[2020-01-23] Exchange hacks on the rise

[Strongkored]

I see there are other factors that make this increase one of which is halving day, when it will halving day news about cryptocurrency is increasing which makes the public's attention to crypto also increase.
I assume that the number of hacks reported is not what actually happened, there must be data manipulated , it could be due to an operational error in the exchange and they prefer to make fake news, as it they do to keep users not go away from their exchanges.
Not placing a large amount of funds in exchange is a general suggestion, which must be understood also is that once entered into cryptocurrency, must be prepared with all the risks including losses hacked etc.

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Ever since Binance was hacked, I was really scared about it, Hackers were much smarter than before and they could steal money from whatever exchange they wanted. So it's best not to hold money in exchanges for too long, it's best to transfer all our money into a cold wallet. It is the safest option and we will never be hacked

This was one of the scariest thing happened in terms of hacking but still Binance has proven their ownselves, and because of SAFU they easily bring back the money of those users which is a great thing, but still doesn't mean that we can be complacent to leave our money in their platform, if possible let's still keep safe on our own wallet.

But good thing really binance stands for that incident unlike other exchangers who fall down after the hacking and worse they didn't manage to return the funds to their users. But still we need to be careful and those hacking incident reminds us that exchangers are not meant to be our wallet so don't use them for storing especially for huge funds.

Binance site is always liable for the welfare of their customers, that's why they got more praises from different anonymous individuals. This situations on exchange hacks was rampant these days, and my opinion towards the raging problem is they needed to determine the cause. We can't allow this to hinder our activities, specially during peak season of trading.

Those reputable exchanges like Binance have high security where they can guarantee that they are not vulnerable to hackers. The data about the exchanges that have been hacked is continue to rise and the sad part is the victims also is continuing to increase. Traders should really choose an exchange that they can guarantee about the safety of their funds.

[brownellcharlie]

yeah there's really high number of exchange hacks and IMO, decentralized exchanges should have more developments so people will have choices when it comes to their exchange. But hybrid exchanges are also good. Im actually into next exchangeright now and they even had their IEO already for NEXT. Its currently ongoing if you guys wanna buy. https://medium.com/nextexchange/the-next-ieo-is-available-now-4674e3fa5abb
 I like hybrid exchanges as its a good combo of decentralized and centralized exchanges.

[el kaka22]

Hopefully, any decent exchange that we use will finally come to their senses and try to find the best ways to protect their websites.

Let's face it, there are not many websites in the whole world with millions of dollars of money inside, if you can hack one exchange and get into their hot wallets or even just pump up any coin you want with everyone's money, you could make millions of dollars in profit, that is something you can't just find anywhere else in the world.

Banks do not put their money in hot wallets or anything, its all digital and if you hack and put money into your account they will just reverse it and jail you, in crypto you just put it on your wallet and get away with it. So, exchanges have to realize they are prime targets for hackers all around the world and have to do something much much better in the future to protect themselves.

[Mihaylovic]

Yeah. Unfortunately centralized exchange platforms are problematic for crypto market. but there is no other choice yet. You have to trust in these platforms to trade, there is no other option.

[hv_]

Ever since Binance was hacked, I was really scared about it, Hackers were much smarter than before and they could steal money from whatever exchange they wanted. So it's best not to hold money in exchanges for too long, it's best to transfer all our money into a cold wallet. It is the safest option and we will never be hacked

This was one of the scariest thing happened in terms of hacking but still Binance has proven their ownselves, and because of SAFU they easily bring back the money of those users which is a great thing, but still doesn't mean that we can be complacent to leave our money in their platform, if possible let's still keep safe on our own wallet.

But good thing really binance stands for that incident unlike other exchangers who fall down after the hacking and worse they didn't manage to return the funds to their users. But still we need to be careful and those hacking incident reminds us that exchangers are not meant to be our wallet so don't use them for storing especially for huge funds.

Binance site is always liable for the welfare of their customers, that's why they got more praises from different anonymous individuals. This situations on exchange hacks was rampant these days, and my opinion towards the raging problem is they needed to determine the cause. We can't allow this to hinder our activities, specially during peak season of trading.

Best for whales and crime is what?  

Anonymity


Best for average Joes?

Regulated trading / consumer protection


Easy to vote what

[carlfebz2]

Yeah. Unfortunately centralized exchange platforms are problematic for crypto market. but there is no other choice yet. You have to trust in these platforms to trade, there is no other option.

Actually the hard part is the thing you have said.We dont have any choice yet centralized exchange platforms are places which we can make transactions between
crypto and fiat.We know that Dex cant do such thing thats why people do still end up on using centralized ones.

Hacking is inevitable thing thats why even top exchangers do suffer such breach which cant really isolate such risk.Even how careful we are but possibilities are still there.
Wondering on how many would be next on line for this year 2020.?Hopefully it would be lesser compared to previous years.

[bbc.reporter]

to be fair part of the increase in the amount stolen is because of bitcoin price rise. for example if 1 bitcoin was stolen in 2014 it would have been ~$300 but if it is stolen today it is worth ~$8000k.
additionally part of it is because of the large number of shitcoins that were  created in 2017 and were dumping in 2017 and 2018. people had to go to exchanges to dump their shitty tokens so they transferred a lot of funds to exchanges and when the exchange is hacked (or scams its users and runs away) a larger amount of money is lost.

Agreed. Also, the increase of the no. of attacks and hacks should clearly be more concerning than total amount stolen and it should be approached more as a computer security problem, I reckon.

[CryptoBry]

We have to accept the big fact that any exchange no matter how secured it can be is actually at risk everyday against hacking. Hackers are getting sophisticated all because they have the money, the resources, the talent and of course that strong drive to be successful in inundating exchanges due to the high prize tag involved. However, it is not also a remote possibility that some exchanges will be staging their own hacking to cover up problems they themselves created and of course to take away some money for themselves, and this is a big ground for a good regulation covering exchanges with the end-view of protecting the ordinary users. Exchanges must now start using an insurance system or have something like what Binance has. Personally, I don't think that any government will transfer this privilege to do business with cryptocurrency exchange exclusively to the banks, though it is quite possible that banks can be introducing a similar platform competing with what we already have around.

[Harlot]

However, it is not also a remote possibility that some exchanges will be staging their own hacking to cover up problems they themselves created and of course to take away some money for themselves, and this is a big ground for a good regulation covering exchanges with the end-view of protecting the ordinary users. Exchanges must now start using an insurance system or have something like what Binance has. Personally, I don't think that any government will transfer this privilege to do business with cryptocurrency exchange exclusively to the banks, though it is quite possible that banks can be introducing a similar platform competing with what we already have around.

That some big accusation you got there, if a hack is staged or not by the exchange these event will hunt them for the rest of their business life especially the reputable ones since not only their reputation for being safe is damage the eyes of the authorities will suddenly shift towards them. If millions of dollars are loss then you know investigations like this won't only view an external problem but also internally. They would like to see all angles and they won't waste their time on a lead they don't even have so expect them to investigate them internally first before them going to other routes. Just take a look at Mt. Gox or QuadrigaCX millions of dollars are loss and until now the authorities are still breathing under their necks.

[1Referee]

if a hack is staged or not by the exchange these event will hunt them for the rest of their business life especially the reputable ones since not only their reputation for being safe is damage the eyes of the authorities will suddenly shift towards them.

Bitfinex is the prime example of how one company is fucking with people over and over again, and they still use that platform and their phony Tether tokens. If Bitfinex, isn't shady enough, then we can also use Hitbtc as an example of how a crap exchange on every possible level still attracts new people despite the hundreds (perhaps even thousands) of complaints easy to find when you search for it.

Another example of why reputation is meaningless in crypto; BTG has yet again faced a double spend attack some days ago, and the coin hasn't been sold off. It didn't even sell off when a major altcoin exchange such as Bittrex delisted it after a huge double spend attack. People in crypto are messed up. No wonder scammers can screw people over and over.

If exchange reputation mattered, we would be left with only the Coinbase's of the space.

[LeGaulois]

@1Referee

People are dumb, they think they can become rich overnight, they buy coins without knowing correctly what cryptocurrency is and once they bought their coins the only thing they do all day long is to hit F5 on Coinmarketcap. (off-topic I have listened to someone last week asking me "What happens if Satoshi decides to close the shop?" "He will leave with all the bitcoins mined" )

There are 2 interesting questions to ask people buying altcoins

- Did you visit their website?
A lot of them will reply no, crazy isn't? They will tell you they discovered it on a Youtube video or Twitter, people talked about it saying it will pump so I searched on Google how to buy BTC and then bought this shitcoin after looking at Coinmarketcap to know what are the exchange platforms listing it.
If they reply yes then you can ask:

- Did you read the White paper?
The white what? What is that man!

For some money, people can be so naive and stupid

[Kounter]

The article forgot to take into account that the number of exchanges is also growing.