Not all hacked on exchanges are real

[zasad@]

I'm sure that no matter how hacked they are, we can't really blame them because it's certain that in an exchange to store users' assets, they always prioritize the security of their users' assets from hacker attacks. At least they put 2fa as the main security for their account it must be layered again with security in exchange it makes security layered. Unfortunately hackers always find any way to break it all, there are always loopholes in every security. Even when you say exchanges in your country have insane security that they can hack, this is actually hard to understand, but it's a true fact because I've also heard of major exchanges getting hacked even with high security.

That is the discussion here, not all of them are hacked. Sometimes they just say that they got hacked, but instead they just steal your money and that is it. I personally agree that there are some out there who steal our money and claim that they got hacked and run away with that money without any problem because they just claim they got hacked.

I have been around for many years now and I can say that it has been a while since I saw this happened, but I have faced with plenty of them back in the day, up until 5 years ago this was the norm for most major exchanges let alone the little ones. So, it's really a common tactic for sure without a doubt.

If the project has problems, then it may be beneficial for the team to shift all the blame to the hackers and close the project. But why should the owners of exchanges who make good money do this?
They may be able to hide on another planet, but it will not be until 2029
https://metro.co.uk/2022/03/17/elon-musk-says-humans-will-be-on-mars-by-2029-16294805/
"The SpaceX CEO tweeted his prediction on Wednesday, replying to a tweet asking when the first crewed landing on the Red Planet might take place.
‘2029,’ Musk answered."

[Silberman]

The perfect theft in crypto is claiming that a project or an exchange is hacked when its all an inside job, the reason why I think about this is I have never heard about other top exchanges helping a exchange that just got hacked to track their funds and get some back at least but if it's a sole hacker from outside they will track him or them down, why is that?.

I somewhat agree to some extend, this is what we call inside job. If my memory serves me right, it was very rampant in 2018, wherein there will be new exchanges so traders flock into them then suddenly they will report a hack, closing the exchange for good with all the money and funds from traders and you don't know if this is a real hack or not. That's why even in 2022, it's better not to trust new exchanges in the beginning and just trade on those who have built their reputation already.

As this market is becoming more regulated and traders are becoming more sophisticated the rate at which those supposed hacks happened seems to be going down, however even if it s more uncommon it does not mean that it will not keep happening, this is something that especially worries me when it comes to decentralized exchanges as it is still a relatively new technology which can have some hidden bugs, which can be taken advantage by hackers outside and inside the exchange.

[dezoel]

I have faced with one such exchange. It wasn't even hidden or anything like that, they said they were "hacked" and then moved their money into a place of personal wallet and then just kept it there since those days. They spend nothing but just a small amount so it could still be tracked and as it turns out it was just the staff member, part of the team basically who ended up getting it and owner hasn't done anything about it so everyone says the owner was involved as well.

This happens all the time, we are talking about billions in some cases, and it would be really difficult to trust billions of dollars to someone and expect them to stay true.

[Adbitco]

A reputable exchange that has real value for their customer will never compromised their trust with clients and their IT's are well paid. One thing for sure is that most workers who operates could likely leak out some information about their office and give away to cause such attack, have hard many news that such exchange is hacked and fund was moved to unknown wallet, so where a hell could such fund be converted and sold out. I strongly believe all CEX has a KYC so why can't they track with wallet id to know the originate of transactions?
Yes they can but keep giving us story with believe.

[max6575]

hindsight bias with the behavioral appeals.

as investors work on rationality defending with uses of customs of ideal preference, the uses with dedication of message from anchoring becoming uses on identification as indicating notion with chance as investors work on evaluation as the occupation of the models on selection.
with the bonafide building of the market, with the distinct of level of efficiencies, those gives as investors might put on spares of distribution of ideal resource on possession on request with the moderate outcomes as disposing risks of accusation being of over confidence with the presence on business with the market.

[isaac_clarke22]

~

Quite scary to know that actually. This is why I do not trust my funds to just a random people even if they are supposed to be reputated one.
Well it is a common mindset nowadays by people to never hold their funds in an exchange and withdraw it if they are not even trading. I wonder if there were people here in the forum that stepped up or even posted that they had lost their funds from a well-known exchange like Binance.

[carlfebz2]

I have faced with one such exchange. It wasn't even hidden or anything like that, they said they were "hacked" and then moved their money into a place of personal wallet and then just kept it there since those days. They spend nothing but just a small amount so it could still be tracked and as it turns out it was just the staff member, part of the team basically who ended up getting it and owner hasn't done anything about it so everyone says the owner was involved as well.

This happens all the time, we are talking about billions in some cases, and it would be really difficult to trust billions of dollars to someone and expect them to stay true.

Would you mind on telling on what exchange platform you are referring into? If a certain exchange is been hacked then it would really be known publicly and if the community do sees some shady things like

fund reserves are on hold and still have some users been affected then it would really be creating some noise.So far i havent encountered or just simply missed that out but it would be good
if you do mention on what platform it is.

In overall, its true and i do believe that not all exchange hacks are real and some of them are just dramas just for them to snip out funds which do involves millions of dollars.

[Devifajarina]

A reputable exchange that has real value for their customer will never compromised their trust with clients and their IT's are well paid. One thing for sure is that most workers who operates could likely leak out some information about their office and give away to cause such attack, have hard many news that such exchange is hacked and fund was moved to unknown wallet, so where a hell could such fund be converted and sold out. I strongly believe all CEX has a KYC so why can't they track with wallet id to know the originate of transactions?
Yes they can but keep giving us story with believe.

This is really weird, all exchanges actually require insiders to do KYC, let alone a company class that has such huge assets, there's no way they can't track if indeed they were hacked, this is why I'm less sure that they were hacked by outsiders, every exchange must have a complete security system, it is not easy to just hack existing exchanges

[Coyster]

this is why I'm less sure that they were hacked by outsiders, every exchange must have a complete security system, it is not easy to just hack existing exchanges

I am not ruling out the possibility of exchanges claiming they were hacked so they could claim people's funds for themselves, it is very well possible, that is why one is not meant to 'trust' on the network, you have to take responsibility, verify all of the time, and always protect yourself thoroughly. But i doubt every exchange that has been hacked did something like this, remember the individuals perpetrating this hack are also very intelligent and smart, and they can pounce the moment they detect any vulnerability. But having said that, and whichever is true, the most important thing to do remains not to keep your funds in an exchange, keep only small amounts there if you must keep something, remember if it is not your keys, it is not your funds.

[Devifajarina]

this is why I'm less sure that they were hacked by outsiders, every exchange must have a complete security system, it is not easy to just hack existing exchanges

I am not ruling out the possibility of exchanges claiming they were hacked so they could claim people's funds for themselves, it is very well possible, that is why one is not meant to 'trust' on the network, you have to take responsibility, verify all of the time, and always protect yourself thoroughly. But i doubt every exchange that has been hacked did something like this, remember the individuals perpetrating this hack are also very intelligent and smart, and they can pounce the moment they detect any vulnerability. But having said that, and whichever is true, the most important thing to do remains not to keep your funds in an exchange, keep only small amounts there if you must keep something, remember if it is not your keys, it is not your funds.

It's okay to save money on the exchange, as long as the use can be done in the near future, not long term, verification has been done before everything is activated, meaning that all forms of chaos here depend on how we minimize it, don't easily trust certain exchanges, hackers can do anything, if the system commands can be stopped, many cases are found this is done by insiders or people close to the system

[asyakashi]

even if it's a hacker unrelated to the exchange they should take a long time to find the loophole. The exchange has user assets, of course with the trust of its users it is impossible for an exchange not to have high security even some exchanges that I and them have dared to pay very high prices for the security part. But if a hacker is related to the project I'm sure it goes perfectly.

[Blowon]

I'm sure that no matter how hacked they are, we can't really blame them because it's certain that in an exchange to store users' assets, they always prioritize the security of their users' assets from hacker attacks. At least they put 2fa as the main security for their account it must be layered again with security in exchange it makes security layered. Unfortunately hackers always find any way to break it all, there are always loopholes in every security. Even when you say exchanges in your country have insane security that they can hack, this is actually hard to understand, but it's a true fact because I've also heard of major exchanges getting hacked even with high security.

That is the discussion here, not all of them are hacked. Sometimes they just say that they got hacked, but instead they just steal your money and that is it. I personally agree that there are some out there who steal our money and claim that they got hacked and run away with that money without any problem because they just claim they got hacked.

I have been around for many years now and I can say that it has been a while since I saw this happened, but I have faced with plenty of them back in the day, up until 5 years ago this was the norm for most major exchanges let alone the little ones. So, it's really a common tactic for sure without a doubt.

hearing that it worries me with new exchanges, at least I always keep assets on big exchanges like binance. In fact I prefer to keep my assets bigger in the bank, I'm sure no matter how high the security exchange, if it's the target of hackers they have various ways to get the loophole. For me, keeping assets here is only for investment, not for wealth.

[Silberman]

I have faced with one such exchange. It wasn't even hidden or anything like that, they said they were "hacked" and then moved their money into a place of personal wallet and then just kept it there since those days. They spend nothing but just a small amount so it could still be tracked and as it turns out it was just the staff member, part of the team basically who ended up getting it and owner hasn't done anything about it so everyone says the owner was involved as well.

This happens all the time, we are talking about billions in some cases, and it would be really difficult to trust billions of dollars to someone and expect them to stay true.

It is incredible the way in which some of those supposed hacks happen, and the worst part is that it is not that rare at all, we have seen many cases in the past of exchanges that claimed to be hacked and then they just disappeared, when that happens I immediately assume they are the ones that stole the money, after all it does not matter how much an exchange tries to secure the coins of their clients as hackers have a huge advantage and only need that they make a single mistake to get a great deal of their money, but if instead of trying to reimburse their customers they disappear then it is obvious they were  the ones that took that money and ran away.