Exchange and Hacks

[Dellosoft]

The most talked about topic right now in crypto space is exchange hacks owing to the latest hacker poke on Binance lately losing 7000BTC. I saw other exchanges tweeting about being the safest, but that's not it, every exchanges need more and more security upgrades over time. The more exchanges try to tighten their wall, the more hackers look for more advanced means to break in. So in as much as I trade on exchanges daily, I still safe most of my funds in personal wallet.

[coin-investor]

This has been the issue ever since Mt Gox and we will have to live with it, hackers are getting better they are at it a year long, there's always hacking every year if we are going to move forward, this is something that should be addressed, I guess decentralization is one of the best options but traders are preferring centralized exchanged to decentralized one.

[Red-Apple]

it is not "the year of the hacks" just because one hack happened. we still haven't seen a record yet. this hack was among the big ones but far from the biggest.

this year is the year of bitcoin initial price rise that will be the start of the big bull run of next year. the only question remaining is what will the small bull run bring the price up to. i would say it can be around $10k and then we launch from there towards $100k.

[adzino]

-snip-
 Hackers have proven to be no respecter of exchange size and reputation with the latest attack on the binance exchange.
-snip-

Lol. You made me laugh over there. Yeah, they don't "respect" any exchanges. Isn't it obvious? The more well known and the more big an exchange is, the more they will attract hackers? Believe me or not, right now hundreds of hackers are still trying to find vulnerability on binance which they can exploit.
And no matter how much security they apply, the hackers will eventually find their way inside.

[seleme]

I agree with your opinion about the potential threat to the exchanges without taking into consideration the size, volume, reliability of clearinghouse. After the MtGox hack, the market plummeted down hard and every time hacker moves the Bitcoins market reacts. New security breaches will not let the investors hold their funds online.

[Saisher]

it is not "the year of the hacks" just because one hack happened. we still haven't seen a record yet. this hack was among the big ones but far from the biggest.

this year is the year of bitcoin initial price rise that will be the start of the big bull run of next year. the only question remaining is what will the small bull run bring the price up to. i would say it can be around $10k and then we launch from there towards $100k.

The community still consider this as big news because it was done on a big exchange, a sign of relief is they assure traders that all their coins are intact, but what if Binance is not a big exchange, will likely turn off trading and will do maintenance for weeks.

[pey]

That's not the case, Binance has SAFU not to help the community, traders but to protect itself. It has no such obligation. Better people think about protecting their personal wallets instead of caring about exchanges.

[Gaaara]

I will like to applaud the binance team nevertheless for there openness. Unlike the other exchange which got hacked lately, binance has shown a level of maturity and transparency by revealing complete details regarding the hack, unlike other exchange. It shows they know what they are doing and have the best interest of traders in their heart.

So true, but I question these kind of event since exchanges should have full protected by any threat, I've always doubted exchanges and the security of my coins so I usually don't deposit to any exchanges or sites unless I am going to sell my coin already. These kind of incidents should never happen and to think that most of the exchanges are claiming they have been hacked its too suspicious to me to believe to them, anyways it must've been a horrible I sympathize those who lost their coins.

[bartolo]

2019 is yet to experience a massive bull run, however, but it's already beginning to look like the year of the hacks for the crypto community.

I don't know if the number of hacks that have occurred this year is higher than in previous years but we have to take into account that there are many more exchanges now so, there are many more places where hackers can go, especially when exchanges themselves sacrifice their security in exchange for the speed of withdrawals trying to attract more customers. As long as centralized custodial exchanges exist, hacks will keep on happening.

[nreal]

This is not the first time exchanges have been attacked, and we will face many more attacks in the future. Decentralized exchanges are safer but it still has many problems to solve

[Indamuck]

Most of these hacks are just excuses for the exchange owners to run away with funds.  Its just too easy and tempting for these guys to just take money from their customers.

At least Binance is covering their customer losses so no one will be missing any coins.

[Gershonxer]

I think the recent hack on binance will have significant impact on the value of the bnb currency because up until now it appeared like the exchange was impenetrable but this has shown that no centralized exchange is completely safe.. We need better DEX in the crypto space..

[rdewilde]

It is unfortunate this is happening when the market is showing signs to recovery. It haven stated many times, that irrespective of the exchange, holding funds is not a good idea. At all times, it is advisable to be in control of your funds by storing or saving them in private wallets. Decentralized exchanges might be the best bet as they have proven that traders or users are always in charge of their assets.

[Avirunes]

There is no such thing as beginning to look like a year of hacks. We really can't blame binance for getting hacked. People who lost their funds are also responsible for losing it. Funds staying in exchange sites are not really recommended since exchange sites getting hacked is not something new. Binance did their best when it comes to security and we should also do our best since it is our own money.

Nobody lost their funds as Binance "replaced" the stolen funds from the "Secure Asset Fund for Users" (="SAFU").
https://www.binance.vision/glossary/secure-asset-fund-for-users

But you're right... always transfer your funds to your own wallet after you've finished trading.

I would also like to add to it that not to hold large balances in exchange. Who knows when exchange might get hacked or plot something and coming up with public statement that they were being hacked.

[Adriano2010]

Well this happen sometimes and i think if people will take more measures when they visit a exchange they should always check the links and also they should not download any unsecured or untrusted program, and yes also not to hold a lot of money on exchanges.

[Fluxtorrence9]

Binance issue again? Well friend nothing in this life is impossible and as hacking goes any security can be breached so nothing in this world is perfect just have that at the back of your mind ,to me binance is still just better than the rest

[SaRmY]

Once again it is worth thinking about where you keep your money. Exchanges are always at risk. So do not udelitsya. There is nothing ideal in this world. Hackers are not fools and will always be able to find a loophole. Once again proved everything is better to withdraw money. Otherwise, it is not known how much they will be able to kidnap next time.

[Spider A4]

Decentralized exchange is better and safer in many ways. However, on decentralized exchanges there is always a small trading volume compared to centralized exchanges, this is their main problem.

Decentralized exchange total volume is too much lower to compare with Centralized exchange. People always first looking high trading pair than going to trade even most of the time i used DEX. But also i confess with you Decentralized is enough secure from hacked i think.  

[Pamadar]

This is not the first time exchanges have been attacked, and we will face many more attacks in the future. Decentralized exchanges are safer but it still has many problems to solve

Expect things to happen as hackers are just monitoring the market, we should always learned from past experiences that we encountered along the way, there's already a lots of same stories regarding to exchange attacks or wallets been compromised and being sucked by hackers.

[jan.nicolas]

If we proceed from the fact that many exchanges that have large volumes have not been hacked for the first time, we can conclude that this is a good opportunity to simply take money from people. I completely agree with the opinion that security is a very complicated thing.