South Korean crypto exchange GDAC hacked for nearly $14M

[hugeblack]

The problem with such hack is that they cannot be confirmed, meaning that if the platform has financial problems, all they need is to say that they have been hacked and we have lost 20% of all assets with promises to withdraw 80% of your balance and start long programming to recover the remaining 20 within several years, During those years, they will try to recover the money (which was not lost due to the hack, but rather financial mismanagement).

Therefore, without legislation that protects and guarantees customer deposits, it is better to trade in small amounts and withdraw your money once deposited.

[jostorres]

I hope wise people that care for their coins that can yield 10x will have their coins on a noncustodial wallet to avoid the inconveniences or probably total loss of money.

Not you key not your coin, there is nothing better than noncustodial wallet. Cold noncustodial wallets are safer.

Yeah, it is definitely not wise to keep very large amounts of money in exchange account, knowing they are always vulnerable to security breaches and attacks and it has been witnessed a lot of times with many different exchanges in the past, if people still don't take extra precautions, then they are the ones to be blamed for their losses, although I feel sorry for them.

It's understandable when you have a certain amount in an exchange that you use for trading if you are a day trader or a scalper, but I've seen people keeping thousands of dollars in exchanges that they don't really use which is a very big mistake.

[Potato Chips]

I jolted a bit when I saw the thread title lol since I used to regularly see a south korean exchange get hacked years ago. There was even this bothering article about a firm who allegedly hacked some local exchanges with basic tools as a test, see: https://cointelegraph.com/news/south-korea-five-local-bitcoin-exchanges-fail-security-test-hacked-with-basic-tools.

I hope they have improved at the very least and this is not a starting point of that hacking streak again - emphasis on streak.

[Faisal2202]

Not you key not your coin, there is nothing better than noncustodial wallet. Cold noncustodial wallets are safer.

These types of cases give me goosebumps even though I have no money in centralized exchanges but still because I am so dependent on them for personal uses. like the Binance. And it is under great pressure for the past few weeks, Which fears me. But still, I gather some hope after reading a topic on this forum about What happens If Binance Exchange Flee Away like FTX.

But I have still a little hope for these big centralized exchanges as somehow they (FTX) have managed to recover the funds of their users like the Japanese were able to withdraw their assets. (here).

Plus this statement has great meaning in it ("Not your key, not your coin"). But people still make mistakes, but what other option do they have instead to use these CEXs as I mentioned I am also dependent on CEX, and without it, I will face problems in my country. What if I have some money in my centralized exchange like Binance and it got bankruptcy and they halt all the withdrawals and deposits instantly,( will I be accused of doing a mistake or treated as a misfortune). That depends on the situation, I face.