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Author Topic: hackers becoming smarter than exchanges?  (Read 1487 times)
ningo
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July 12, 2018, 11:24:31 AM
 #1

Well most of us here are already aware of the hacking activities of binance and bancor.They are taking practical measures to track down the culprits but the question on my mind is why could coincidentally both exchanges be hacked?Now it appears that the exchanges are not moving at a faster and innovative ways to upgrading their systems and allow these hackers time to study their systems well,identify the loop holes and cause the problem.In my opinion, exchanges should always move in an unpredictable way so as to always confuse these scammers .The scammers are scaring new investors away and this must stop.Exchanges must be up and doing so that we can attract new investors into cryptocurrency else our efforts are going in vain to attracting new investors.
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chocolaty
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July 12, 2018, 11:49:21 AM
 #2

The scammers are scaring new investors away and this must stop.

One reason why the market is on a downtrend at the moment. The security of exchanges is miserably low that they cannot protect it from hackers and intruders. The technology they are using for security is not secured and strong enough to resist hacking. Black hat hackers are really smart which is why the white hat hackers must know how the black ones think. It is their job to protect the exchange because hacking will make the exchange less credible and will affect the whole crypto market. Just like what you said, investors are getting scared now.

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July 12, 2018, 12:15:14 PM
 #3

Most of these "hacks" are inside jobs.  They come up with excuses so they can easily run away with users' money.  I've seen it time after time and it looks like this will never stop as long as there are greedy people in this world.
davis196
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July 12, 2018, 12:21:00 PM
 #4

Hackers aren`t "smarter".They are just more focused and persistent at searching and finding loops and leaks in the security of the crypto trading platforms.Most of the crypto exchange platforms just don`t want to invest more money into their security,that`s why they get hacked all the time.
The theory about all those "hacked" exit scams isn`t always true.Nowadays it`s easier to find the real identity of most crypto exchange owners.

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July 12, 2018, 12:21:42 PM
 #5

I think that hackers are really smart and they become smarter daily, i m not a hacker butk knew one guy who could do really such things that I thought impossible to do, i think it is bad to hack but such mind impresses me

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July 12, 2018, 12:27:41 PM
 #6

And do not you think that the currency exchange and Bancor have stolen their own money and taken them away? I personally believe that these hackers will never find a magical way.
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July 12, 2018, 12:29:12 PM
 #7

This is the war of knowledge, those skilled people behind an exchanges are defends their exchanges and those hackers are try to attack. The smarter people will be win. I think most of the defenders are smarter than the attackers.

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July 12, 2018, 12:30:51 PM
 #8

Well most of us here are already aware of the hacking activities of binance and bancor.They are taking practical measures to track down the culprits but the question on my mind is why could coincidentally both exchanges be hacked?Now it appears that the exchanges are not moving at a faster and innovative ways to upgrading their systems and allow these hackers time to study their systems well,identify the loop holes and cause the problem.In my opinion, exchanges should always move in an unpredictable way so as to always confuse these scammers .The scammers are scaring new investors away and this must stop.Exchanges must be up and doing so that we can attract new investors into cryptocurrency else our efforts are going in vain to attracting new investors.

I do have some thoughts about this.
Why the sudden series of hacking? Coinrail, bancor and binance.
I am sometimes pessimistic and when coinrail was hacked I thought it could be an inside job. Then bancor and binance happened which made me have some thoughts again.

It could not be because of cheap security measure since binance can pay for that.

Think about it. Billions ot dollars in crypto market. Who would not attack that if you know how to.
I am looking at a larger scale of hackers now. They are getting populated and computer courses are easy to finish now.

I guess exchanges should just keep on getting better than them. Hire the best when it comes to security.

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July 12, 2018, 12:36:18 PM
 #9

I think it is not really being hacked! in my opinion hacking report is just their modus to collect all our money in their exchanges so we cannot put the blaim on them for our lost!
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July 12, 2018, 12:38:14 PM
 #10

Most of these "hacks" are inside jobs.  They come up with excuses so they can easily run away with users' money.  I've seen it time after time and it looks like this will never stop as long as there are greedy people in this world.
now hacking becomes our main enemy, in addition to losses.
I had a hack in my wallet, I lost all my assets and that was my worst experience with bicoin. it is very annoying.
I hope it will never happen again.
neliawesome
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July 12, 2018, 12:45:52 PM
 #11

In my opinion thats why theres a slow action in catching the culprit is because it is an inside job.Its true that its hard to increase the numbers of investors if those things arent fix till now.Many investors will back-off because they have doubts that it will just be manipulated by illegal activites.
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July 12, 2018, 12:53:42 PM
 #12

As was always said by CyberSec experts, there aren't any hack-proof systems or perfect systems, only systems that are tough and hard from the outside. There will always be a small hole in which hackers can enter and exploit without the admins notice, so there's always a chance that something can be hacked no matter how 'secure' the system is. Or it can also be an inside job from rogue employees that want to have it all, but most people in the bitcoin ecosystem nowadays jump to the conclusion of an inside job without looking at the facts.

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July 12, 2018, 12:57:21 PM
 #13

Well most of us here are already aware of the hacking activities of binance and bancor.They are taking practical measures to track down the culprits but the question on my mind is why could coincidentally both exchanges be hacked?Now it appears that the exchanges are not moving at a faster and innovative ways to upgrading their systems and allow these hackers time to study their systems well,identify the loop holes and cause the problem.In my opinion, exchanges should always move in an unpredictable way so as to always confuse these scammers .The scammers are scaring new investors away and this must stop.Exchanges must be up and doing so that we can attract new investors into cryptocurrency else our efforts are going in vain to attracting new investors.
It is sad to see exchanges get hacked, it creates a lot of tensions in the market.Most times, they are as a result of human errors(e.g the Bancor private keys to the contract were compromised).It would also be worth noting that hackers deploy a lot of resources to perform such level of hacking.
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July 12, 2018, 12:57:27 PM
 #14

Well most of us here are already aware of the hacking activities of binance and bancor.They are taking practical measures to track down the culprits but the question on my mind is why could coincidentally both exchanges be hacked?Now it appears that the exchanges are not moving at a faster and innovative ways to upgrading their systems and allow these hackers time to study their systems well,identify the loop holes and cause the problem.In my opinion, exchanges should always move in an unpredictable way so as to always confuse these scammers .The scammers are scaring new investors away and this must stop.Exchanges must be up and doing so that we can attract new investors into cryptocurrency else our efforts are going in vain to attracting new investors.

Exchanges are really bad for having the lots of fund. Please use the exchange to trade instantly and make the profit with that. Take time and think that how you believe the exchange owner blindly and have that fund. I do not agree with the hacking attack. Apart from you, exchanges server may record your private key and wallet. DAT file.
If they have both these things individuals or all the account amount sweep can be done by the exchange management team only. Here there is no record that transaction has been move to hackers wallet so far. Hence I suggest everyone to invest and buy the bitcoins. Keep that fund private key secured wallet. That is enough to make the better security.

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July 12, 2018, 01:00:38 PM
 #15

I think it is not really being hacked! in my opinion hacking report is just their modus to collect all our money in their exchanges so we cannot put the blaim on them for our lost!
I understand your point really I do,if have ever lost money to such hacks,but it is kind of difficult to imagine that a reputable exchange will make such fake claim when their reputation and income will be affected.Successful hacks also diminish the earning and trust of an exchange
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July 12, 2018, 01:02:22 PM
 #16

These hackers are making panic, they create panic by attacking the exchange!
Many investors sell BTC and cryptocurrency at low prices, they take the opportunity to buy, and wait for the price to rise when they sell!

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July 12, 2018, 01:15:09 PM
 #17

Well most of us here are already aware of the hacking activities of binance and bancor.They are taking practical measures to track down the culprits but the question on my mind is why could coincidentally both exchanges be hacked?Now it appears that the exchanges are not moving at a faster and innovative ways to upgrading their systems and allow these hackers time to study their systems well,identify the loop holes and cause the problem.In my opinion, exchanges should always move in an unpredictable way so as to always confuse these scammers .The scammers are scaring new investors away and this must stop.Exchanges must be up and doing so that we can attract new investors into cryptocurrency else our efforts are going in vain to attracting new investors.

Yes, somehow sad that in this day and age exchanges are still hacked. Something really scares people off to join the crypto world. Also, such companies should choose the employees exactly. It is often up to the employees why such an exchange is hacked. Well, some things do not seem to change and it will certainly hacked even more exchanges. Therefore, I can only advise anyone, coins and tokens no longer than necessary to store on a exchange. As you can see, something can always happen and you are never save.  Cool

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July 12, 2018, 01:18:26 PM
 #18

Most of these "hacks" are inside jobs.  They come up with excuses so they can easily run away with users' money.  I've seen it time after time and it looks like this will never stop as long as there are greedy people in this world.

I agree as one way to breach the security of blockchains or any other system knowing how the security works on the inside and to do that hackers need someone from the inside to feed them information and with that these multi million exchange breach happens. Hopefully the recent hacking in Bancor does not greatly affect the market as we are now transitioning to a market up trend.
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July 12, 2018, 01:26:06 PM
 #19

First. There is no perfect system, if binance has the highest security there's still 1% or less that there's a possibility that they will be hacked.
These hacks are like scripted just like what happened to Mt.Gox last time and it has been exposed lately. They want to manipulate the market and causing uproar to make prices low.
Don't worry about attracting new investors, just stay on your side.

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July 12, 2018, 01:32:04 PM
 #20

Most of these "hacks" are inside jobs.  They come up with excuses so they can easily run away with users' money.  I've seen it time after time and it looks like this will never stop as long as there are greedy people in this world.
to look for things that are instant or easy to get will indeed or always get easier and bigger than we are trying to behave honestly but the risk if caught as a hacker is very big and for what we do that if working honest can be enjoyed more

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