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LoyceMobile
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July 11, 2020, 08:14:07 PM Merited by Zackgeno96 (1) |
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Putting 336 Bitcoin in a web wallet should be considered a crime by itself!
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NotATether
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In memory of o_e_l_e_o
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July 11, 2020, 08:34:48 PM |
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Putting 336 Bitcoin in a web wallet should be considered a crime by itself!
Even more so when a company does it. It isn't difficult for them to buy hardware wallets to store all that in there. They haven't even acknowledged the hack on their website. True it happened only a few hours ago but for the amount of BTC stolen it's unacceptable to postpone it for a long time. Also it's ironic how they used hashtags like Cashaaexchangeissafe and Cashaafightsfraud in their tweet when recovering stolen bitcoin is practically hopeless.
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Ryker1
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Eloncoin.org - Mars, here we come!
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July 11, 2020, 08:49:14 PM |
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Well, I dont understand why the company did not purchase their own safe wallet or a cold wallet like Trezor or Ledger Nano wallet. They prefer to used web wallet and I think they know that these web wallets are easy to compromise and prone to hack. Storing 336 bitcoin on web wallet while hardware wallets will only cost below a hundred dollars, --how poor their knowledge on crypto storing process.
Another tweet an hour ago they stopped all bitcoin transactions, perhaps they start investigating now. I have doubt it is an inside job.
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| │ | ████████▄▄███████▄▄ ███████▄████████████▌ ██████▐██▀███████▀▀██ ███████████████████▐█▌ ████▄▄▄▄▄▄▄▄▄▄██▄▄▄▄▄ ███▀░▐███▀▄█▄█▀▀█▄█▄▀ ██████████████▄██████▌ █████▐██▄██████▄████▐ █████████▀░▄▄▄▄▄ ███████▄█▄░▀█▄▄░▀ ███▄██▄▀███▄█████▄▀ ▄██████▄▀███████▀ ████████▄▀████▀█████▄▄ | . "I could either watch it happen or be a part of it" ▬▬▬▬▬ |
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btc_angela
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July 11, 2020, 10:17:21 PM |
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It's bound to happen though, they are involving themselves with huge amount of bitcoin, but they don't know how to protect them. And now they know the transactions are irreversible so lessons learnt for them in a very expensive way. They said its possible that the malware has infected the machine that's why the hackers was able to stole their funds.
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gentlemand
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Welt Am Draht
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July 11, 2020, 10:33:15 PM |
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It's bound to happen though, they are involving themselves with huge amount of bitcoin, but they don't know how to protect them.
It's bleedin' obvious. Get a hardware wallet. It's hardly a well kept secret. I guess they reasoned spending 0.001 BTC made less sense than losing 336. Coincheck decided the same and that cost them $500 million. Some fascinating reasoning. I could just about wrap my head around the idea of some crappy service that occasionally dabbled in BTC being lazy enough to use blockchain.info. An exchange? Sheesh.
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Kelvinid
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win lambo...
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July 11, 2020, 10:50:06 PM |
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They let the thing happen with them without any anticipation for possible hacking and to keep their Bitcoin in safe place by simply putting it in a hard wallet. What a kind of disgrace that having this amount hasn't known about it. Anyway, they are already putting such a claim but couldn't give assurance that their Bitcoin will turn back. That is how hacking makes sense for everyone and that is why we need to keep our wallet safe and need to anticipate for this kind of possibility especially when we are holding big amounts.
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hatshepsut93
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July 11, 2020, 10:51:24 PM |
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Even if big names like Binance get hacked, how can people have the trust to store their coins on a small exchange like this one? I get that they are traders, but traders need to understand that there's always a big risk of a hack, a "hack" or an exit scam, and unless they make truly crazy money from day trading, it's simply not worth it to do trading from the point of view of risk/reward calculation, because the risk of incidents like this results in a negative expected value.
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Baofeng
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July 11, 2020, 10:52:38 PM |
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Putting 336 Bitcoin in a web wallet should be considered a crime by itself!
Agree, I don't know what's going on with the those people putting huge chunk of bitcoin in a web wallet. Ordinary investors are already nervous putting their 1 bitcoin in a web wallet, so it's really hard to comprehend, and it's short of saying that they are really that stupid. Another lessons to be learn for everyone specially that currently holds a ton of bitcoin, get a hardware wallet so that you can sleep good.
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Jating
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July 11, 2020, 11:19:12 PM |
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Even if big names like Binance get hacked, how can people have the trust to store their coins on a small exchange like this one? I get that they are traders, but traders need to understand that there's always a big risk of a hack, a "hack" or an exit scam, and unless they make truly crazy money from day trading, it's simply not worth it to do trading from the point of view of risk/reward calculation, because the risk of incidents like this results in a negative expected value.
Crypto traders will never really learn, unless it's too late and then they will blame the system, the exchanges. But if they would just look closely, storing bitcoin in wallet that you don't have control in the first place is a big risk. And now the worst had happen, the exchange has been hack or maybe there was an inside job or probably some employees click a malicious link that started all. And small exchanges like this don't have SAFU, for sure. Of course, we wanted them to pay back and compensate their users, so we will have to see, but the chances are slim.
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sheenshane
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July 11, 2020, 11:49:07 PM |
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My question is, are they fully oriented on how to use Bitcoin or cryptocurrency? That is a huge amount that something you trust web wallet and you know that you didn't own the private key of your wallet. Sounds strange for me, how this comes up like this. I checked that transaction of scammed address, it seems like 336 bitcoin has been divided into small amounts within different addresses, the last 85 amount of Bitcoin landed on this transaction address. It seems like the hacker didn't cashout yet Bitcoin into fiat.
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covfefe_
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July 11, 2020, 11:54:02 PM |
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Putting 336 Bitcoin in a web wallet should be considered a crime by itself!
What kind of exchange puts that amount in a web wallet? It's totally the fault of the so called exchange themselves. They are making money of users and risking the funds for some savings. Seems like the exchange was a home project of a few kids. It's one of the reason why you should go with popular exchanges. Even if the users won't lose the funds, they'll get it freezes and unusable for quite a time.
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LogitechMouse
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July 12, 2020, 12:10:26 AM |
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I'm not familiar with the company itself but base on the posts here, they are putting their huge amounts of BTC in a not that safe wallet (web wallet) so the chances of them being hacked are high.
They are holding 336 BTC and yet they don't even know the basics of storing crypto. Just a hardware wallet can prevent hacking (at least a bit) but they didn't do it. Anyway, even the huge companies are getting hacked even they have been secured for a long time. People will never learn if they will not experiences things like this so lesson learned for them (hope so).
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Janation
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July 12, 2020, 12:28:14 AM |
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With that huge amount of Bitcoins, they still can't afford a hardware wallet?
I remembered an incident where a user was robbed in their house with his Bitcoin. People who reacted to it says that this user has a lot of Bitcoins but can't buy a CCTV camera. Hope for the best of this incident.
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eaLiTy
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July 12, 2020, 03:21:53 AM Last edit: July 22, 2020, 04:22:50 PM by eaLiTy |
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With that huge amount of Bitcoins, they still can't afford a hardware wallet? They call themselves an exchange but they could not secure their system, the way in which the hacker could infect the computer easily is just awful and they knew about the stolen coins once they lost the coins, it shows they had no idea what they are doing and they are not paying someone to take care of the IT security and even if they had their own hardware wallet the hacker could stole those coins, first learn to secure the system and then call themselves an exchange or than inviting hackers to test their practices. I remembered an incident where a user was robbed in their house with his Bitcoin. People who reacted to it says that this user has a lot of Bitcoins but can't buy a CCTV camera. Hope for the best of this incident. Showing off his wealth in social media and flaunting his cryptocurrency wealth is welcoming them to unwanted trouble and that is what happened in this case you are talking about. As per the owner Kumar Gaurav he filed a complaint in Delhi as he feels that the hacker is from India but the problem is that there are many hack complaints we filed in the past and coinsecure was another exchange that got hacked and we never recovered a single coin and i have filed many cases against ponzi scammers and even though i used to run to the cyber cell often they are yet to take any meaningful action against anyone, so no hope in that regard.
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NavI_027
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July 12, 2020, 03:43:57 AM |
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With that huge amount of Bitcoins, they still can't afford a hardware wallet?
I'm wondering the same thing but here are the possible reasons I can think of: 1) They are new to this business (they are established on 2019) so their knowledge and management is not yet mature as the other big companies. However, this is not a valid excuse becuause you supposed to know the business, from the chances of best or worst case scenario, before entering. 2) They are complacent, thinking "What could possibly go wrong?". Nevertheless, it's their own fault. They can't blame anyone even the hackers bacause being bad is in their nature already. How sad that the least thing they can do is to make their excahge bullet proof but they fail to do so .
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pooya87
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July 12, 2020, 03:58:54 AM |
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Even more so when a company does it.
just because some idiot kid starts a website and calls that a "company" it doesn't make it a real "company". more and more of these low quality services have been popping up because people saw the profit that such services like exchanges make and thought they could do the same thing too but were too lazy and greedy to spend money on security!
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meanwords
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July 12, 2020, 04:01:49 AM |
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My question is, are they fully oriented on how to use Bitcoin or cryptocurrency? That is a huge amount that something you trust web wallet and you know that you didn't own the private key of your wallet. Sounds strange for me, how this comes up like this. I checked that transaction of scammed address, it seems like 336 bitcoin has been divided into small amounts within different addresses, the last 85 amount of Bitcoin landed on this transaction address. It seems like the hacker didn't cashout yet Bitcoin into fiat. Most likely the hackers are trying to hold it for now and staying cool for now. They'll eventually cash it out to fiat. I've never heard this exchange before to be honest. Maybe they are trying to exit scam by making this fiasco? because any developers knowledgeable enough on cryptocurrency or Bitcoin itself knows that web wallet is not a safe way to store Bitcoin.
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Kemarit
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Fully Regulated Crypto Casino
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July 12, 2020, 04:22:30 AM |
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With that huge amount of Bitcoins, they still can't afford a hardware wallet?
I'm wondering the same thing but here are the possible reasons I can think of: 1) They are new to this business (they are established on 2019) so their knowledge and management is not yet mature as the other big companies. However, this is not a valid excuse becuause you supposed to know the business, from the chances of best or worst case scenario, before entering. 2) They are complacent, thinking "What could possibly go wrong?". Then they are in the wrong business if they don't know how to secure their wallet and their customers funds. They are considered a newbie despite claiming to be a company or crypto exchange. I'm interested as to who are the people behind it. Nevertheless, it's their own fault. They can't blame anyone even the hackers bacause being bad is in their nature already. How sad that the least thing they can do is to make their excahge bullet proof but they fail to do so . No one to blame but themselves. Hackers are every where and if by chance they spotted you with weak security or there are points of attack, like in this case a malware infection as per their tweet. Then its just a matter of time before they will be the next victims of the growing lists of exchange hacks.
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