Hacking is the Big Problem

[Hamphser]

Guys…

I read the new the Japanese Exchange Coincheck loses ¥58 billion in the hacking attack. It’s not a single case in this after a few weeks ago Etherdelta was also Hacked. So how can we ensure that our money is safe on exchanges?

This thing cant really be avoided but somehow as an investor or trader you can able to prevent yourself on such loss incase theres an exchange hack. These kind of incidents are common specially on exchanges which is the primary target of hackers since they do know the honey pot of gold is on there this is why they do seek ways which would exploit the wallet and if a certain exchange do have weak security regarding on these attacks then they are highly vulnerable into these attacks.This is why never put huge amount or money that you cant afford to lose in exchangers wallet anytime.Risk is always there.

[1715492553]

1715492553

[BTCtrader9]

It wasn't really an issue a few months back until the ICOs weren't geting hacked.

Now, facts like 20%-30% gets stolen from the ICOs is alarming and makes any kind of investment very risky.
Recently, there was a $400 million hack related to crypto currency, this only discourages the new users and keeps them away from trading.

[rey.fudz15]

it's important to have a strong and unique password. If the password is not strong then it is very easy for hackers to guess your password with brute force. Or we can use the password management tool.
For me it's safe to secure my account and wallet.
But I think there is no absolute security, can only minimize the occurrence ...

Maybe there is another better way, please tell me ..

Exchanges aren't really that secure. What if the hacking incident was an inside job having strong security (2fa) and passwords is no help to us.

The only solution to avoid this is already said by Omega which is to withdraw your funds when you're not trading. If it's expensive to withdraw convert them to altcoins so fees won't bother you. Doing this on a daily basis could be frustrating  but at least your money is safe from the hackers.

i think there are still risk of your coins getting stealed by someone even if you put it in a safe wallet, how? by directly getting an access through that device you use in accessing those wallets but atleast it is more safe than storing it in an exchange.

[player514]

Guys…

I read the new the Japanese Exchange Coincheck loses ¥58 billion in the hacking attack. It’s not a single case in this after a few weeks ago Etherdelta was also Hacked. So how can we ensure that our money is safe on exchanges?

The best you can do is make sure not to use exchanges as holding wallets. You put your own money at risk by doing this, and doing this will also probably end up drawing more hackers towards exchanges. If they know that people actually do keep their money on exchanges, they'll just continue to try to steal it.

It seems like exchanges really need to get their game up. They've been getting hacked (at least the smaller ones), people have been losing money, and some have been ghosting people's trading accounts. Something needs to change about this.

[cpfreeplz]

If your money is on an exchange then you're doing it wrong. Cryptocurrencies are there own banks on your computer or phone, so why would you ever let someone else hold your cryptocurrencies? I understand when you're first exchanging funds but once that's all said and done you really need to get everything out right away. Hold your own private keys because you're a far smaller target than a big exchange.

[canaveralnonie]

Guys…

I read the new the Japanese Exchange Coincheck loses ¥58 billion in the hacking attack. It’s not a single case in this after a few weeks ago Etherdelta was also Hacked. So how can we ensure that our money is safe on exchanges?

There are measures like 2FA, strong passwords. But I seriously doubt that it can deter hackers from doing their thing. This is like a cat-and-mouse game. The people with Coincheck is that they didn't store NEM offline. That's a big no-no as far as security and protecting the funds of your users. Crytocurrencies are really susceptible and vulnerable to such attacks. However, based on my experience, I usually don't store huge amount of money on a exchange. I withdraw to my wallet where I have total control, I only let it sit few hundreds on a exchange for trading purposes only.

I use local online wallet that requires 2FA, strong password and email verification which is too time consuming to opening it. But it's alright as long as it safe. But usually, those kind of security is not totally 100 percent safe as an IT man. So I need to divide it ( my btc and other kinds of token )  just in case some hacker attack to minimize the casualty. Mostly, hacker attack those wallet that has a huge amount of money/token.

[Forbiddenone]

It is time that crypto user should switch to decentralised exchanges,it is also true there is no such technology that can not be hacked but decentralised nature can minimise the chances by avoiding loop hole in tech.nowdays,hackers are targeting crypto other than other services so it high time to switch to decentralised and better tech.

[deevan]

Don't ever store your cryptocurrency on exchanges it can be hacked or closed any time. Always store it on your wallets. Move your coins from wallet to exchange when you are going to trade. Once your trading finished move your coins back to wallet.

[marlboroza]

It is time that crypto user should switch to decentralised exchanges,it is also true there is no such technology that can not be hacked but decentralised nature can minimise the chances by avoiding loop hole in tech.nowdays,hackers are targeting crypto other than other services so it high time to switch to decentralised and better tech.

Etherdelta has been hacked recently which is decentralized exchange.

Don't ever store your cryptocurrency on exchanges it can be hacked or closed any time. Always store it on your wallets. Move your coins from wallet to exchange when you are going to trade. Once your trading finished move your coins back to wallet.

I am sure someone lost money like that already. Sending funds to exchange and exchange got hacked. Chance for that to happen is slim, but still, there is a chance.

[bering]

before coincheck got hacked there was several big exchange got hacked too such as bitfinex and cryptsy and in my view nobody can ensure our funds will be always safe in the exchange because big exchange always be targeted by the hackers but maybe to avoid those situation don't save the funds for long term at the exchange maybe good option

[cryptotricks]

Digital world comes with this kind of risks. Exchanges should deeply invest into security and that should their prime concern. Yet, the hacking risk can only be minimized and cannot be zeroed.

[milewilda]

It is time that crypto user should switch to decentralised exchanges,it is also true there is no such technology that can not be hacked but decentralised nature can minimise the chances by avoiding loop hole in tech.nowdays,hackers are targeting crypto other than other services so it high time to switch to decentralised and better tech.

Etherdelta has been hacked recently which is decentralized exchange.

Don't ever store your cryptocurrency on exchanges it can be hacked or closed any time. Always store it on your wallets. Move your coins from wallet to exchange when you are going to trade. Once your trading finished move your coins back to wallet.

I am sure someone lost money like that already. Sending funds to exchange and exchange got hacked. Chance for that to happen is slim, but still, there is a chance.

Even Etherdelta is a decentralized exchange doesnt mean its not prone to attacks which we have seen DNS hack to ED which causes for those people who logged in their infos and hacker did access into those wallet which did result huge amounts being stolen. This problem isnt really surprising though we do know how valuable those coins are and hacker will always find away on bypassing any security into those exchanges.

[CAPTAINPLANET]

Don't keep your valuable coin which you want to Hold on Certain period in any exchange website, just add those coin which you want to trade or buy for that purpose, keep your Valuable coin on personal wallet like Myetherwallet,metamask, etc, you also can save your coin on nano ledger s.

[btccashacc]

This is why I don't store my coins on exchanger anymore I don't trust anyone to hold my coins. Honestly, I'm also a member of exchanges yes i do trading but i never store my coins for a long time once I got profit I immediately cash out the balance, it is too risky saving your balance in a centralized exchanger.

[podrick17]

This is one of the reasons why personal wallets was created in order to avoid this hacks, we know that exchanges are not absolutely safe even if you put 2FA authentication etc because if a hacker can easily access the system it is easy for them to steal crypto inside those exchanges.
atleast coinheck release a statement regarding this and they say that they will pay their users affected by this said hacks.

[hahay]

Hacking is a big problem, but if you have anticipated it, then everything will be fine. Do not put your money / coin on exchange (do not make an exchange is a wallet), just use the exchange for trade and then you can keep all your coins in the trusty wallet and have been recommended by many users here.

[mrcash02]

What I do: I set a "threshold" at exchange's balance. Let's say I start trading with 0.01 BTC. I keep trading and I let this money there without worries (it's risky, but I choose to take it). Once I hit my set "threshold" it's time to withdraw. If you are too afraid, split your coins among some trusted exchanges or always withdraw your money after a day work. These hacks rarely happen though.

Each one has his own strategy to store money, try to find the best for you.

[entrepmind23]

Guys…

I read the new the Japanese Exchange Coincheck loses ¥58 billion in the hacking attack. It’s not a single case in this after a few weeks ago Etherdelta was also Hacked. So how can we ensure that our money is safe on exchanges?

Your coin is not safe on exchanges. As what they say, if you don't have the private key of your coin then it is good as not yours. There is always a possibility that exchanges can be hack that's why if you are trading actively then store only in the exchanges your coins for trading and those for long term store it in a hardware wallet because we never know what will happen so we should just secure what we can. Always have 2FA activated so that the hackers cannot easily access your account and always check the URL if it is the right address and book mark it so that there is no need to search in google the next time.

[richardsNY]

atleast coinheck release a statement regarding this and they say that they will pay their users affected by this said hacks.

While I am happy that reimbursement is going to take place, I find it a bit weird to let them walk away with things so easily. If you can fake a hack as exchange, and then always have the option to just choose to pay back the debt as result of that, it grants you too much free game to instantly grab/steal loads of more funds in the future. An exchange, regardless of its size, should never have that many coins sitting in hot wallets. If they do leave hundreds of millions in funds in their hot wallets anyway, then it's a very shady practice. It can't even be seen as incompetence anymore -- NiceHash did the exact same thing before getting "hacked".

[maarx]

Guys…

I read the new the Japanese Exchange Coincheck loses ¥58 billion in the hacking attack. It’s not a single case in this after a few weeks ago Etherdelta was also Hacked. So how can we ensure that our money is safe on exchanges?

Dude, here i have few important points i went through. These would surely enhance your knowledge on securing your wallets from hacking. Please get into the link below;

http://bitcoinist.com/secure-cryptocurrency-wallet-16-simple-tips-beginners/