How to solve the problem of crypto hacks?

[The_Tick]

A significant barrier to universal acceptance of cryptocurrency is its susceptibility and attractiveness to hackers, which also cause price drops.

https://thenextweb.com/cryptocurrency/2018/06/29/this-company-wants-to-stop-hackers-from-stealing-your-cryptocurrency/

"Since the founding of the first cryptocurrency exchange in 2010, hackers have walked away with billions of dollars’ worth of cryptocurrencies and digital tokens stolen from exchanges, and they continue to eye the cryptocurrency landscape as an attractive arena to make money."

The blockchain-based threat intelligence platform "Sentinel Protocol" has one solution to preventing such nightmares:

"At the heart of Sentinel Protocol is a decentralized threat reputation database (TRDB), which contains blockchain addresses associated with theft, fraud and ransomware, IP addresses, malware signatures, file hashes and other relevant information. Sentinel Protocol relies on a crowdsourced community of cybersecurity experts, which it calls Sentinels, to maintain its TRDB.
By integrating Sentinel Protocol into their platforms, cryptocurrency exchanges will be able to detect and block of fraudulent and malicious transactions by comparing source and destination addresses against Sentinel’s TRDB. This is especially useful to DEXs, where hackers are flocking to launder and cash their ill-gained fortunes."

They're apparently already working with quite a few exchanges.

Any hypotheses as to future methods of hack prevention? Machine Learning?

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[Reid]

Yes, they must offer this to those small time DEX's.  

It got me thinking, why would they buy a cheap security measure just so they can get more profits. While on the other hand they are risking all the crypto currency that they are holding.
Such a stupid kind of thinking.

Perhaps, they could look more to the top security to get more traders rather than putting more effort into advertisements just so they get more popular.  

Hack prevention. Stop new currencies to be listed into cheap exchanges which buys cheap security. Do not rush them to be listed and let them get the funds first.

[abhi777]

A significant barrier to universal acceptance of cryptocurrency is its susceptibility and attractiveness to hackers, which also cause price drops.

https://thenextweb.com/cryptocurrency/2018/06/29/this-company-wants-to-stop-hackers-from-stealing-your-cryptocurrency/

"Since the founding of the first cryptocurrency exchange in 2010, hackers have walked away with billions of dollars’ worth of cryptocurrencies and digital tokens stolen from exchanges, and they continue to eye the cryptocurrency landscape as an attractive arena to make money."

The blockchain-based threat intelligence platform "Sentinel Protocol" has one solution to preventing such nightmares:

"At the heart of Sentinel Protocol is a decentralized threat reputation database (TRDB), which contains blockchain addresses associated with theft, fraud and ransomware, IP addresses, malware signatures, file hashes and other relevant information. Sentinel Protocol relies on a crowdsourced community of cybersecurity experts, which it calls Sentinels, to maintain its TRDB.
By integrating Sentinel Protocol into their platforms, cryptocurrency exchanges will be able to detect and block of fraudulent and malicious transactions by comparing source and destination addresses against Sentinel’s TRDB. This is especially useful to DEXs, where hackers are flocking to launder and cash their ill-gained fortunes."

They're apparently already working with quite a few exchanges.

Any hypotheses as to future methods of hack prevention? Machine Learning?

in my opinion, Securing your email account Secure your social media account Use unique and powerful passwords for all online accounts Enables two-factor authentication (two-factor.

[mk4]

While we're extremely reliant on centralized exchanges for now, the best thing we can do(while waiting for a decentralized exchange that works decently well) is to simply educate the people; make them aware that leaving funds on exchanges is a really bad idea and such.

To be honest Binance scares me. If MtGox years ago crashed the markets, what more if something happens to Binance? That's A LOT more money that could potentially be stolen.

[BrewMaster]

first you should define the "problem" correctly before you can solve it.

the "problem" is not "crypto hacks" the problem is exchange hacks. and that is what you are focusing on here. this problem is not something that we can fix or we can do anything about. this problem is something that these companies (like coinbase, kraken, bitfinex, binance...) should solve themselves by increasing their security.

and by the way this has absolutely nothing to do with "universal acceptance of cryptocurrencies"!!!

[BILGPS]

Crypto theft is very common in these days and people are scared from crypto hacks so it is a painful experience for us and we have a lot of problems but when some steal your life income that will ruin your life and keep your privacy tight and do not expose your login in front of others or in outside than your personal laptops or mobiles the problem can be controlled can be finished.

[Marcel555]

Hacking is rife in any financial sector. And I would say cryptocurrency is subsceptible to hacks and leaks.
Cryptocurrency is decentralized, and exchanges (especially centralized ones) are the most prone to hacks.
This doesn't make crypto less secure. It's just like of anyone was allowed to open a bank and invite people to patronize them.
There would surely be breaches

[gentlemand]

The blockchain-based threat intelligence platform "Sentinel Protocol" has one solution to preventing such nightmares:

I don't see how that's going to work. They're always going to be on the backfoot uncovering stuff in retrospect. All the scammers have to do is open a new wallet and get a fresh sim card and then they're clean as a whistle again.

A ridiculous amount of hacks are down to human stupidity and laziness. Some of the biggest exchange hacks like Coincheck happened because they couldn't be bothered to use multisig or spend $80 on one hardware wallet. Minimising human responsibility would make a large difference. I've no idea what form that would take, but that would be the first step in doing something to address it.

Though it's unfashionable to say it, for most people they'd be better off leaving securing their crypto to places like Coinbase. Most people don't learn until they get a very expensive lesson shoved up their botty. The average person can't secure their Yahoo account, let alone have the discipline to make their life savings watertight.

[RokokGudangGaram]

A significant barrier to universal acceptance of cryptocurrency is its susceptibility and attractiveness to hackers, which also cause price drops.

https://thenextweb.com/cryptocurrency/2018/06/29/this-company-wants-to-stop-hackers-from-stealing-your-cryptocurrency/

"Since the founding of the first cryptocurrency exchange in 2010, hackers have walked away with billions of dollars’ worth of cryptocurrencies and digital tokens stolen from exchanges, and they continue to eye the cryptocurrency landscape as an attractive arena to make money."

The blockchain-based threat intelligence platform "Sentinel Protocol" has one solution to preventing such nightmares:

"At the heart of Sentinel Protocol is a decentralized threat reputation database (TRDB), which contains blockchain addresses associated with theft, fraud and ransomware, IP addresses, malware signatures, file hashes and other relevant information. Sentinel Protocol relies on a crowdsourced community of cybersecurity experts, which it calls Sentinels, to maintain its TRDB.
By integrating Sentinel Protocol into their platforms, cryptocurrency exchanges will be able to detect and block of fraudulent and malicious transactions by comparing source and destination addresses against Sentinel’s TRDB. This is especially useful to DEXs, where hackers are flocking to launder and cash their ill-gained fortunes."

They're apparently already working with quite a few exchanges.

Any hypotheses as to future methods of hack prevention? Machine Learning?

in my opinion, Securing your email account Secure your social media account Use unique and powerful passwords for all online accounts Enables two-factor authentication (two-factor.

it's true that what you said with us securing our bitcoin accounts and social media accounts can also make hackers very difficult to break down our accounts