save a whole lot.

So the best approach in all of this is to always be in control of your assets and any platform that promises high profit is likely to be a scam and that should be avoided at all costs.

Nothing in life is safe, but grouping all CEXes as equally unsafe is ignorant, just like all DEXes. There are most likely going to be more hacks in the future in both of them, but maybe focus on the exchanges that have been legit, old, never hacked or at least compensated losses.

There are more trustworthy Dexes out then random hacked ones you posted just like there are more Trustworthy CEXes. The one you posted on your edit (Bitget), is not one of them. Not a change i would ever recommend that CEX to anyone.

No guarantee if the truster project will not also fool its investors. I do agree with your statement. It's caused by all of funds are owned by them. The team behind the project was the party who was holding the funds raised from the investors and buyers.
If they did something fishy behind the scena and the investors will not able to know it caused by it's hard to detect it. It's pretty much the same like SBF and alameda which were using all of investors funds to by so many mansions.
The investors were know the fact after binance was just revealing the fact about FTX exchange site. There's no safe place in crypto. It's all about how we can maintain the security for our money that already swapped into the crypto form.
Im feeling so bad with crypto these days. It feels like that if we are rarely seeing a platform that regularly improving its security.
I have experienced many hacked cases. Crypto becomes even terrible with so many scammers who acted like developers.

Hard for small teams / startups to protect their assets for this very reason.

Perhaps, the situation is already been accepted and seems we don't have another option but to trust and use legit exchanges who could carry responsibility for the safety of the client's funds. Now that most exchanges have gotten into that vulnerability, the more we have to be smart about where to keep our funds. In fact, even our personal wallet is not safe. And this is to tell everyone especially newcomers to just think several times before entering crypto and must know how to keep their funds safely (at least).

That's all we have for now that's why we need to choose those reputable exchange and rely on the words they give that they will not compromised the funds of their consumers and provide better service among any other exchange who exist in the market. To many times we see a lot of big or small exchange got compromised that's why its better that we shouldn't put any excess funds and always store the huge holdings in wallets that we hold the keys so that no big fall down if suddenly we will see a major collapsed and can easily move on. For so many this issue happen I really believe that to many people learn from other or their mistakes made since its hard to file a complaint or get a refund if crappy things happen on the exchange we believe to be a good platform.

You seem to grasp the message I'm conveying. We can't even be entirely sure about the safety of our personal wallets. Things have been quite unpredictable. Safety measures not only depend on us but also on how these exchanges respond to security issues. The one mentioned in my post has a user Protection Fund, similar to Binance's SAFU. This means they are prepared to compensate their users and also a Proof of Reserve. Moreover, they have significantly enhanced their security measures to a maximum level not like they have experience any security breach directly from my research.


We all remember the saying: It's not just what they say that matters, but the actions they take!

Is good we see exchanges putting into action all they say to enhance their user's trust

A wise man once said:

“Investing is not about avoiding risks, it is about managing them.”

This is exactly what you should be doing. There is indeed no absolute safety. If you think about it, life itself isn’t 100% safe and it is about managing risks. You don’t smoke too much cigarettes because it increases the chances of getting lung cancer. You don’t sail during the bad weather because your boat might capsize. Actions, reactions… cause and effect… If you go full anything (doesn’t matter what it is whether crypto, gold, bonds etc) , you are also getting the risks of that asset.

For those who don't like crypto they will say that crypto is the most dangerous and can make people bankrupt in an instant, is too vulnerable to hacking etc.
But they don't realize that everything has risks as you explained. Any investment will have bad risks and security gaps. Even your own security is at risk. Maybe the crypto or wallet used is safe, but if the user is too careless then all of it will be useless.

Therefore, those who are able to understand the nature of crypto, are those people who are here and taking risks. Yes, the more we think about risk and not safety, the more it bothers us, and feel afraid.

That is why it was right to say that Bitcoin is not for everyone as it was for those who can bear to carry responsibility and have the capability to understand the way it works. Nowhere it safe but we are not afraid of it because not all have been experiencing hacking either, and that is because we did something to avoid it.

Such a great saying, it definitely is the case in bitcoin more than other places as well. Risk is all around us and if we just try to avoid them, then we are going to end up with some trouble anyway, but if we could manage them carefully then that would make sure that even if we face issues, we would be ready for them. That's how life and work is, anyone who works at any job would know that it's impossible to have zero problems, you can't live your whole life and face zero problems, there will always be problems, all you can do is to make sure that you are solution oriented person and not try to avoid problems but try to solve them.

This is the same, you can't avoid risk, there is no way you could keep trading forever without taking risks, you take a risk even by buying bitcoin, however you could just end up trying to manage that risk and could do a lot better with what you are given if you do it right. That should be the way to go when you are buying alts as well.

If Bitget can accomplish that, it would be fantastic. They might be succeeding in both CEX and DEX products, but I still have concerns about their DEX product's operational capability.

No really I think I'd recommend Bitget and here's why. If they could compensate their users on little events like them delisting a project or sensing some irregularities on trades, halting it and reimbursing affected users, they're most likely g
going to reimburse or compensate users in the case of hackings or a security breach. I must mention that they have set aside user protection funds valued at $350 million.

So, I'd seriously go with your idea of choosing an exchange that is capable of compensating their users if anything happens.

They do indeed. The exchange has taken significant measures to enhance its security. All five listed factors are successfully implemented. In my research, I haven't encountered anyone complaining or having issues with their DEX product either. Their security measures appear to be robust and I hope they keep up with it.

I believe you. In everything we do, if we lack knowledge of such things, there is no way we will be able to succeed in such things. The most important thing in this industry we found ourselves in today is the knowledge that is involved in the crypto space, and I think that's the only way we can manage it and store our funds without getting involved in any scams or anything else that will affect our money that's already invested in except the market. The reason why I excluded the market is that it is the only thing I think will affect us or get us panicked after we make sure we store our funds safely.

However, all this issue of how to fish out scams and hackers may come later, which could be even easier for us to identify if we have knowledge of this crypto space. The knowledge we have will help us easily identify anything that is a scam, and we will be able to manage any problem that comes our way and have a solution to it quickly.

Even if it seems strong and secure - but I can never put my finger on it to guarantee 100% safe. Developers will do their best to make it as safe as possible for customers - but customers are ultimately responsible for practicing the best security measures.

Every service always has its weak side until someone manages to explore it. But as long as customers know how to safeguard their assets - then others will not be able to exploit it for their personal gain.

Yes no where is safe so we need to be vigilant Ang secure our money like for example we are storing money in our wallet am but in online which we need to protect it and having a knowledge about online is a perfect advantage cause once there's a trouble you can fix it as soon as possible before it getting worst. Not all the time we are too lucky somtimes we are not so it's better to secure our fund's

Correct, but there are degrees of security, having your coins being stored by a third party is one of the biggest risks people can take, storing your coins yourself is less risky, storing your coins in a cold wallet in a device with does nothing else but to store them is even safer, and while all of these methods have weaknesses and they are not completely safe, there is little doubt the last method is the safest and it will take a massive effort for a hacker to try to get to your coins.

but you also need to have the required knowledge to make it secure, saving on your own is definitely best option only if you know how to keep it secure, there are many people get phished of their private key which means knowledge is essential in this regard.
I will argue that saving in third party as long as its reliable like a big company which already recognized by many countries for example, is quite safe enough.
but of course its only for temporary, after all, if the third party got hacked like what happened in the past, you might be forced to take lose.

There is always a risk in any service. Don't believe anyone who thinks that decentralized exchanges are safe, it's a deception. In centralized exchanges there is a risk of hot wallets being hacked and clients' money being withheld because of the centralized nature of the service itself. There are risks in decentralized services too and they are related to vulnerabilities in smart contracts, as well as various phishing attacks related to connecting your wallet and granting it rights. These are often used by hackers when you connect to a decentralized application and click approve in your wallet. There are risks everywhere, and very often these risks arise from the user's inattention.

Let's not say "nowhere" because that makes it sound like it would be impossible to make any type of money and I do not mean that, I think there are few places that are safe. But, the real trouble is you do not know which ones are the safe ones until it gets tested and if you are right then you will not have any trouble, if you are wrong then you will face some trouble.

For example not a lot of people knew that FTX would crash before it crashed, they learned it wasn't a safe place after that it was hacked or bankrupted or whatever happened to it. It doesn't even have to be companies, coins are the same way as well, look at what happened to Luna, do you really think that people knew what happened was a possibility before it happened?

Risks are every where. If we see in real life, we have to take separate security measures for the protection of our valuable funds or assets. If we talk about physical business here, there is a risk of competition. There is an attack in various ways for business loss. So I think in starting every thing we need to think about the security of those things first. For example, if we are going to invest in the virtual world, then we need to know how to protect them, how to keep ourselves free from various attacks by hackers. And these things should not only be done once but to continuously strengthen the security system, the things should be kept in the update.

Can't predicting which one secure place for saving fund or hold coins investment, learned with Luna coin crash and FTX collapse no any body know with top second standings CEX exchange will bankrupt. Actually have many placed are secure for holding or saving our cryptocurrency assets indeed like with CEX exchange place hold there or using Electrum or other kinds wallet for long term saving. Need to know about how many years operation with some CEX exchange if want hold assets there but most secure when saving in our wallet because has own self with controlling our assets without need third party as Exchange website.

Make its tragedy as experienced for the future be careful when holding assets on coins who has potential scam in the future, Luna seems have excited staking offer and seems the reason why this coins got scam.

Therefore, many investors diversify to protect their assets, they are aware that investing in cryptocurrency has a high level of risk. However, many investors use capital that is not too large, so they diversify with the aim of increasing profits. Bitcoin is indeed very profitable, but investing in altcoins can provide greater profits than Bitcoin, but this can increase the risk. On the other hand, there are quite a few new altcoins that can pump impressively, so if we have good knowledge we can choose them of course with a small portion.

Your money can be at risk when you link your wallet to a website, which is why people are still very concerned about unfamiliar websites, even on reputable platforms, as they can still be vulnerable to hacking attacks.

I typically store my assets in a hardware wallet, a cold wallet... I really don't feel secure leaving my assets on centralized exchanges, especially after the FTX incident. Web3 wallets are also vulnerable, especially if you're actively trading; it's possible that your assets could be at risk in the event of a hack. However, those who frequently trade tend to stick with familiar platforms and exercise caution when dealing with new ones.

Yes. We need exchanges to trade that is the reason we need to be careful about what and where to put our money. Everyone needs a hardware wallet at some point. We could say, that is our decentralised bank where we occasionally want to save our money but if we want to make more money, we need an exchange

Interesting say there! Knowledge is indeed crucial. We need to study and know what is going on around us.

And also the response that the exchanges make quantifies the reasoning if they should still be categorised as good or bad. Have these exchanges improved on what caused the last hack? Did they compensate their users? How long did they notice that something phishing happened?

Little questions like this matter in every aspect

You've just illuminated the harsh realities of investing in cryptocurrencies. Is everything really sunshine and rainbows? Coins and platforms? They do not stay. Security? Its a transient idea. Before everything became gloomy, people were praising FTX. How about Luna? Another sad story in the history of cryptocurrency. Individuals frequently have rose-colored glasses on, yet the truth can and frequently does bite. Rigid. So, even if some areas might appear safe right now, things could change tomorrow. Isnt that the essence, then? Sorting the real from the dangerous, but it may be too late by the time you make that determination. Every single time, that's the risk.

Well, how? That is the point of my post. Most users are not able to assess the security of a platform, but if you mean that a cryptocurrency project is full of hacks then we might agree. So they are aware of the risk exposure and likeliness when doing cryptocurrency stuff.

But that does not mean we surely should rely upon security funds. It's a good thing to have for a project to have, insurance, in case such an incident happens, but I don't think it would significantly make users safe. And due to the nature of irreversibility, it is way better to invest deeply in security rather than legal stuff.

That's right, there should always be a balance in everything that you do, and when it comes to investments, you need to know that you are taking risks that you can balance and manage so that you don't get your money wasted just because you have taken risks that were more than enough which made your investment a failure. So, whether it's about a financial market or anything in general in life, you need to make sure that you are not overdoing things.

Most people take the 'the higher the risk, the higher the profits' phrase very seriously, and they actually take risks that they can't manage very well and eventually end up incurring big losses only because of their own mistakes and greediness. So, whenever you take risks, make sure it's not way too much.

That's a solid way to ensure your own security, still doesnt mean its 100% safe tho. We've heard of sim swaps and the likes in recent times that have led to many kinds of theft. Some like me don't have a choice but to use these CEXs like bitget for day trading

These scammers and hackers are just one step ahead by getting creative in their strategies. Like the recent one where they are posting a job opportunity for ambassadors and are inviting for a Zoom call.

Afterward, they are instructing you to download the "game", but the software itself is the malware. My biggest mistake is that I believed them about disabling the antivirus to proceed with the download as it is "normal" for new games.

Once again I am not doing my due diligence to see if the project is legitimate and it is on me.

They do have a website, socials, active Discord chat (with multiple accounts and bots), etc., to make them look like legit, in which I have failed to dig deeper on that.

They have copied the exact template and effect of an existing game, but lately I've dig deeper on the research and found out that this is just a fake one where they have copied the exact template and effects from the real game itself. 

I'm just thankful that only my burner airdrop Metamask wallet was affected and the amount was not that big as my main balances are always on my main and in the cold storage.

But still I can't believe they've penetrated my mind on this, so another lesson learned.

Web3 is still a long way to go in terms of the security side where it's one of the common trilemmas of blockchain. The hackers won't stop as they are always finding new, innovative and creative ways to steal our hard-earned money. Stay SAFU everyone!

Anyone involved in the cryptocurrency market has likely experienced having a large or small amount of money stolen. Any untrustworthy and unfamiliar website can potentially steal our funds from any wallet. Even if you store assets on centralized exchanges, there is no absolute security because exchanges can go bankrupt at any time

Not everyone though. You can say most people have fallen victim because of those who haven't fallen, I won't call them lucky but I would say they take strategic measures like the factors I updated, in knowing where to put their money and when to remove their money if the exchange doesn't seem fit. Now is just like buying stock and you see that the stock you bought is having sketchy moves. What would you do? You sell off right?

That's the same process with exchanges when you put in your money, make sure that those exchange has the basic quality that can keep your assets safe. Any exchange that doesn't upgrade its security measures during these periods should never have existed.

Bitget is talking about CEX? The former noncustodial wallet called bitkeep turned into bitget wallet and the license grew to include cex. So far, have you only been waiting for bitget or have you used others? Like at that time binance launched fund security with the slogan SAFU which means binance is responsible for hacks that occur, this is one of the cexes that I really trust at that time.  Speaking of the security of a storage medium, both crypto wallets, e-wallets and shared storage cex cannot be separated from daily interaction in using the internet. also not all Tos can guarantee compensation, even so there may be a future, I don't use bitget after the license operates because it is still comfortable in cex and other dex. all in my opinion are the same but cex can at least provide solutions with complaint services. and supporting data for withdrawals is more complete in cex. are you talking about storing bitcoin or altcoin assets?