Data safety on Centralized exchanges

[TanakabZX]

You still think that your data is save on Centralized exchanges? Think again, today australian crypto exchange accidentally expose users information, over 270,000 customers data is exposed, what kinda mistake is this anyways?

https://ia.acs.org.au/article/2020/australian-crypto-exchange-exposes-emails.html

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[bitmover]

You still think that your data is save on Centralized exchanges? Think again, today australian crypto exchange accidentally expose users information, over 270,000 customers data is exposed, what kinda mistake is this anyways?

https://ia.acs.org.au/article/2020/australian-crypto-exchange-exposes-emails.html

Privacy is a problem which is getting bigger every day.

You should consider that EVERYTHING you send online is (or will be) public known. If you send your passport to an exchange to make KYC, it can leak to third parties in several ways:

-They can sell your data.
-They can share your data with their partners, who can do anything they want with it.
-They can be hacked, like ledger was.

You should really consider the risks when sending photos, comments, information about yourself, documents or anything personal online. Avoid as much as possible.

However, we are soemtimes obligated to identify ourselves and share our documents.

[Winscosinally]

It's not a must to share your data with centralized exchanges, I'd have advice you to start using DEX but we all know that DEX can't meet up with the advantages of Centralized exchanges, there are few top Centralized exchanges that allows trading and withdrawal with no KYC verifications like binance and huobi, there is only limits per withdrawal in 24hrs and that's cool enough, this is what I do as I can't share my data or use DEX

[Scripture]

You still think that your data is save on Centralized exchanges? Think again, today australian crypto exchange accidentally expose users information, over 270,000 customers data is exposed, what kinda mistake is this anyways?

https://ia.acs.org.au/article/2020/australian-crypto-exchange-exposes-emails.html

Once you agree to the terms and conditions of those CEX, then expect that your personal information is not safe anymore because I believe they are selling it on the black market and for sure, hackers also knows this thing. That is not a mistake, that’s the proof that we are not safe and yeah, this is the risk we should always consider.

[masterrex]

You still think that your data is save on Centralized exchanges? Think again, today australian crypto exchange accidentally expose users information, over 270,000 customers data is exposed, what kinda mistake is this anyways?

https://ia.acs.org.au/article/2020/australian-crypto-exchange-exposes-emails.html

That was a very unfortunate incident but we can't do anything about it. Because in the very beginning after we sign up and start using any exchange platform we must consider the possible risk that we might encounter along the way. like in the case of a hacking incident our funds and identity might be exposed like what happened in that so-called Australian crypto exchange, we have no choice but to accept it and hope that those data will not be used in any illegal activities. Because in the first place we are not forced to use that exchange and do the KYC in that matter it is our personal decision so let's face it.

[poodle63]

These kind of data leak always happening everywhere, big platform like ecommerce and not to mention exchange and that's why it's always important to keep my data somehow ambigous in my opinion. However an exchange that requires KYC will become a disaster once the data got leaked.

These data leaks are unjustifiable and doesnt matter how much losses the exchange need to bear they should be responsible for the leak of hundred thousands important data.

[Furryball]

User data aren't going to be safe with centralized exchanges in the first place, teams can sell data to other entities or hackers can steal data on their exchange, the only way to avoid this is not using centralized exchanges at all or stick with centralized exchanges that accepts withdrawal without any KYC verifications, Decentralized exchanges are also good options

[Tipstar]

Data safety is a lost battle for common users. Your data is stored everywhere and almost everyone without even a slight seriousness about it's safety. Personal data had been leaked from almost all of online platforms that takes it. Even the KYC sent to binance was leaked. You data also leaks from banks and even from government agencies. Google and other advertising network takes every of your data without your full consent. Your data are bought and sold sometimes illegally and mostly legally.

[electronicash]

it's being said over and over already in the forum that CEX are often vulnerable to hacks and our data are not safe because authorities can request the users data from them. as long as exchanges ask kyc data from users, its not going to be safe for users privacy.

to be honest I'm not even sure now even the dex because if you withdraw btc and eth from dex and cash out going to your bank, it may be traced still going to you.

[Coin_trader]

it's being said over and over already in the forum that CEX are often vulnerable to hacks and our data are not safe because authorities can request the users data from them. as long as exchanges ask kyc data from users, its not going to be safe for users privacy.

to be honest I'm not even sure now even the dex because if you withdraw btc and eth from dex and cash out going to your bank, it may be traced still going to you.

Authority is less your problem and in fact, Any business establishment like banks will give your bank details once they request since they are the Authority and they will not ask for it unless you do something unlawful like thief.

Let's face the reality, You can't keep your privacy safe as long as you are converting your BTC in Fiat because all transactions will end in the bank or similar platform that holds your KYC since its Fiat. Almost 90% of crypto user are trading back there asset to Fiat to take some profit.

[Psynthax]

so I read the news and it's leaked because the exchange uses external service for sending email and the email that was sent unexpectedly sent in batch including all other emails as recipient
Wow its actually crazy how an exchange, thats supposed to be competent in handling data and privacy of its customers do something this dumb lol.
the mistake feels like amateurish and leaked email is nothing to be underestimated since some people could send some phishing email to all these addresses.

[Cryptoababe]

Data is not safe anywhere so far its been given out. Whenever I give any data out to any exchange or any where.. I know Its not safe.

[Kang TB]

You still think that your data is save on Centralized exchanges? Think again, today australian crypto exchange accidentally expose users information, over 270,000 customers data is exposed, what kinda mistake is this anyways?

https://ia.acs.org.au/article/2020/australian-crypto-exchange-exposes-emails.html

users or customers need their privacy safe, and this news bring bad news to centralized exchange
by the way, if like this i think 2021 will be the year of decentralized exchange

[optimisticcm]

You still think that your data is save on Centralized exchanges? Think again, today australian crypto exchange accidentally expose users information, over 270,000 customers data is exposed, what kinda mistake is this anyways?

https://ia.acs.org.au/article/2020/australian-crypto-exchange-exposes-emails.html

Data breach of such private, sensitive data is highly condemnable and i think the local authorities or regulators in Australia should take strict action against the exchange or atleast warn them to make the data secure or else the exchange will be closed down.

[Dragonfund]

We know it's the exchange duty to secure user's data but everyone should note that, this data is safe with a third party, hence anything can happen to your data at any point in time.
It once happened to binance when users kyc data leaked in the year 2019, this isn't the first time we are experiencing data bridge. We should be careful when dealing with a platform that requires users information especially centralized exchanges.
Personally, I have two emails. One I used for non cryptocurrency activities, offline work and the one I used basically for online business, multiple registration on centralized exchanges. This way, if my online email is leaked, I don't bother because I don't do kyc since I'm eligible to withdraw at least 2btc in centralized exchanges.

NB: if you are scared of data bridge, use decentralized exchanges.

[tippytoes]

We know it's the exchange duty to secure user's data but everyone should note that, this data is safe with a third party, hence anything can happen to your data at any point in time.
It once happened to binance when users kyc data leaked in the year 2019, this isn't the first time we are experiencing data bridge. We should be careful when dealing with a platform that requires users information especially centralized exchanges.
Personally, I have two emails. One I used for non cryptocurrency activities, offline work and the one I used basically for online business, multiple registration on centralized exchanges. This way, if my online email is leaked, I don't bother because I don't do kyc since I'm eligible to withdraw at least 2btc in centralized exchanges.

NB: if you are scared of data bridge, use decentralized exchanges.

Yes, if you can just trade without submitting your KYC, the don't submit any doc. Because a lot of exchanges don't require KYC if you have daily withdrawal below 2-3 btc. So just take advantage of that opportunity, unless, you are a big timer in crypto, wherein you need a high withdrawal limit. And when you are talking about local exchange where you need to convert your crypto to fiat, usually they ask for ID, it is better not to submit your passport but other government IDs. We can never be sure about what will happen to these exchanges, even if they are boasting to have tight security protocols. Hackers are getting sophisticated because of the tools that are available now.

[erep]

You still think that your data is save on Centralized exchanges? Think again, today australian crypto exchange accidentally expose users information, over 270,000 customers data is exposed, what kinda mistake is this anyways?

https://ia.acs.org.au/article/2020/australian-crypto-exchange-exposes-emails.html

The most regrettable incident is that user data is not protected with strict security features such as a very valuable gem, very disappointed that 270k user data has been revealed even though the only name and email but many users will experience fraud caused by phishing and spammers in the email inbox.

[Kavelj22]

It's not a must to share your data with centralized exchanges, I'd have advice you to start using DEX but we all know that DEX can't meet up with the advantages of Centralized exchanges, there are few top Centralized exchanges that allows trading and withdrawal with no KYC verifications like binance and huobi, there is only limits per withdrawal in 24hrs and that's cool enough, this is what I do as I can't share my data or use DEX

Despite it's quite possible to use the withdraw margine set for non verified users, it's still not that safe. The can freeze your balance at any time and start asking for KYC (maybe a deep one). Everyone should be responsible for his choice, so either you chose centralised exchanges with real identity or enjoy less features with decentralised exchanges.

[Johnyz]

Data is not safe anywhere so far its been given out. Whenever I give any data out to any exchange or any where.. I know Its not safe.

Yes because they shared our information into other institution that governing them and requiring them to do so and we should be aware of this one. CEX are working under the rules of the government and if they didn’t comply then they should not operate under that jurisdiction. Just make sure that your account is safe so hackers wont access your account easily, and keep on monitoring your account.

[DabsPoorVersion]

This is one of the problems we have been facing in a centralized exchange,


We should have realized and think carefully before submitting KYC since every personal information we have submitted online is prone to this issue. This is also the reason why most crypto users prefer to use an exchange without them having to submit KYC before they can activate their withdrawal in an exchange.