EXCHANGE HACKS.WILL IT EVER END?

[idex100]

In the last couple of weeks,we have seen a lot big exchanges being hacked, funds stolen and everyone thrown into panic.The last one being Bithumb (https://cointelegraph.com/news/bithumb-details-still-sketchy-after-30-mln-hack). Is there really a permanent solution to this nightmare by hackers?

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[LeGaulois]

Exchanges platforms are hacked for years. A permanent solution? Yes I have 2
Tell to people to stop to panic when an incident strikes (after all we repeat again and again to not kee^p your coins in a website) and tell to the exchanges to take care of the basics security firstly. Exchanges are not always at the top when it's about security. They learn it with the hard way.

[franky1]

id say a good 80% of exchange "hacks" are actually insider retirement plans.

and as long as people stupidly use an exchange as a long term bank account where they are not day trading. then the owner will see a big neon total holdings that will tempt them at one point to retire and run off to a island somewhere, because they can earn more by faking the "i been hacked" scheme, than they could earn by continueing their service for years

so if you have funds in an exchange and you dont trade/use it daily. GET IT OUT of the exchange.

if the only funds an exchange holds is the funds on a daily order book. the exchange will make more money staying alive and allowing trades. instead of running off with the hoards of coins that are not on orderlines but just held in wallets.

put it this way. if there was only 10k coins on orderbooks and daytradres rinse and repeated 5 times a day(at 0.3% fee on 50k vol=150btc/day)
means that in 66 days the exchange can make 10k coins, which is ~55k btc a year  or steal 10k once and forever watch over your shoulder
where as
if 10k coins are on orderbooks. but 300,000 are held on the exchanges wallets like a bank account store.
an exchange would see it will take 6 years to earn 300k. or steal it in one day which is more worthy of looking over your shoulder.

in short dont have more coins doing nothing on an exchange than what an exchange could earn in a reasonable time so its not a temptation

as for the other 20% (well all 100%) of "hacks" xchanges need to stop storing private keys on their webservers. then theres nothing to take from outside hacks because the hackers cant find the privat keys when hacking the webserver

[JamesR1]

In the last couple of weeks,we have seen a lot big exchanges being hacked, funds stolen and everyone thrown into panic.The last one being Bithumb (https://cointelegraph.com/news/bithumb-details-still-sketchy-after-30-mln-hack). Is there really a permanent solution to this nightmare by hackers?

Sometimes i feel the story of exchange hacking is planned and organize crime from exchange management to empty traders wallet that why i am think to read more about decentralized exchange platform .  

[Sandus_Cryptolover]

It's becoming a rountine that I now begin to wonder who and who is hacking who itself. Guess it's high time exchanges step up their security features adeqautely to secure users investments.

In the last couple of weeks,we have seen a lot big exchanges being hacked, funds stolen and everyone thrown into panic.The last one being Bithumb (https://cointelegraph.com/news/bithumb-details-still-sketchy-after-30-mln-hack). Is there really a permanent solution to this nightmare by hackers?

[cryptofeel]

Yes. When those who intend to build them understand the risks that they attract by owning one, they would consider all before starting something.Next, all the other exchangers will do some buffering to prevent same from happening. Just more time and and smart work and we'll be out of the woods

[CryptoRaymond]

This really hard to control the hacking. I think keeping the money in a very secured wallet like hardware wallet would reduce the rate of hacking in the current time.

[VitKoyn]

In the last couple of weeks,we have seen a lot big exchanges being hacked, funds stolen and everyone thrown into panic.The last one being Bithumb (https://cointelegraph.com/news/bithumb-details-still-sketchy-after-30-mln-hack). Is there really a permanent solution to this nightmare by hackers?

What do you mean that there are lots of big exchange being hacked this last couple of weeks? as far as I know Bithumb is the only exchange that had been hacked this past few weeks. I think the only solution to this hacking problem is for exchanges to always update their security system, but the thing is there is no perfect system, there will always be vulnerabilities. And another thing is, some of this exchange are not really got hacked, we all know that some exchange are not and most are not fully regulated, this is why exchanges can make an inside job and then they will say that they got hacked to stole millions of dollars from their customers.

[snipie]

Is there really a permanent solution to this nightmare by hackers?

No, it will not end soon, like bank robbery, you can lower it as much as possible but you will find always some people trying to figure a way to steal from it.
Exchanges need to enhance its security level and customers need to move always their earning to cold wallets

[BitcoinNewbie15]

Is there really a permanent solution to this nightmare by hackers?

No, it will not end soon, like bank robbery, you can lower it as much as possible but you will find always some people trying to figure a way to steal from it.
Exchanges need to enhance its security level and customers need to move always their earning to cold wallets

Yeah, there really is no way to stop exchanges from getting hacked. If it were easy to stop hacks, then they would have stopped already. One thing to also remember is it is hard to prove that an exchange that gets "hacked" isn't just an inside job. How hard is it for someone in the company to steal funds? Or even then, its really easy for the owner of the exchanges themselves to steal from customers and then claim it was a hack.

[Thirdspace]

4. Use decentralized exchange. Not easy to use/set up and have low trading volume, but is good option if you know what you're doing.

that's the only thing I know that can stop or minimize exchange hacks
hacker won't be that easy, or perhaps near impossible, to steal users' fund
even exchanges itself cannot steal your fund because they don't have full control of the fund

[Jeffpod]

I recently lost 5 eth on HITBTC. I got an email someone from switzerland logged into my account. They withdrew all funds and i lost it all.  I think its safer not to use APIs as I think thats what the issue was. I used a random trading bot and that probably got me. 

My fault so no harm done, I am now more secure with my online trading and withdraw the second I sell.

[SUDARMONO]

Hackers are very detrimental and very annoying to traders and this greatly affects bitcoin prices and bitcoin price reductions and we must always be vigilant.

[alfs75]

In the last couple of weeks,we have seen a lot big exchanges being hacked, funds stolen and everyone thrown into panic.The last one being Bithumb (https://cointelegraph.com/news/bithumb-details-still-sketchy-after-30-mln-hack). Is there really a permanent solution to this nightmare by hackers?

as of now we could not assured that these hacking happen now in different exchanges trading,is been stop or less,because hackers are still there waiting for the time to get and find the victim or  exchanges that lack of defense of there system wall,thats why its not better to put all your portfolio into the trading exchanges sites because we have no assurance that if there something bad happen we could get back those our invested crypto coins.

[rollingstorm45]

boring news, where everyone is panicking in trading
I hate this kind of news, and hope, if anyone cheats about the exchange being hacked, then I will never use the exchange again, I hate the developers and teams of the exchange

[bangkecol]

it seems that, to overcome this hacker it can not, we can know just call it pentagon class can still be hacked with a very sophisticated security though, I think it depends on each investor how they manage to fund, if I personally to overcome this, I do not keep a lot of funds in exchange, I save more money in wallet etherwallet (ETH) or blockchain. I think it's safer.

[Indrawan77]

The exchanges hacking has become more and more often and make market condition become bad, this is definitely not a great things for crypto reputation, but nothing we can do to stop the hackers, the exchange supposed to be increased their security, and for the users we only can make sure we dont store too much coin in the exchanges

[sandisunny]

I dont think there will likely be solution to exchange hacks, because most of the hackers are part of the system so even if developers proffer ways to stop it, the system will still be hacked. the hackers are part of the system already so they know the nitty gritty.

[paul00]

Ofcourse as I attend seminar last year they said that all the website can be hack as long as they are in the internet there are a possiblity and they are assure that it can be hack. They just need a time learn the security as they said and it will launch a virus. Thats why we have a developer to update and update the system and the security of it.

[zanhef24]

Theres is no more other way to prevent those hackers but its avoidable like upgrading the security system of the exchangr so that hackers are not easily to access its information to hack them.Thats the only way i think on how to avoid them.