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Author Topic: Two Exchanges in 2019 lost over $70,000,000  (Read 315 times)
TimtheYoutuber (OP)
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January 23, 2020, 05:04:57 PM
 #21

One of the reasons that leads to hack the platforms is the developed team. In many cases, the team either steals money to declare bankruptcy or one of the individuals cheated the rest of the individuals.

It is the weakness of the laws, legislations, and controls imposed by governments that encourage such behavior, so I think it is more economical than technology.

If this is the case then it is a problem with internal controls, which should be set by the company. Nowhere in the world is it legal to steal. So companies need to adapt security protocols that an exchange like Coinbase has. They have been without hacks because they have good internal controls to prevent such things.


We can build better tech, but if we don't have good internal controls we are screwed.

Positivebetting
TimtheYoutuber (OP)
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January 29, 2020, 08:27:42 PM
 #22

What does everyone else think about this? Do we need better security standards to make sure that this does not happen?

Positivebetting
ololajulo
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January 29, 2020, 08:44:35 PM
 #23

I not heard about Binance ever loss more than $70,000,000 in their exchange assets because right now Binance keep exist as market trading and investing until today, how ever if loss raise more than $70,000,000 I think will make some exchange market loss their asset and never exist until right now, with higher amount loss in market bad reputation for this exchange at the future.
He referred to 2 exchanges not one, Binance and Bit. According to the news received $40million was lost on binance and I guess the other exchange added up to the loss of $70 million. The hack did not affect any customer because it was from the hotwallet, holding binance coins. I think the safety of the users is still responsible for the trust on the exchange till now.

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Chrystora123
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February 05, 2020, 04:04:36 PM
 #24

You cannot repeat it often enough the importance of storing your coins and tokens on a wallet you personally own. Don't leave them on exchanges. There is no 100% guarantee that an exchange is not getting hacked. Protect your coins and store them safe!
I agree with you.. there are some users who are lazy to store their coins in a private wallet, they feel more comfortable storing in an exchange wallet, even though wallet exchange is very vulnerable to hacker attacks.  storing in a personal wallet is much more troublesome but still the safest!!

carlfebz2
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February 05, 2020, 09:32:24 PM
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You cannot repeat it often enough the importance of storing your coins and tokens on a wallet you personally own. Don't leave them on exchanges. There is no 100% guarantee that an exchange is not getting hacked. Protect your coins and store them safe!
I agree with you.. there are some users who are lazy to store their coins in a private wallet, they feel more comfortable storing in an exchange wallet, even though wallet exchange is very vulnerable to hacker attacks.  storing in a personal wallet is much more troublesome but still the safest!!
Whats the troublesome of it? It doesnt really cost an arm and leg for you to store up your coins on a hardware or personal wallet.
It might just really require you to spent some when it comes to fees but at least you do know the safety of your coins.
People never really learn until they do experience loss of funds.Wont be surprised if there are exchanges as of this 2020 will be hacked.
TimtheYoutuber (OP)
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February 15, 2020, 03:36:30 PM
 #26

You cannot repeat it often enough the importance of storing your coins and tokens on a wallet you personally own. Don't leave them on exchanges. There is no 100% guarantee that an exchange is not getting hacked. Protect your coins and store them safe!
I agree with you.. there are some users who are lazy to store their coins in a private wallet, they feel more comfortable storing in an exchange wallet, even though wallet exchange is very vulnerable to hacker attacks.  storing in a personal wallet is much more troublesome but still the safest!!
Whats the troublesome of it? It doesnt really cost an arm and leg for you to store up your coins on a hardware or personal wallet.
It might just really require you to spent some when it comes to fees but at least you do know the safety of your coins.
People never really learn until they do experience loss of funds.Wont be surprised if there are exchanges as of this 2020 will be hacked.

We can't expect everyone to take care of their own funds. We need to realize this and move on, by making exchanges hold more security.

Positivebetting
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