Crypto.com security breach

[Coyster]

I don't think this news has been aired on the forum yet, but by the way, there has been a security breach/hack on the "Crypto.com" exchange, going by the news, the exchange has made a statement that "4,836.26" eth, 443.93 Bitcoin, and also over 66,200 U.S. dollars in other currencies has been stolen from their customers, the statement also read that the total loss sums up to over 33.8 million dollars. See the excerpt below:

Following a security breach, several Crypto.com users have made complaints that their money had been stolen.

I'm curious to know if any user here who uses that exchange was among the victims who lost their money to this security breach, or if they have received any message directly from the exchange, maybe through mail on the matter. See the excerpt below:

To safeguard against such an accident happening again, Crypto.com claims to have implemented an additional layer of protection in which a new whitelisted withdrawal address must be registered within 24 hours before the first withdrawal.

Do you believe the above will sufficiently quell the risk of this sort of incident happening again, or if it is somewhat like "medicine after death". Having said that, I think this is the reason why crypto users should not store or keep their funds on an exchange but in a non-custodial wallet were they will control the keys, cause if it's not your keys, it's not your coins/funds. I don't know if personal data was also exposed, if it was, then I think many of their customers would start receiving phishing messages sooner than later.

Full news: https://the-crypto-news.com/cryptos/crypto-com-shares-details-on-security-breach-483-accounts-compromised/

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[NeuroticFish]

I don't think this news has been aired on the forum yet

Well, it was "aired on the forum" from the moment the withdrawals were stopped and it was not admitted it's a hack.
Probably that's why it only tells Crypto.com suspends withdrawals

[TheNineClub]

Well, that's not a small amount. Sorry to hear that. But you make a good point with your comment about tightening up security after the breach already happened. But I look at it this way, even if the upgraded security is inefficient, just the new of them upgrading it alone could, in theory, stop hackers who would try to breach their security in the near future. So I'd say it's better they go out with a statement like that, it really can't hurt. And they better do some actual improvements, to the best of their abilities.

[Coyster]

And they better do some actual improvements, to the best of their abilities.

Yes of course, it would be great if they make adjustments and improvements to their security network, but most importantly, crypto users should never leave the security of their funds entirely in the hands of a third party service. If you're a Bitcoiner, you should be your own bank, and control your key, cause if you don't own the keys, then the coins doesn't belong to you. Once you're done with an exchange, the best option is to move funds immediately into your own non-custodial wallet, if you must leave something in exchanges, ensure it's an inconsequential sum.

[OcTradism]

Security breach, data breach, KYC document breach and so on. Therefore, we should be aware of such risk and take it into consideration when we use CEX, submit KYC verification, use apps for fantasy images. When we give our data to third party websites, we can not erase such data and risk will follow us forever. It's bad as we can not proactively to delete such data, to get rid of any risk. We can not control anything after we throw it away to third party sides.

Good topics on security and privacy
[Guide] How to know if your email address was part of any data breach.
Why KYC is extremely dangerous – and useless
Check your email with https://haveibeenpwned.com/ and it it is marked as pwned, it is time to change password, turn on or change 2FA, or best stop using that address.