If an exchange gets hacked

[elosi]

Every other coins can be hacked, not just bitcoin, as a matter of fact, most of the exchange hacked this year is not bitcoin that they hacked, they hacked other altcoins maybe they discovered some bug in their smart contract and took the advantage, in most case when such a thing happens, some exchanges will compensate the affected users

[1714132384]

1714132384

[haryatiposton01]

I think all of the valuable altcoins other than Bitcoin also have the potential to be cracked, hackers are not just eyeing Bitcoin, they are also targeting valuable altcoins, keep watch and protect your wallet properly, security is one of the supporters of your success in crypto.

[bittick]

It depends on which exchange , in as much as they are susceptible to hack and lost of funs some exchanges have gone ahead to insure their exchange and can pay back individuals when lost occurs

and what about coinsmarkets? they don't pay individuals, they disappear and run away just after their market is hacked, I see there are hundreds or even hundreds of BTC carried by hackers

Never heard of it honestly, that's why I can speculate that this exchange is not officially licensed by any authority or simply a dummy exchange.
They might said that they got hacked but who knows if it's inside job.
This kind of thing often happen to crappy exchange that was made to steal people's money too, so watch yourself.

[nizamcc]

I have never faced hacking of the exchange where I trade. the only thing was freezing the coin Deposit. not for long. for technical reasons. I rabotal with Poloniex and Binance

[JaoBadjap]

I was just wondering about something. From time to time we see exchanges get hacked, with a big loss of Bitcoins for the customers as a result. However, I was wondering if the other coins and tokens you are invested in disappears as well? Let's say Ripple, Zcash, Monero etc.

some exchanges has there own way to face such hacks.
but most likely its really better if you just transfer your crypto in an exchange when necessary.
although nothing is sure. i would rather say its better to check the exchange policy in such attacks.
if they are going to compensate or not.
or they will be gone no one will ever get paid.

[sarasofrup]

If an exchange gets hacked, then that's some pretty bad news. That would mean that tokens or coins on the exchange are not safe, but I think that it is most unlikely to occur though, because a lot of these exchanges have top notch security levels, and cannot be easily hacked. if you are not cool with leaving your coins on the exchanges, it is best you transfer them to your wallets.

[jpoker272727]

I was just wondering about something. From time to time we see exchanges get hacked, with a big loss of Bitcoins for the customers as a result. However, I was wondering if the other coins and tokens you are invested in disappears as well? Let's say Ripple, Zcash, Monero etc.

some exchanges has there own way to face such hacks.
but most likely its really better if you just transfer your crypto in an exchange when necessary.
although nothing is sure. i would rather say its better to check the exchange policy in such attacks.
if they are going to compensate or not.
or they will be gone no one will ever get paid.

[dumplingsandsushi]

Actually, most of the time it is not btc that gets stolen but a huge mix of a bunch of other coins.
It is just easier to say the value in btc because it gives people a better idea.

For example, when binance got hacked earlier this year, it was a specific bot that dramatically rose the price of bytecoin then automatically started making trades against people's wallets.
Hackers do stuff like this because all of the wallets are controlled by the exchange itself and it is easy for an exchange to freeze all of the wallets if they suspect a hack.

The simple solution to all of this is to simply just don't have your coins on an exchange.
Or, if you are a day trader, have no more than 1k to 2k worth of coins to trade.
After all of the information out there on how to protect your crypto and the dangers of just leaving it on an exchange.
If a person ignores all that and gets hacked, I have no sympathy for them

[allanr]

all there must be risks.

therefore, don't put too long a token / altcoin / bitcoin balance in an exchange, especially for underground exchangers.

it's very risky, unless you are ready to lose )

I actually thought, was it really hacked or just a manipulation for "money laundering"? )

Hahaha kidding,

But that can be true....

[martinford14]

Any of them can get hacked. The reason most have involved bitcoin is because is by far the biggest and when the exchange hacks happened it was the only real coin really.

[brenzosa]

is it true that decentralized exchanges cannot be hacked or useless to hack since the exchange do not hold customers' coins/tokens.  they're merely medium of trade where they interconnect sellers and buyers.  once the price agreed, transaction takes place automatically.

one decentralized blockchain I know of is bitshares.  you can post sale or buy orders directly into the blockchain itself.  and once the price is picked up, the transfer of tokens will happen instantly.

[khalifa25]

I have much news about different exchanges having been hacked. And with the technological age right now, hackers are getting sophisticated with their tools also to hack the heavy firewall and security on many exchanges.  Its a cat and mouse battle between exchanges and hackers

[spike420211]

I have not yet encountered this problem, but I can assume that no one will refund me in case of hacking of the exchange on which I trade. That's why I do not advise you to keep on the exchanges assets that you do not use. It is better to create a separate wallet for them, and better keep it on a cold wallet.

[Quitthis]

I was just wondering about something. From time to time we see exchanges get hacked, with a big loss of Bitcoins for the customers as a result. However, I was wondering if the other coins and tokens you are invested in disappears as well? Let's say Ripple, Zcash, Monero etc.

I guess it depends on the hack.

Don't you think they take it all?

[Mr.Zero]

if the exchanger has liquidity then they can certainly refund the stolen funds to their customers as soon as possible, so just throw your money in trusted exchanger with luquidity

[SaoAccel]

I think it could also be stolen since hackers hack this exchanges for profit or get money from it and most of what you stated have value. So, in my opinion I would rather put my coins in a wallet rather than in an exchange.

[jeniferqueen0409]

I think it could also be stolen since hackers hack this exchanges for profit or get money from it and most of what you stated have value. So, in my opinion I would rather put my coins in a wallet rather than in an exchange.

You are right, we shouldn't store on the exchange because not only hackers but also the exchange itself may collapse. This is common knowledge and people choose to store in their wallet (no exchange wallet) when they want to hold coin long term.

[Anam313]

It depends on how do you protect your private key in wallet, if are a careless there's a big chance to hacked and get your asset. The best thing to do is don't put all your coins in one just in case that if hacked, there's another.

[TomiJerry]

I was just wondering about something. From time to time we see exchanges get hacked, with a big loss of Bitcoins for the customers as a result. However, I was wondering if the other coins and tokens you are invested in disappears as well? Let's say Ripple, Zcash, Monero etc.

It is not secret what will happen. Because it is already was happened many times. If Exchange will be hacked, Exchange will lost some crypto and will not able to return crypto to clients. In most of cases exchange will disappear after that.

[HashieNewb]

It depends on how do you protect your private key in wallet, if are a careless there's a big chance to hacked and get your asset. The best thing to do is don't put all your coins in one just in case that if hacked, there's another.

Cold-storage or having the coins online somewhere with that is more of a safe strategy to coin storing.