Another Exchange got hacked

[Sanitough]

If big exchange like Binance were hack, small exchanges is more vulnerable to hacking, at the end of the day it's just all about the security and its insurance, if the site have an insurance feature then traders if ever they lose their money, they will be refunded, just like what Binance did.

https://coinmarketcap.com/exchanges/bisq/ , it's a small exchange with less than a million trading volume, I think they are in trouble with the money they loss.

Maybe this is just their trick to lame from the users? or indeed hacked so vulnerable to his site?
Small exchange if hit by hacks, it will be large in the amount of 250k that is brought, but is there any insurance that can make this money back?

We never know, that is depending on the site, some put an insurance some did not and there are actually few exchanges in the past that close their business after they got hack, and we can't really tell if it's a real hack or there is an inside job, we will have to wait for the result of the investigation of it's made public, but on this site, there's no news yet that they will close.

[Elderman87]

I don't really believe all these tales of cryptocurrency exchange hacks. I think the exchanges may be lying. Perhaps there was no hack but they were only looking to escape with users funds and capitals. Let us investigate these exchanges and not let this go just like that. It might be fraud been perpetuated by the exchanges themselves.

[voteformeg]

realy sad for the people who lost their money in this case , but also a good lesson for all the new people who just get in crypto and i am sure some people who are some longer in the scene , use the exchange to change coins and value but never use them as a wallet  or a bank , alway's keep your coins safe in your own wallet , because it CAN happen

[GucciBoy]

Never traded on Bisq, but seems like the hacker exploited a loophole they had. I've only traded on Blocknet's DEX, which to this date never have been hacked, and hopefully never will, due to their decentralized network. Nodes are hosted by masternodes, so you'd have to be able to somehow take control of those to route transactions elsewhere, which is highly unlikely.

From what I could read, the only coins taken was XMR though.

[isaac_clarke22]

A year without an exchange getting hacked? That's truly up to no one, OP.
There is no such thing as perfect security, because in the end someone made the whole system itself and that creator has the control of it, that's why we can't say that even such exchange that allows 2fa is secured.
Hopes up that the hackers won't have the same mindset as the exchange devs.

[Ashking94]

I am in crypto space from 2018, sadly I haven't seen a single year without crypto exchange hacked. It's very hurtful that people are losing money by trusting on the exchange, Maybe this is why everyone suggests to withdraw your funds from the exchange after every successful trade. I think only Bittrex has the most secure system, otherwise, ignore all exchanges for storing coins.

[fullhdpixel]

Another crypto exchange got hacked and this time the victim is Bisq, a trading platform that has temporarily ceased all its trading services that unfortunately cost users at least $250,000 in digital funds, is there no year gone by withouth a crypto exchange getting hacked? This one weaks me, will this ever stop?

Hmmm I have seen this exchange being mentioned at times on this forum, and some people have also tagged it as one of the best exchanges. I'm surprised that they got hacked. Anyway that's like a normal thing. Only few exchanges has been able to stand strong against these hackers.

But at this time, I expect exchanges to be working hard in the area of security and keep their platforms safe for users and also save their businesses. They have seen what happened to other exchanges that got hacked, and how they spiraled down to their end, so they shouldn't be joking with this and should work hard on it. I hope that others learn from this and stop putting people's money at risk.

[Review Master]

  lol, i am still laughing by reading all the replies because most of the users don't read the main announcement of that incident and also don't care what type of exchange is that. Most of the users are just typing like "Don't trust centralized Exchange" ,"Use Personal Wallet" ,"No exchange is safe" , "Binance is best" blah blah blah   . Really guys, this is rediculous   . First try to read   what's happened with that exchange and what type of exchange is that, then start replying.

Here is some information about that exchange: Bisq is a p2p exchange which devs are trying to move on in decentralized system. They used a 3rd key in the multisig escrow (specially for BTC) so that all transections of users can be safely done in their exchange. As it's a p2p exchange, they won't be able to recover all the funds whch is lost by the incident. Just look at the statement of their their blog post. Anyone can read that clicking here.

In plain words, this exploit was the result of a flaw in the way Bisq trades are carried out, not in the way funds are stored (i.e., there is no honeypot since Bisq is P2P).

Always try to read everythings first, bro.  

Specially thanks to @Bttzed03 for informing the right things.

This is old news, the hack happened a few days ago. The Bisq devs were able to fix the flaw and the exchange is already back in operation.  
For those looking for the full story, here's the article https://www.coindesk.com/hacker-exploits-flaw-in-decentralized-exchange-bisq-to-steal-250k

[travwill]

No single exchange is impenetrable, either decentralized or centralized hackers are going to keep stealing coins from these exchanges, presently there is no way to prevent this successful, all we have to do is always make sure we keep our coins in wallets that have private keys and only send tokens to exchange for sell or swap

You are confusing something.
Hackers cannot steal money from a decentralized exchange since users there interact directly without intermediaries, this is the point of such exchanges.
However, hackers can create a clone of such an exchange, provoking the user to conduct a transaction with a fake wallet.

[hulla]

There is safe way to choose sentralized exchange, you won't ever be comfortable to store your money there.

A good thing is depend on your intention, choose hardware wallet if your intention is for long term investment.

Choose centralized exchange when you have intention to be a trader, at least when you are a trader you will intens to see your asset on the exchange so when the bad thing come you can send all your fund to the right place.

In addition to your statement no exchange site (either centralized or decentralized) is ever secure and i think this is the part people seems not to understand that the benefit of decentralized exchange site the no KYC implementation and that does not justify it be some kind of bullet roof to attack.

[Marble777]

Am I the only one who thinks negatively about hacking exchanges caused by a third party? I mean, a person or one of them. on the one hand I think the exchange is very difficult to hack, the vision of the exchange itself is to secure user assets. but if not, then why is the exchange easy to hack? but I hope I'm wrong in judging this.

[XCANA]

Another crypto exchange got hacked and this time the victim is Bisq, a trading platform that has temporarily ceased all its trading services that unfortunately cost users at least $250,000 in digital funds, is there no year gone by withouth a crypto exchange getting hacked? This one weaks me, will this ever stop?

This should be a lesson to all the community newbies as not to keep your funds in any exchange. Exchanges without good reputation by the community members should be seen as a threat to those who don't want their funds to get lost. From the beginning of the cryptocurrency world was these types of hacks and the hacks continues, we should be careful about our funds. Any exchange that keep your private keys tends to take control over your savings.

[seleme]

At least, look at the good side of the hack news. The frequency of hack news dropped a lot after the last ATH in 2017. The Bisq is not the biggest and probably the team didn't take the security flaws seriously in bug bounties.

[gundala]

Another crypto exchange got hacked and this time the victim is Bisq, a trading platform that has temporarily ceased all its trading services that unfortunately cost users at least $250,000 in digital funds, is there no year gone by withouth a crypto exchange getting hacked? This one weaks me, will this ever stop?

This will not stop, there will always be "unscrupulous" people who try to benefit by doing inappropriate ways. This kind of crime we often encounter in the real world too, right? just think of pickpockets. We also have to realize this is part of the risk when involved with the world of crypto, don't make this fear, make it the motivation to do the best strategy and security for your assets. Choose an exchange that is truly trusted, they will certainly provide compensation and take responsibility if there are things that are detrimental to their users.

During 2019, several exchanges were hacked, including the top global exchanges. Some of them have a significant influence on the market. This can be repeated, so be wise in protecting your assets.

_{source: https://t.me/ico_analytic/1385}

[patz22]

Never heard of this exchange though anything whether it is a small or big exchange there is still a risk of getting hacked, actually, the bigger ones even though they have high security for sure they are the ones who will be the main target of hackers. For me, binance did their part when it got hacked that all funds are SAFU.

[nelson4lov]

   This is the first time I hear about Bisq exchange. By the news hackers exploited a significant software flaw!
It's why it's important to choose exchange with high security and without software flaws. Exchange where
team constantly work on improvements!
   At least this time we are not talking about millions of dollars in crypto-currencies! Hackers stole $250k.
For most of us it's a lot, but comparing with some previous hacks it's not much. I don't think that this hack
will disturb the market!

The thing about hacks is not about how it affects the market but the affected users and what this means for other users who were not victims. It might not be a big deal to you because you're not on the losing end. Also, Its not about using a 'high security' exchange. In reality, every software can be hacked.  Hacking doesn't only involves exploiting the software but also the underlying operating system (Windows, MacOS, Android, etc), the hardware or even the people using it.

I've seen cases of people's wallet getting hacked.

[TopT3ns]

   This is the first time I hear about Bisq exchange. By the news hackers exploited a significant software flaw!
It's why it's important to choose exchange with high security and without software flaws. Exchange where
team constantly work on improvements!
   At least this time we are not talking about millions of dollars in crypto-currencies! Hackers stole $250k.
For most of us it's a lot, but comparing with some previous hacks it's not much. I don't think that this hack
will disturb the market!

The thing about hacks is not about how it affects the market but the affected users and what this means for other users who were not victims. It might not be a big deal to you because you're not on the losing end. Also, Its not about using a 'high security' exchange. In reality, every software can be hacked.  Hacking doesn't only involves exploiting the software but also the underlying operating system (Windows, MacOS, Android, etc), the hardware or even the people using it.

I've seen cases of people's wallet getting hacked.

well although they try to provide good scripts in the software but I am sure the creators of the software have a special trick to get into the software as an admin and can take assets that use any trading software, so when trading it really should not need to use a tool or other software.

[SeaBits]

Never traded on Bisq, but seems like the hacker exploited a loophole they had. I've only traded on Blocknet's DEX, which to this date never have been hacked, and hopefully never will, due to their decentralized network. Nodes are hosted by masternodes, so you'd have to be able to somehow take control of those to route transactions elsewhere, which is highly unlikely.

From what I could read, the only coins taken was XMR though.

From an article over at CoinDesk:

"The value of the crypto stolen was roughly $22,000 worth of bitcoin (BTC) and $230,000 worth of monero (XMR), according to CoinDesk data at press time. In total, that comes to more than $250,000."

From what I understand it's very difficult to get a hold of the master nodes, and or be apart of the dispute process (being the judge and the jury). In this case it looks like the attacker exploited the trading platform by using a loophole.

[Utoy101]

Another crypto exchange got hacked and this time the victim is Bisq, a trading platform that has temporarily ceased all its trading services that unfortunately cost users at least $250,000 in digital funds, is there no year gone by withouth a crypto exchange getting hacked? This one weaks me, will this ever stop?

No doubt, the entire cryptocurrency exchange markets have been innovative over the years with their ever inventory features aimed at making the trading of cryptocurrency an amazing endeavor but they've all seems to loose control of one important aspect which is the security of their platform, this is so as even the biggest of exchanges such as binance have had their fair share of hack experience. I can't help but implore exchange providers to make their architectures so secure that they will leave no loopholes for hackers to prey on

[Twinkledoe]

Never heard of this exchange though anything whether it is a small or big exchange there is still a risk of getting hacked, actually, the bigger ones even though they have high security for sure they are the ones who will be the main target of hackers. For me, binance did their part when it got hacked that all funds are SAFU.

Not many exchanges can do what Binance did. Most crypto exchanges don't have SAFU in place. I guess, small or big exchanges should start thinking of this kind of insurance fund. Because hackers are getting aggressive, they don't classify it as small or big, as long as they can acquire money from it. Though I never had the chance to use that exchange, but this is the major reason why you should not store your coins in the exchange. I know you've heard that many times, but people need to remind every time this unfortunate event happens.