If an exchange gets hacked

[Cocoincos]

Of course, everything in network could be hacked, I have some coins for amount 1500$ on exchange and they scamed! really it was shock... but everything could be

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[valnd]

Yeah sure when an exchanges get's hacked, any tokens could be affect, it's not only bitcoin that's been hacked these days, as a matter of fact, some of the recent hacks on the exchanges is not bitcoin hack but other tokens.

[Mix_Fix]

Hackers can steal everything. But the deal is which exchange platform do you use. Such companies as Binance, Bitfinex will compensate all losses, but small and unknown exchanges won't do anything!

[ashaksagnis]

I never kept the tokens on the exchanges, too much risk. I only use MEW as a wallet. I guess the best option is hardware wallet.

[Mrcharles]

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 depends on the exchange vault, most exchange has different vaults with various degrees of security. I believe that the amount which are needed for daily maintenance of liquidity could be differentiated from the funds which are expected to be stored for longer periods of time. Also, it's possible that the exchange have different vaults for different cryptocurrency. In a situation where there is some level of compromise on the vaults, it may be clumsy to report the various cryptocurrency individually, so the exchange reports the dollar equivalent or the bitcoin equivalent of the lost funds. Hence, giving the public an idea of the extent of loss suffered as a result of the compromise.

[chidiarua]

It depends on the layers of security applied by the exchange. An exchange with a very high security can never get hacked. But in such eventually, the loss is often huge. As an advice, exchanges shouldn't be used to store funds. Always keep your cryptos in wallets you have total control and private key.

[fairbee]

Security is the first priority in the Crypto world. As a normal investor, we don't know how all the things work in very well manner related to security. Don't know whether the people really smart who break the security or poor the exchange who can't make good security features. That's why always for me Hardware wallet or the Desktop wallet good choice. Try to avoid the store coins in the exchange. Although put all the investment in one exchange sometime really bad idea.

[Michail9090]

I exchange nothing ever stored twice already faced with fraud and hacking. on hitbtc and fatbtc accounts were hacked

[btccrusher]

Exchanges are not for holding, it's only a platform for trading. So, never hold a huge amount of coins there, instead transfer a small amount of coins that you may need to trade then immediately withdraw to your local wallet. This way, you can stay safe.

[kobita333]

Depends on T&C of that specific exchanges.
I don't store my coin in any exchange. I prefer to have a wallet for each of my holding.

[TRONTON]

Exchanges are not for holding, it's only a platform for trading. So, never hold a huge amount of coins there, instead transfer a small amount of coins that you may need to trade then immediately withdraw to your local wallet. This way, you can stay safe.

it should be like that, but there are also those who keep their coins on the exchange, because they work as daily traders, it would be troublesome if they had to transfer coins to their personal wallets at any time.

[waldocarter]

My opinion is that it is not safe to store your coins on stock exchanges. You expose yourself to greater risks. In case of hacking, at least your funds will be blocked for a certain period of time, before the exchange is restored, and at worst you will simply lose everything.

[waldocarter]

My opinion is that it is not safe to store your coins on stock exchanges. You expose yourself to greater risks. In case of hacking, at least your funds will be blocked for a certain period of time, before the exchange is restored, and at worst you will simply lose everything.

The last time I was afraid for the loss of my funds was when the BANCOR exchange was hacked. I just did not manage to get them out. Thank God everything worked out, and I did not lose my coins. But this case made it clear how it is not safe.

[jopchekos]

Just usually the loss of the exchange count in bitcoin, that is all lost altcoins to bitcoins transferred.

[faithofb]

There is no one that can not get hacked, one have to be very very careful as far as hacker is concern. Even government can be The most secure Facebook for hacked not to talk of exchange. But when an exchange got hacked they need to make sure they still av a way to secure their customer else they will loose all.

[prechi]

Sometimes, when exchanges get hacked, they compensate affected persons with their token (if they have) and if they don't have they may still compensate with another coin while sometimes some might file for bankruptcy. The reason why its always advisable to keep tokens/coins in wallets except you are trading at the moment.

[yslyv]

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 couldnt get your point. if an exchange gets hacked and if you have some altcoins or bitcoin in that exchange that is it they all disappears you loose all your belongings there. it doesnt matter if it is ripple or bitcoin.

[kgrsameera]

Do not use an exchange to store your coins. If the exchange gets hacked, you will use your funds because you don't have Private keys to your wallets in the exchange.

[IGP50]

it becomes so sad to see that an exchange site has been hacked and you will lose a whole lot of your coins on that particular exchange site. I was very lucky enough to sell my coins worth $1000 on one exchange site and two days after, the site was hacked. Not always safe to keep monies at exchange sites to me.

[jeron31]

Everything can happen that is why i prefer to keep money only on my wallets. Because if you have full control, then it is much more reliable.