Exchange and Hacks

[bitc0000]

Bitcoin brought about decentralization right? So as to give users power to secure themselves. Centralized exchanges are not in accordance with this, so all the hacks this year have only been targeted to them because the funds are stored with the exchanges. We should be weary of all centralized exchanges and learn how to store our assets in private wallets.

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[dobolspeed3]

Hacking and Exchange are words that seem inseparable. Because where there is an exchange in the future there is a high probability of hacking. And it depends on how strong the security system is for an exchange. I have never questioned hacking. Because maybe a hacker found a gap to do that. With this case, of course binance will strengthen its security system so that this case will not happen again.

[JuanPaulo]

Any system can be hacked, the only question is the cost of this and time. Binans was no exception. The main thing that they learned from this lesson and corrected errors in security. I hope the money for users will be compensated, because for Binans 40 million is a little money.

[novusordo]

I am not really a fan of Decentralized exchanges because of its drudgery. However seeing as these exchanges are now a target for hackers, perhaps the crypto market should largely consider Dex exchanges to solve hack problems

[MikeyVeez]

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. Hackers have proven to be no respecter of exchange size and reputation with the latest attack on the binance exchange.
Before the hack on binance which saw the hackers taking off with crypto worth 40 million dollars,  the crypto community has previously experienced hacks on coinbene and cryptopia exchange with both parties refusing to state the level of damage and value of crypto assets stolen by the hackers.
The question every crypto enthusiasts should be thinking now is that if hackers can still penetrate almighty binance with all their claims of having the best cybersecurity measures,  is any other centralized exchange safe? What if the binance team didn't have SAFU funds to cater for situations what would have been the fate of affected traders on the binance platform?.
While I leave the floor open for comments and suggestions regarding the subject matter, I would like to quickly chip in that this is a wake-up call for crypto enthusiasts and developers alike. The growing prominence of blockchain technology and crypto will make it a threat to more attacks in the future, and if measures aren't put in place,  this hackers may cause irreversible mayhem to the crypto community in the nearest future. A switch to decentralized exchange with support for multiple blockchains is the best option on my mind right now.
Feel free to share your thoughts and opinions on the topic.

Only 40 mil $ were been stolen, it is nothing comparing with the history´s attacks: Mt.Gox and Bitgrail lost around 500 mil $ few years ago.

[charlop24]

The issue of hackers stealing from exchange has been in existence since the arrival of cryptocurrency. Most exchange in the past have lost grip of their business after the hack incidence. I do hope that this issue of hackers will be a thing of the past in no distant time because the mayhem of hackers are always drastic.

[GospelCrypto2]

Hacking and Exchange are words that seem inseparable. Because where there is an exchange in the future there is a high probability of hacking. And it depends on how strong the security system is for an exchange. I have never questioned hacking. Because maybe a hacker found a gap to do that. With this case, of course binance will strengthen its security system so that this case will not happen again.

Rather than continue fixing a system likely to get cracked again why don't we take up a decentralized approach and completely mitigate this problem.. I am expecting a top notch Decentralised exchange from binance... I only wish it supports multi-blockchain.. That would be the best DEX of all time.. 

[Peruvyn]

It's a sad thing to see this incident of hacking happening so many times in the industry and this one of the reasons why we should stop leaving our assets on exchanges. If Binance can be hack, then I don't think there's any exchange that's 100% secure.

[Gary Levanevskii]

Hackers are a big problem for cryptocurrency exchanges. Almost every exchange once came across a burglary. Therefore, I think that it is very important for the exchanges to maximize their cybersecurity.

[Prompyboo]

Hackers are a big problem for cryptocurrency exchanges. Almost every exchange once came across a burglary. Therefore, I think that it is very important for the exchanges to maximize their cybersecurity.

It's almost impossible to protect exchanges from hackers right now. only decentralized exchanges can be safe but now they are too complicated for simple users

[Serve20]

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.

My question is despite the huge money that cryptocurrency exchanges are making especially Binance why are they not insuring their platform like what we can find in the conventional industry, I think the industry is ripe for such and they need to start doing so.

[irixo10]

At this juncture I believe everyone now understand that no funds is ever safe in exchanges. Come to think of it, how many have been hacked this year, with the recent being the most "secure".
Once again, funds are never safe on exchanges but only in private wallets, the more we understand this, the better.

[triangles]

In my opinion how great and strong security there must be a gap for that in the case of exchange, you should never store assets there for the long term unless you are ready for an unwanted thing like a hacking case, and also in my opinion, there is no solution because hackers are certainly more advanced exchange owners so prevention can be done is to secure your assets outside the exchange

[rijaljun]

You are too late to realize year of hacks. Hacking issue has begun since 2018 when several exchanges reported that their funds were stolen. I wish what just happened to Binance is the last of this issue. This year should be the time for Bitcoin to gain its positive trends and not about hacks anymore.

[mrdeposit]

I am not really a fan of Decentralized exchanges because of its drudgery. However seeing as these exchanges are now a target for hackers, perhaps the crypto market should largely consider Dex exchanges to solve hack problems

But, the majority of cryptos established on a decentralized system and should continue as it is. So, if we consider that DEXs are a continuation of this decentralized system, it should be. When it will be installed well, centralized ones will not be needed.

[Korkorjkk]

Hackers are really experienced, always looking for the least chance to identify a security breach and steal one's resources. It is sad that a good exchange like Binance got hacked. You cant blame them too much, but it should serve as a lesson to other exchanges to strengthen their security ties.

[monineklutak]

Exchangers such as binance and coinbene should not be hacked because there are many other people's assets, this is the responsibility of the developer because they have to provide services and security
Regardless of what method they will use, they must be able to overcome this problem so that it doesn't happen again because if not, then who will we believe that it is safe?

[Bohdan Rabeha]

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. Hackers have proven to be no respecter of exchange size and reputation with the latest attack on the binance exchange.
Before the hack on binance which saw the hackers taking off with crypto worth 40 million dollars,  the crypto community has previously experienced hacks on coinbene and cryptopia exchange with both parties refusing to state the level of damage and value of crypto assets stolen by the hackers.
The question every crypto enthusiasts should be thinking now is that if hackers can still penetrate almighty binance with all their claims of having the best cybersecurity measures,  is any other centralized exchange safe? What if the binance team didn't have SAFU funds to cater for situations what would have been the fate of affected traders on the binance platform?.
While I leave the floor open for comments and suggestions regarding the subject matter, I would like to quickly chip in that this is a wake-up call for crypto enthusiasts and developers alike. The growing prominence of blockchain technology and crypto will make it a threat to more attacks in the future, and if measures aren't put in place,  this hackers may cause irreversible mayhem to the crypto community in the nearest future. A switch to decentralized exchange with support for multiple blockchains is the best option on my mind right now.
Feel free to share your thoughts and opinions on the topic.

As you can see, centralized exchanges are not reliable. Let's wait for decentralized solutions with multiple blockchains, as you mentioned. Projects that want to make a decentralized exchange in most cases do not receive support from people or they are one-day projects. And we users use more centralized exchange. Why? Because we need to quickly buy and sell any cryptocurrency. The problem is in us.
Hackers will always be because there are always people who are not careful in their actions.
So be patient and be careful!

[playboy654]

I think that Crypto exchanges need to be improved for the current situation in what way I am saying is it need to be trusted by the people more than the previous time because the Storms that damaging the taste changes names that's why I am saying this.

[Akoldi_ibk]

Pending the time crypto community and developers look for a way to tackle this kind of problem, the best approach is to take off your assets from Centralized Exchanges. I do not consider any exchange safe after the binance hack. Hackers are advancing and each crypto user should take the safety of his/her assets serious.