"We got hacked" coming !

[Sithara007]

Some of the most famous Bitcoin robberies were inside jobs. Here are two well known examples:

1. Robbery of Mt Gox by Mark Karpelès
2. Robbery of Sheep Market Place by Tomáš Jiřikovský

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[Gotottack]

Some of the most famous Bitcoin robberies were inside jobs. Here are two well known examples:

1. Robbery of Mt Gox by Mark Karpelès
2. Robbery of Sheep Market Place by Tomáš Jiřikovský

We would not know the real story. It's really hard to investigate what really happen. Maybe the owners really did ran with the money and they placed the blame on these guys. Probably they did steal it. No one knows for sure. The thing is that the price of bitcoin is very tempting to people holding funds especially when they see thousands of coins in their hands.

[franky1]

Some of the most famous Bitcoin robberies were inside jobs. Here are two well known examples:

1. Robbery of Mt Gox by Mark Karpelès
2. Robbery of Sheep Market Place by Tomáš Jiřikovský

bitcoinica
trendon shavers
mtgox
mintpal
crytorush
cryptsy

[Pursuer]

maybe this time turns into something good for bitcoin trading platforms.

I meant there has to be a last straw that breaks the camel's back right? how many times we have to hear about some exchange service getting hacked before we start moving on from these type of exchange and to better ways of trading which are less susceptible to hacks.

[franky1]

maybe this time turns into something good for bitcoin trading platforms.

I meant there has to be a last straw that breaks the camel's back right? how many times we have to hear about some exchange service getting hacked before we start moving on from these type of exchange and to better ways of trading which are less susceptible to hacks.

they were never hacked

do you really think they are going to be honest and admit to embezzling funds.. ofcourse not

[Pursuer]

maybe this time turns into something good for bitcoin trading platforms.

I meant there has to be a last straw that breaks the camel's back right? how many times we have to hear about some exchange service getting hacked before we start moving on from these type of exchange and to better ways of trading which are less susceptible to hacks.

they were never hacked

do you really think they are going to be honest and admit to embezzling funds.. ofcourse not

duh, obviously it has been 99.9% bullshit whenever we hear an exchange service was hacked.
that is why I am saying there should be some end to all this bullshit, maybe this time a new exchange runs away with millions and people start thinking about new alternatives.

[jmpFCE2]

Poloniex

[franky1]

that is why I am saying there should be some end to all this bullshit, maybe this time a new exchange runs away with millions and people start thinking about new alternatives.

same words were said in 2011 when bitcoinica went
same words were said in 2012 when intersango went
same words were said in 2013 when trendon shavers went
same words were said in 2014 when mtgox, cryptorush went
same words were said in 2015 when mintpal, and cryptsy went

but people dont learn. they all treat exchanges like a long term bank and trust third parties
the only way to change things is to change HOW exchanges hold funds. because people wont ever learn to avoid exchanges

[calkob]

I agree and actually said this the other day.  Exchanges are very vulnerable at this point so no storing bitcoin there.  Or maybe we bitcoiners are just to used to the roller coaster ride over the last few years, we nearly expect the dip after the rise.  maybe this time is different 

[bamboylee]

We should not store funds on exchanges even if they claimed they have the tightest security. After all the hacked-myself(or not) that happened in the previous years, we should be wiser by now and use exchanges as they should be, just exchanges, not storage of bitcoin. But if they still store bitcoin on exchanges then they should not cry when it suddenly gets hacked.

[target]

We should not store funds on exchanges even if they claimed they have the tightest security. After all the hacked-myself(or not) that happened in the previous years, we should be wiser by now and use exchanges as they should be, just exchanges, not storage of bitcoin. But if they still store bitcoin on exchanges then they should not cry when it suddenly gets hacked.

I store some altcoins to exchanges though.
I'm not sure if they'd be interested to it but if they are, they can have mine. to me, there are more risk installing altcoin wallets

[Zadicar]

maybe this time turns into something good for bitcoin trading platforms.

I meant there has to be a last straw that breaks the camel's back right? how many times we have to hear about some exchange service getting hacked before we start moving on from these type of exchange and to better ways of trading which are less susceptible to hacks.

they were never hacked

do you really think they are going to be honest and admit to embezzling funds.. ofcourse not

duh, obviously it has been 99.9% bullshit whenever we hear an exchange service was hacked.
that is why I am saying there should be some end to all this bullshit, maybe this time a new exchange runs away with millions and people start thinking about new alternatives.

There will be no alternatives because if a new exchange would been hacked then there nothing we can do about it and let those bitcoin gone and move on.Theres no end to this and expected there will be a new exchange would pop-out and claiming they have the best security blah blah..Those hacks are just inside jobs nothing-less.

[philiveyjr]

that is why I am saying there should be some end to all this bullshit, maybe this time a new exchange runs away with millions and people start thinking about new alternatives.

same words were said in 2011 when bitcoinica went
same words were said in 2012 when intersango went
same words were said in 2013 when trendon shavers went
same words were said in 2014 when mtgox, cryptorush went
same words were said in 2015 when mintpal, and cryptsy went

but people dont learn. they all treat exchanges like a long term bank and trust third parties
the only way to change things is to change HOW exchanges hold funds. because people wont ever learn to avoid exchanges

Yeah that has been the problem. I never put my BTC on a third party site or app for long. I cannot avoid it completely but what I can do is take away the chances of my money to get stolen by putting it on exchanges or third parties only when I mean business and take it out and keep it in my personal wallet as soon as my business is done. Hopefully everyone follows that. I am looking for ways to avoid third parties completely but that sounds impossible as of now.

[n691309]

Two scenarios are likely to happen at this point :

1. "We got hacked" e.g Mt.gox
2. They actually get hacked

Exchanges that holds most of the funds in cold storage could be more secure but you never know... so yeah , be careful.

Even the funds on cold storage aren't safe, we have seen this in the past how exchanges are getting hacked and how funds are stolen, your suggestion is just perfect and it is good for people to think twice holding their money in the exchanges for a long time, not just now but always.

[ivbre]

When you deal with private keys that you cannot revoke, and whose compromise would result in massive losses, you just can’t have them on a regular server architecture. You need some sort of secure hw token. Like Bitstamp did with Trezor and Ledger integration after the 70mil. hack .

By the way the Shapeshift "hack" was quite incredible as well - http://hackingdistributed.com/2016/04/25/shapeshift-hack-simply-incredible/

[Doamader]

This is something no one can preven if will happen and when it will happen, and the most important where, wich website is on the target from the hackers, we all know that nowadays security its a must, those wich doesnt care will become the next to get attacked in the medium time. The bitfinex issue, showed that they does know they can get easy bitcoin, soo be aware and protect your coins, use exchanges but dont play with all your bankroll.

[mxhwr]

Yes i feel it coming soon. anyone think it will be bitstamp

[harizen]

Two scenarios are likely to happen at this point :

1. "We got hacked" e.g Mt.gox
2. They actually get hacked

It's no secret that when the price of BTC increase , exchanges and other services becomes a target for hacking and sometimes It's actually an inside job where they claim they got hacked and of course , we can't proof it.

So to avoid any kind of regrets If that happens , I really recommend everyone to withdraw his funds from exchanges for the moment as we are heading to 1000$ pretty soon probably. Once you finish trading , just withdraw as there is no reason to keep them there... when you want to trade again , just deposit the amount to trade with and nothing more.

Exchanges that holds most of the funds in cold storage could be more secure but you never know... so yeah , be careful.

Honesty Im thinking to start a thread like this few days ago concerning about the possibility of some exchanges to become a fraud or maybe having such a big problem with the price increase that is happening today. Chances is really high and it happened many times. It's easy to say for exchanges that their security have been breached. On the other hand, it's also possible that they are really breached by the hackers due to full force attempt to stole coins to take advantage of the price increase.

We doesn't have an assurance that everything will be fine but for a matter of security, it's not wrong to make a full concern for our coins and start modifying our ways to store it. Yes regular withdrawals is a must when doing trading with the current price situation like this today. Don't mind the withdrawal fee, it's more hurtful if you lost your all funds.

[olubams]

Thank you for the advise as well as the assumption in which you based this upon as it is verifiable as we have seen this several times that I have read then they will claim ddos attack and that's one of the issue I am still having with Bitcoin as no one t be held responsible for the loss of funds by investors untill when that is established we will continue to have insiders and even owners of sites compromise security for the sake of their selfish interest...

[chaser15]

Two scenarios are likely to happen at this point :

1. "We got hacked" e.g Mt.gox
2. They actually get hacked

It's no secret that when the price of BTC increase , exchanges and other services becomes a target for hacking and sometimes It's actually an inside job where they claim they got hacked and of course , we can't proof it.

So to avoid any kind of regrets If that happens , I really recommend everyone to withdraw his funds from exchanges for the moment as we are heading to 1000$ pretty soon probably. Once you finish trading , just withdraw as there is no reason to keep them there... when you want to trade again , just deposit the amount to trade with and nothing more.

Exchanges that holds most of the funds in cold storage could be more secure but you never know... so yeah , be careful.

It's really possible at this point especially the price is surging up. If that kind of things is happening everytime there is a price increase, what's more now because it's really close to $1000 mark which is highly a long time desire for any bitcoin users.

But you know even there isn't a price increase rally that is happening, people should also study on how they will deal with the security of their bitcoins without using web exchanges.