Another exchange hacked, Liquid exchange.

[pakhitheboss]

Does anybody know whether it was an inside job or not? In these times exchanges either get hacked because the owner fled with the money or an employee became rogue.

Exchange hacking has become pretty common nowadays, still exchanges are not upgrading their security level and innocent users lose their money. This is why no one should use an exchange wallet for holding funds, it is better to always keep funds in a personal non-custodial wallet.

[CryptopreneurBrainboss]

Does anybody know whether it was an inside job or not? In these times exchanges either get hacked because the owner fled with the money or an employee became rogue.

I won't be surprised if this turns out to be the case, the sector lack of moderation (which is a good thing) is been misuse by those would we think are to be the forerunner of the industry. In the past those we entrusted our funds with has ran away with them which make me wonder why the exchange are still getting massive patronage in regards to storing of coins in the exchange. The truth is simple, people don't trust themselves to keep their assets safe which is why they turn to this institutes to help them out but not knowing those are not the perfect choice.

No exchange is safe be it centralized or decentralized, they can all be exploited same as most wallets out there that aren't decentralized (non custodial). So while the advise of storing your funds in personal wallet are ideal, it should be noted that not all wallets out there are considered safe. The centralized wallet providers just like the exchanges are coming out with impressive ads of convincing you to keep your coins with them but don't be deceived.

No amount of staking rewards should tempt you to keeping your funds with them. Centralized wallet are just as worst as exchanges neither should be trusted. Wallets like electrum why can be easily setup are perfect if you can't get your hands on hardware wallets.

[Rrita]

Another day, Another exchange got Hacked. A total of approximately 91.35mm  USD was moved from Liquid exchange by an unauthorized party!!
Here is the latest Liquid warm wallet incident report: https://blog.liquid.com/warm-wallet-incident
16.13m USD already frozen.

I strongly believe it's an internal job, nothing else. Only, for this reason, I use 5+ exchanges.
No one knows when which one exchange will be hacked next. So it's a good practice to use some other exchange for your trade. Dont put your money at only one exchange. You can also be hacked like this.

[jrrsparkles]

I strongly believe it's an internal job, nothing else. Only, for this reason, I use 5+ exchanges.
No one knows when which one exchange will be hacked next. So it's a good practice to use some other exchange for your trade. Dont put your money at only one exchange. You can also be hacked like this.

Keeping your funds in exchange is risky no matter you keep all in one or in multiple exchanges because once its lost then its lost forever. Maybe our loss amount csn be reduced when we use multiple exchange but its always better to keep the funds in a wallet which gives you complete control over your assets.

[Charles-Tim]

Wallets like electrum why can be easily setup are perfect if you can't get your hands on hardware wallets.

Yes, electrum wallet is very easy to setup, I am always surprised with articles I see online that it is for experienced bitcoin users. Even if someone has unused computer or android phone, the person can even still use it as an airgapped device and install only Electrum wallet on it and use it as cold storage while its pubkey can be imported on another device which will be the watch-only device for transaction tracking and for initiating transaction which will be transferred to the cold wallet for signing either through the USB stick or QR code. But the other reason why hardware wallet is also preferable is because it support many altcoins.

Dont put your money at only one exchange. You can also be hacked like this.

The best is to just do not even make use of an exchange, make use of noncustododial wallet like Electrum for Bitcoin, and hardware wallet for Bitcoin and many other cryptocurrencies. You will have your seed phrase, you will have your private key, you will have complete control over your coins, you will also have privacy. Exchanges are for traders while any inactive funds on it are best safe on noncustododial wallet and should be moved to noncustododial wallet, most especially the cold wallets which are one of the safest wallets.

[Fivestar4everMVP]

Good advice @op, really a good advice, newbies should take this seriously, as long as you are not trading at that moment, it's bettter to withdraw your money off the exchanges and keep in a wallet that you are totally in control of, most especially, the smaller exchanges, those that have a higher chance of being hacked.
But all the same, wanna take this moment to say sorry to those who lost money in the hack, I pray you guys will make it back in multiple folds... Amen.
Never ever for any reason use an exchange wallet as a your private wallet, nothing in crypto is more riskier than this.

[decodx]

I don't understand why people keep large amounts of coins in their exchange wallets. Exchanges get hacked all the time, and the coins may disappear forever. People need to learn to use the tools they have at their disposal.

It's amazing how many people in the crypto community don't even own a "hardware" wallet. That means they have nothing in their hands, and the entire value of their coins is put in the hands of exchanges. What a great use of money.

[Oceat]

I don't understand why people keep large amounts of coins in their exchange wallets. Exchanges get hacked all the time, and the coins may disappear forever. People need to learn to use the tools they have at their disposal.

It's amazing how many people in the crypto community don't even own a "hardware" wallet. That means they have nothing in their hands, and the entire value of their coins is put in the hands of exchanges. What a great use of money.

It's an exchange it's supposed to be that way and know that there are lots of people using the exchange that's it has a lot of funds in there. Although, the recent hack doesn't actually affect the market and I wonder why because oftentimes in the past when this happens the fud and dumping gets serious. You would think to likely dump your Bitcoin as well but I guess people nowadays learned the hard way to just hodl instead of dumping because of how much valuable Bitcoin today compared to the past.

Anyway, it's not necessary for everyone to own a hardware wallet if they could use a free wallet such as Electrum which is better and not everyone do own large amount of Bitcoin that's why there's no need for owning a hardware wallet.

[Luffygroove]

One of the most important lessons in the crypto world is to save your funds in a non-custodial wallet, keep the private key, and don't let others know. This is an absolute way to keep your funds safe. I learn this back in 2017 when I first time enters the crypto world. It happened with Bitgrail, an exchanger that supports Raiblocks (NANO) from the beginning. I don't know whether it's really a hack or exchanger's trial to scam cause it happened when Raiblocks was at its peak. It was a big scandal back then. However, since then I never keep big funds on exchangers, only my assets that were ready to trade at that time.

[decodx]

I don't understand why people keep large amounts of coins in their exchange wallets. Exchanges get hacked all the time, and the coins may disappear forever. People need to learn to use the tools they have at their disposal.

It's amazing how many people in the crypto community don't even own a "hardware" wallet. That means they have nothing in their hands, and the entire value of their coins is put in the hands of exchanges. What a great use of money.

It's an exchange it's supposed to be that way and know that there are lots of people using the exchange that's it has a lot of funds in there. Although, the recent hack doesn't actually affect the market and I wonder why because oftentimes in the past when this happens the fud and dumping gets serious. You would think to likely dump your Bitcoin as well but I guess people nowadays learned the hard way to just hodl instead of dumping because of how much valuable Bitcoin today compared to the past.

Anyway, it's not necessary for everyone to own a hardware wallet if they could use a free wallet such as Electrum which is better and not everyone do own large amount of Bitcoin that's why there's no need for owning a hardware wallet.

In my opinion, Liquid is not that big exchange that a hack would affect the market. The market is probably too big for this kind of influence. And besides, if I understood correctly, the funds were stolen from Ethereum wallets, so there is no reason for this hack to affect the Bitcoin price.

[Rrita]

Keeping your funds in exchange is risky no matter you keep all in one or in multiple exchanges because once its lost then its lost forever.

If you want to do trade with your crypto asset, You need an exchange for this. Is there any alternative you know? I like to hold my coin in my personal wallet, but when I like to do trade with my cryptocurrencies, I use the exchange. For hacking issues, I like to use a few exchanges,s not one.

You know what, Binance already announced SAFU, To know more  https://academy.binance.com/en/glossary/secure-asset-fund-for-users So it's the safest exchange that I believe.

The best is to just do not even make use of an exchange, make use of noncustododial wallet like Electrum for Bitcoin, and hardware wallet for Bitcoin and many other cryptocurrencies.

Without exchange, you cant able sell/trade your coin. So we need to use an exchange, and there is no alternative that I believe. For hold Bitcoin/altcoin hardware are best, but for trading, you need to use an exchange. If you use a few exchanges, your loss will be minimized if there are any hacks occurs. Trust me

[Evgenklm]

Very often recently, exchanges have started to be hacked, of course I do not know this exchange, I have never traded there, but I think that the exchange needs to conduct its own investigation, perhaps they will learn a lot of new things.