Almost lost all of my coins in an exchange last week

[Bitcoinislife09]

That might be a close call, hackers are always trying to hack people sending a lot of emails or links that you could possibly click. Its definitely difficult if your not careful because you don't know if its a phishing email so that they could reset your password. It is also possible that it is made by someone working in that exchange or website you never know. I would not suggest that you use a exchange for storing your bitcoin or your alternative coins in a exchange if your going to a long term investment similar in your case it is possible that a exchange could be close or bankrupt. It is safe to find a wallet that have its own private key just to avoid issues for long term and it is much more safer than custodial wallets and exchanges.

[saffira]

That is really frustrating. I have same experience this month when I saw zero balance in my account that caused me to panic. Good thing that there is just a migration of the exchange.I am holding my asset there for 3  years and I almost lost it. It is good that I was able to retrieve. With that experience, I recommend to use hardware wallet and not stock on exchange to avoid such panic. Also be careful when opening links sent to you email because in phishing sites, they may hack your account.

[In the silence]

Glad you were able to get most of them out of there, this is the main reason why I like to have control of all my private keys and don't use exchanges for storage

It's more convenient to store those your own wallet rather than storing it on exchanges. You can't tell whether if it is still safe when you will become inactive for a long period of time.

[john_nautica]

The foreign exchange was the "B" exchange... 

Just as I suspected. But lucky for you you've managed to take most of your assets out. And while you still can, take them all out and move them somewhere very safe. Since you mentioned that you intend to HODL your funds, then I suggest you don't keep them in an exchange wallet. A hardware wallet is much preferable.

I won't jump into accusing Binance of an inside job. But I've also read a situation somehow similar to yours a few months ago. I can't find the thread but it was also a case of breaking into the account surpassing both email verification and 2FA. I'm not sure if it was also Binance but I think it was.

You are right, if holding coins is the intention then a hardware wallet is the safest place I believe where these can be kept. Also, I think I came across that thread you are talking about, but yes we cannot really accused Binance of something at least its a hard case proof. Hacking is for certain though, so as much as we should earn not to leave our funds one exchange, we should also take note of the security level of our accounts and the sites we visit.

[Bitcoin Guy]

always bookmark the websites you visit such as exchanges etc.

This is a good idea.  

I have the tendency of not clicking links from incoming emails.  I normal type their sites’ urls on the browser.  Even if I do click them ( from some less important sites), I would check the underlining addresses’ domain names to further verify the authenticity.  So we can definitely leave the possibility of phishing part out.  

Why not withdraw the coins altogether into your personal wallet? .... It means that your email was hacked, probably due to a weak password. And there are also instructions online on how to bypass google authentication, so it's also possible.

The hard wallet does not really support the remaining coins (which is a very small portion value of the original anyway) and it will take me more research on how to get a wallet that works with the hard wallet.  The email has a strong password.

I would like to learn how to bypass Google Authentication so that, if possible, I can be better prepared to prevent it to happen.

[0t3p0t]

(I hesitated to mention the name of the exchange in order to protect my existing account still in there.)

I started to use this exchange almost 4 years ago.  There were no any issues till recently.  Last Dec I logged into my account (which I haven't done it for a while) and the first page showed up saying that they will discontinue my services in 14 days and asked me to move my coins out to their US counterpart because I am a US customer.  I was thinking to myself, it I had not logged in, I would never know about this because they did not contact me at all on this matter. So I contacted the US exchange and found that they do not serve customers in my state.  So during all these times, I was researching for way(s) to relocate my coins.  I contacted the foreign  exchange and told them the challenges that I am facing in finding a place to put them.  They just told me to move the coins out before I lose them and then no reply to my follow up email since.  

Last week, I got three automated emails from them at the same time.  
First email: request to reset password from [IP which is not mine] (and a 6-digit code was included for verification).
Second email: Successful password reset from that same IP.
Third email: Successful login from new IP..... to protect your account withdraw is disabled for the next 24 hours.
                   (Thanks God for this function with the 24-hour disable withdraw.)

This happening really got my attention.  I immediately tried to log into my account.  I entered my password 4 times (one time away from my account being locked) without successful as it had been changed.  Thankfully, I did not try the 5th time knowing that my account would be locked and I would not be able to get any help from the exchange.  I sent an email using an old email thread to them reporting the situation, but got a reply saying that my IP is from an unsupported country which they cannot service.

However, thankfully, I was able to go through the process by clicking on the Forgot Password link and reset my password.  During that process, they sent me an email similar to the first email received before with the verification code.  And by using the code along with my Google Authentication code, I reset my password.  During the next several days, I did my best to get as much information as possible on how and where to move my coins to.  By using a VPN tool (first time), a desktop wallet, a hard wallet, and a  coin wallet that works with the hard wallet I was able to withdraw most of my coins out.  Before I moved my coins out, my heart was so heavy and troublesome because I did not know when the hacker would attack again.  

Now that I got most of the assets out from there I am more comfortable to talk about it and to share my story.  Would this be an inside job given that they knew the US customers are vulnerable and helpless (since they cannot use their customer services anymore)?  Else, how can the hacker by passing the email code verification and the Google Authentication process?  This is still very unsettling to me.  

If you are not going to mention the name of that exchange the same issue will soon be encountered by another user so I think you can help us with that. Lucky for you to recover all your funds and now it is a lesson learned.

[Bitcoin Guy]

The foreign exchange was the "B" exchange... 

Just as I suspected. But lucky for you you've managed to take most of your assets out. And while you still can, take them all out and move them somewhere very safe. Since you mentioned that you intend to HODL your funds, then I suggest you don't keep them in an exchange wallet. A hardware wallet is much preferable.

I won't jump into accusing Binance of an inside job. But I've also read a situation somehow similar to yours a few months ago. I can't find the thread but it was also a case of breaking into the account surpassing both email verification and 2FA. I'm not sure if it was also Binance but I think it was.

You are right, if holding coins is the intention then a hardware wallet is the safest place I believe where these can be kept. Also, I think I came across that thread you are talking about, but yes we cannot really accused Binance of something at least its a hard case proof. Hacking is for certain though, so as much as we should earn not to leave our funds one exchange, we should also take note of the security level of our accounts and the sites we visit.

I would like to share my story to them if I’m still able to reach them.  At this moment, they disabled my contact option completely. 

If the email code and Google Authentication can be bypassed, won’t they know about it so that they can use some other probable authentication methods? 

[Bitcoin Guy]

If you are not going to mention the name of that exchange the same issue will soon be encountered by another user so I think you can help us with that. Lucky for you to recover all your funds and now it is a lesson learned.

Please skim through the prior messages from others.  It has been mentioned. 

To give them the benefit of doubt, I was only asking if it was an inside job.  I did not say it was an inside job.    ( I really like the CEO on the way he handled the previous hacked case by issuing a bounty on the hacker.  So if there was an inside job, they should drag the person/group out to prevent their reputation being ruined.)

[AicecreaME]

I almost didn't breath the whole time I was reading your story, this is a very alarming situation that could happen to anyone of us here who are using such exchange. Luckily you've done your part to secure your coins, panicking could be an advantage sometimes, I guess. The only thing you can do next is to change the exchanger where you Trade your coins, and don't put it all there, just put the coin you wanted to trade in a certain period amount of time.

And use custodial wallet to store your coins, for more safety.

[Ultegra134]

I'm glad that you actually saved your account/coins, that's the positive thing. However, there are a few possibilities of why it happened. Firstly, OP might have clicked a phishing site, which stole your details. Secondly, some other website you might have registered on got hacked, thus, leading to a huge information leak, including your credentials. Thirdly, an inside job, but that would be extremely unlikely for your case.

It's either one of the first two options.

[thesmallgod]

It could have been better if you share the name of exchange you are talking about here since you already take your coin out of the exchange. Firstly, everyone need to understand the reason why long time traders have been saying that it is not safe to live many of your coin in an exchange. This is exactly reason why. Secondly, the way you have explained, it could have been and inside job or probably a sort of vulnerability that have access to your personal informations. I will advise you to also make sure your email account password is change with a more secure one. Who knows the hacker might still have access.

[SaShiRaJaVu]

Now that I got most of the assets out from there I am more comfortable to talk about it and to share my story.  Would this be an inside job given that they knew the US customers are vulnerable and helpless (since they cannot use their customer services anymore)?  Else, how can the hacker by passing the email code verification and the Google Authentication process?  This is still very unsettling to me.  

If you think that the exchange is behind the hack, you need to expose the exchange name and let them explain the reason why that happened so that the customers using that exchange will be aware of the situation. You cannot be silent if you went through a situation like this and we need transparency in this issue so that others will not face the same issue.

[CryptopreneurBrainboss]

It could have been better if you share the name of exchange you are talking about here since you already take your coin out of the exchange.

It's binance exchange and also don't get why he has refused to identify that in the OP but his second reply give a hits since he said the B-exchange and we all know binance is the most popular exchange starting with the B letter. The idea of holding coins on exchange is starting to fade away as new reports are surfacing indicating less coins are been kept in exchange. It'll take some more effort than what we're currently doing to make this a win for the industry.

The hacks aren't doing much impact since the exchanges have come up with a way to avoid going bankrupt when this hacks occurs like with binance setting up an insurance fund to help payback stolen funds etc.

Exchange come up with mouthwatering offers just to keep your coins in their custody, this alone is a red flag to not trust them with your coins and end up regretting in future. Well lucky you and glad you could get back your coins. Hope lesson has been learnt.

[pixie85]

They just told me to move the coins out before I lose them and then no reply to my follow up email since.  
...
Last week, I got three automated emails from them at the same time.
...
I sent an email using an old email thread to them reporting the situation, but got a reply saying that my IP is from an unsupported country which they cannot service.

You weren't from an unsupported country when they were trying to get your coins sent to them.

You weren't from an unsupported country when they were sending emails to you.

You have an issue? Suddenly you're from an unsupported country

[dunfida]

It could have been better if you share the name of exchange you are talking about here since you already take your coin out of the exchange.

It's binance exchange and also don't get why he has refused to identify that in the OP but his second reply give a hits since he said the B-exchange and we all know binance is the most popular exchange starting with the B letter. The idea of holding coins on exchange is starting to fade away as new reports are surfacing indicating less coins are been kept in exchange. It'll take some more effort than what we're currently doing to make this a win for the industry.

The hacks aren't doing much impact since the exchanges have come up with a way to avoid going bankrupt when this hacks occurs like with binance setting up an insurance fund to help payback stolen funds etc.

Exchange come up with mouthwatering offers just to keep your coins in their custody, this alone is a red flag to not trust them with your coins and end up regretting in future. Well lucky you and glad you could get back your coins. Hope lesson has been learnt.

Exchange or platforms that do offer something just for you to make your coins park into their site is really that quite suspicious specially if it do offers something that is really  hard to resist.
Even if its really a known platform or one of the top then i cant really just trust them no matter what.Always have that main rules that never ever store up your coins on an exchange.
If you dont possess the keys then it isnt really your coins after all.When it comes to hacking incidents then i do somewhat bit confident with Binance, yet it had been proved out
that they can compensate incase if there are users who do lost up funds in the process unlike others which do totally close up their doors afterwards.

[sheenshane]

Third email: Successful login from new IP..... to protect your account withdraw is disabled for the next 24 hours.
                   (Thanks God for this function with the 24-hour disable withdraw.)

If I'm not mistaken, all exchanges have a feature like this, and also most of them it required 2FA that it's hard to make transaction once your account on exchange gets compromised or hacked.  Good to see that this was saved your assets back and you able to retrieve them.

That's why if we have a plan to leave a huge amount on exchange make sure you had already doubled or tripled set the security level in your account and if it will compromise, you have a chance of getting them back.  Might be also good if you leave only a small amount on the exchange if ever exchange has an exit scam, isn't hurt for you.  We know the golden rule of saving crypto assets, "not your key, not your coins".

[RickDeckard]

You should always have a UNIQUE and STRONG password for each service / account you own in the Internet mate. What might have happened is somehow the "thief" managed to grab a hold of your password from probably another hack from other company that had their information breach. You can check if you had suffered such deal here : https://haveibeenpwned.com/ . Just input your e-mail (the one you use in the exchange) and it'll let you know if there was a breach associated with that e-mail.

Plus, it's never a bad time to use a password manager. There are tons out there, each with their pros/cons. Bitwarden, 1Password, KeePass are some of the examples I can give you. If you need help let us know and I'm sure we'll be able to help you

[Bitcoin Guy]

It could have been better if you share the name of exchange you are talking about here since you already take your coin out of the exchange.

It's binance exchange and also don't get why he has refused to identify that in the OP but his second reply give a hits since he said the B-exchange and we all know binance is the most popular exchange starting with the B letter. The idea of holding coins on exchange is starting to fade away as new reports are surfacing indicating less coins are been kept in exchange. It'll take some more effort than what we're currently doing to make this a win for the industry.

The hacks aren't doing much impact since the exchanges have come up with a way to avoid going bankrupt when this hacks occurs like with binance setting up an insurance fund to help payback stolen funds etc.

Exchange come up with mouthwatering offers just to keep your coins in their custody, this alone is a red flag to not trust them with your coins and end up regretting in future. Well lucky you and glad you could get back your coins. Hope lesson has been learnt.

You are correct on the exchange.  And I still have a small portion of coins in there as it is hard to find a place for them either in hard wallet or in an US exchange that supports my state.

Years ago I went crazy on Altcoins expecting that if one of them made it, the reward could be abundant.  Unfortunately, the opposite happened.  But recently they came back 400% from 6 months ago which was only 1/3 of the peak value, but that was still a good thing.

The feeling during that several days where I was trying to figure out on how and where to move the coins out was very stressful because I didn’t even know if I would be able to do so as they stopped servicing US customers.  I also felt so helpless because they automatically refuse my email inquiry.  So if I could not transfer the coins out, I would be stuck.  Moreover, I didn’t know if the hack is going to happen again during these times.  Unimaginable.

[Bitcoin Guy]

You should always have a UNIQUE and STRONG password for each service / account you own in the Internet mate. What might have happened is somehow the "thief" managed to grab a hold of your password from probably another hack from other company that had their information breach. You can check if you had suffered such deal here : https://haveibeenpwned.com/ . Just input your e-mail (the one you use in the exchange) and it'll let you know if there was a breach associated with that e-mail.

Plus, it's never a bad time to use a password manager. There are tons out there, each with their pros/cons. Bitwarden, 1Password, KeePass are some of the examples I can give you. If you need help let us know and I'm sure we'll be able to help you

Thank you for your info.  Yes, my email had been pawned many times during the last 10 years, but that does not mean that people can know my password.  Nowadays, most of the major website do not keep our passwords.  (But just for precautionary measure, I just changed my password again this morning.)

I will look into the password manager option you mentioned after all these ordeals at present are over as I still need to get the rest of my coins out - even though the amount is small.  I am not familiar with how the suggested passwords function works and, because of that, I always turned down the suggestion and create my own passwords concerning that I won’t remember the suggested passwords.  iPad has a keychain function which save passwords in it, but it does not auto save them on some apps. 

[Darker45]

The foreign exchange was the "B" exchange... 

Just as I suspected. But lucky for you you've managed to take most of your assets out. And while you still can, take them all out and move them somewhere very safe. Since you mentioned that you intend to HODL your funds, then I suggest you don't keep them in an exchange wallet. A hardware wallet is much preferable.

I won't jump into accusing Binance of an inside job. But I've also read a situation somehow similar to yours a few months ago. I can't find the thread but it was also a case of breaking into the account surpassing both email verification and 2FA. I'm not sure if it was also Binance but I think it was.

If you were selecting an exchange for the long hold (beside using hard wallet) which one would you trust better?

Ironic as it may sound, I think I'd be choosing Binance. But your situation and mine are different. You are restricted to use Binance; I am not. I am choosing Binance primarily because of their Secure Asset Fund for Users (SAFU). It is a kind of an insurance fund for their users. I guess on your part, Kraken might be a trustworthy option.

However, I'd like to emphasize that there is absolutely ZERO reason for hodling funds in an exchange wallet.

If you can find the thread of the person whose account got hacked, please share.

I actually looked for it yesterday but to no avail. I'd look for it again.