Nowhere is safe?

[Questat]

With hacks occurring more frequently these days, I would strongly emphasize the importance of security. Whether it's a decentralized exchange (DEX) or a centralized exchange (CEX), no one is immune. First, we witnessed the Mixin incident, and now it's Galxe. It's crucial for everyone to assess the security measures of any platform before entrusting their funds. We all bear the responsibility to conduct thorough research before investing our hard-earned money

That is the point of not storing our funds on exchanges as they are prone and targeted by these hackers. Even big exchanges are not safe and it was encouraged not to store it in a single wallet but to spread it. Yes, with the recurring hacking incidents, the more it causes panic to the holder who might be thinking of withdrawing their funds instead of keeping them there.
As we are aware of this situation, the more we become careful about storing our keys, visiting sites, and most of all, not clicking links sent by unknown persons.

[1714609321]

1714609321

[lalabotax]

With hacks occurring more frequently these days, I would strongly emphasize the importance of security. Whether it's a decentralized exchange (DEX) or a centralized exchange (CEX), no one is immune. First, we witnessed the Mixin incident, and now it's Galxe. It's crucial for everyone to assess the security measures of any platform before entrusting their funds. We all bear the responsibility to conduct thorough research before investing our hard-earned money

One of the weaknesses of the online world is cyber crime, as well as the offline world with its various criminal acts. So it cannot be denied that wherever it is, there will always be risks, and it will never be 100% safe. Even in banks, they promise safe security. Apart from the ordinary and protected by law, we cannot guarantee that our money will be 100% safe.

That's why, wherever we are, we must continue to be alert and be careful and careful when placing our money and cross-checking it. In this case, when we invest or invest in Bitcoin, we must increase our risk in investing in Bitcoin. In this case, we must understand where we store our Bitcoins, avoid various phishing, or various possible scams. And avoid other things that could trigger our account to be hacked. We can only try optimally to reduce this risk.

[albon]

With hacks occurring more frequently these days, I would strongly emphasize the importance of security. Whether it's a decentralized exchange (DEX) or a centralized exchange (CEX), no one is immune. First, we witnessed the Mixin incident, and now it's Galxe. It's crucial for everyone to assess the security measures of any platform before entrusting their funds. We all bear the responsibility to conduct thorough research before investing our hard-earned money

Yes, I agree with you that all CEX and DEX platforms may be exposed to what happened to GALXE and Mixin in terms of hacking and theft cases that resulted in losses estimated at millions of dollars, and other users of other platforms may be exposed to similar incidents and expose their capitals to great risks, Because there are no platforms that are 100% immune, and they are all clear targets for hackers.

Even after you have conducted comprehensive research, you cannot determine through it whether the platform on which you placed your assets can withstand security challenges and hacker attacks or not.

It is worth noting that Glaxe will develop a recovery plan for 110% of the funds of users who were subjected to stealing on October 16 automatically through USDT coins, and this indicates that popular platforms that have a large fund of crisis reserves held in an emergency are what the user can use because, in the event of an accident related to the platform, they will be responsible for compensating the customers who were affected. ^[SOURCE]

[Best-mary]

Having knowledge of basic security when using the internet is really a must especially if your money is stored online like cryptocurrencies.
Another thing is even though we know that nowhere is safe even though centralized exchange is reputable, we really still need to protect our funds by avoiding storing your cryptocurrencies on the exchange, you can create your personal wallet.
Another thing is having knowledge abut scams/hacks just like identifying phishing sites or some scams, it is really helpful.

Yes! Definitely, I just Updated the post with something I found on Twitter. I hope it will help so many people to avoid this

[so98nn]

The exchanges are really pushing upwards these days which we never called for. I mean Bitcoin was supposed to be transacted on day today basis as an exchange value to something. This however turned into nightmare after someone thought that we can make a business out of it and make it tradable asset on the market. Then came lot exchanges, the weak security, the broken rules and revaluations from the government and much more. Basically everything is crippled in crypto trading and I would straight away blame exchanges fosfor poor practices of running their businesses. Some exchanges do it intentionally because they know bitcoin won’t be traced after a hack and hundreds of tracks can be created thus making it look like an accident. Anyways users should never call for the trap and only Hodl bitcoin in cold wallets.

[lixer]

With hacks occurring more frequently these days, I would strongly emphasize the importance of security. Whether it's a decentralized exchange (DEX) or a centralized exchange (CEX), no one is immune. First, we witnessed the Mixin incident, and now it's Galxe. It's crucial for everyone to assess the security measures of any platform before entrusting their funds. We all bear the responsibility to conduct thorough research before investing our hard-earned money

I always suggest people not to keep extra funds on the platform, don't even keep them in a decentralized wallet if you use that wallet on a decentralized exchange because it takes no time for things to escalate if there is an attack or anything your address or wallet might get into the mix and that will obviously cost you a lot of money if you are keeping a substantial amount in your wallet. That's why, it's important to only use the assets that are being used for trading on a daily basis and keep others somewhere safe, maybe a hard wallet or something.

There have been several hacks and security breaches on exchange platforms in the past, and these things are happening more and more as we get into the future, the reason for that is obvious, hackers know that cryptocurrencies and trading are the hottest topics in the town right now, and if they get their hands into an exchange, they will surely get a good chunk from there.

[Coyster]

With hacks occurring more frequently these days, I would strongly emphasize the importance of security. Whether it's a decentralized exchange (DEX) or a centralized exchange (CEX), no one is immune. First, we witnessed the Mixin incident, and now it's Galxe. It's crucial for everyone to assess the security measures of any platform before entrusting their funds. We all bear the responsibility to conduct thorough research before investing our hard-earned money

Mind you that exchanges are not supposed to be used for hodling your assets, your assets should be held in a non custodial wallet whilst exchanges should be used only for what they were built for, and that is for exchanging/converting/buying/selling assets. Having said that, centralized exchanges can lock your assets even at the point of deposit, but your assets cannot be locked/seized in decentralized exchanges because you have control over them, thus you should assess the risks before using either of them.

[Nrcewker]

We can’t prevent these hacks. Hackers are everywhere and they try their best to hack the server and get the necessary details and the coins. What we can do is that choose the best platform, which guarantees and have strong security system. I know each and every platform has flaws in it, but why not we choose the old and trustworthy platforms? I know these new platforms provide more beneficial deals, but lacks in security. Hence this is just another lesson which we need to learn and be more cautious with our funds.

[Zee27]

With hacks occurring more frequently these days, I would strongly emphasize the importance of security. Whether it's a decentralized exchange (DEX) or a centralized exchange (CEX), no one is immune. First, we witnessed the Mixin incident, and now it's Galxe. It's crucial for everyone to assess the security measures of any platform before entrusting their funds. We all bear the responsibility to conduct thorough research before investing our hard-earned money

Yes, I agree with you that all CEX and DEX platforms may be exposed to what happened to GALXE and Mixin in terms of hacking and theft cases that resulted in losses estimated at millions of dollars, and other users of other platforms may be exposed to similar incidents and expose their capitals to great risks, Because there are no platforms that are 100% immune, and they are all clear targets for hackers.

Even after you have conducted comprehensive research, you cannot determine through it whether the platform on which you placed your assets can withstand security challenges and hacker attacks or not.

It is worth noting that Glaxe will develop a recovery plan for 110% of the funds of users who were subjected to stealing on October 16 automatically through USDT coins, and this indicates that popular platforms that have a large fund of crisis reserves held in an emergency are what the user can use because, in the event of an accident related to the platform, they will be responsible for compensating the customers who were affected. ^[SOURCE]

Well spoken. I mean, if platforms both Cex and Dex can put aside some emergency funds as precautionary measures so that in the wake of a hack, users can be reimbursed or compensated then such platforms would've shown that they care about the welfare of their users. So far, Bitget has some user protection funds. I recently came across that here. https://www.bitget.com/protection-fund?clacCode=

My advice to investors would be to look out for this because any exchange might be prone to hacking, but the big question would be, can they cover your loss?

[ShinyStarPrincess]

How are regular users supposed to thoroughly assess the security of the platform they are using? Noting some users are fallible with simple scams.

Ensuring platform security by means of simply relying on security audits is also not the surest way to validate the security. One question that arises from OP is, is the frequency of hacks getting more a lot or is it an incompetent cryptocurrency platform fueled by hype that keeps getting popped up? Also, do both things increase linearly?

It's meaningless if the users who barely comprehend cryptocurrency security conduct a full-fledge of the cryptocurrency platform, especially the new one. One surest way for altcoins to develop further, I believe, is to trust a long-standing and battle-tested platform and give complete distrust if there is a gullible vulnerability.

yes, this is correct part of the users must start reading about "what is the ecosystem they are investing in". Speaking about the OP CEX the good thing I found is the Security funds that might add more confidence if the fault of a hacking is a security breach or a malicious attack. On the other hand is hard to see a Galxe attack because a lot of projects trust this platform to make tasks (Orbiter finance, even linea). The high importance to invest in White Hacking people (must be a crucial investment aside of Lawyer Department)

[ShayLegal]

With the recent events in the crypto space, it is ideal to express fears about safety. However, some platforms have really considered how paramount safety is by bringing in frameworks to enhance security. Just recently, CEXs like Bitget forged a partnership with security frameworks like COBO to make for security breaches.

[ShinyStarPrincess]

We can’t prevent these hacks. Hackers are everywhere and they try their best to hack the server and get the necessary details and the coins. What we can do is that choose the best platform, which guarantees and have strong security system. I know each and every platform has flaws in it, but why not we choose the old and trustworthy platforms? I know these new platforms provide more beneficial deals, but lacks in security. Hence this is just another lesson which we need to learn and be more cautious with our funds.

Unfortunately, this is going to increase with the adoption of crypto, A crucial part for investors is to check they are entering a HTTPS Page, if it's not it might be a scam or a fake page. A trezor or a cold wallet at this point it will be mandatory. And for the projects (like I said before) a Strong Ethical hacking is the leading priority, for example, a countryman of mine found a massive contract breach in Curve and finally retrieved like 30M stolen.

[jossiel]

Risks are there but we can minimize that depending on our practice and approach with these platforms. If you're someone who's aware of that, you'll only have to deposit that amount you need for their service, not your entire money to be in there wholly.

With the recent events in the crypto space, it is ideal to express fears about safety. However, some platforms have really considered how paramount safety is by bringing in frameworks to enhance security.

While many of these events have already happened in the past, one company has to learn from the attacks that had happened to others.

For them to at least give that safety net that they need to provide to their customers. But as a customer, we all know that none is safe with all of these attacks.

[Silberman]

We can’t prevent these hacks. Hackers are everywhere and they try their best to hack the server and get the necessary details and the coins. What we can do is that choose the best platform, which guarantees and have strong security system. I know each and every platform has flaws in it, but why not we choose the old and trustworthy platforms? I know these new platforms provide more beneficial deals, but lacks in security. Hence this is just another lesson which we need to learn and be more cautious with our funds.

Unfortunately, this is going to increase with the adoption of crypto, A crucial part for investors is to check they are entering a HTTPS Page, if it's not it might be a scam or a fake page. A trezor or a cold wallet at this point it will be mandatory. And for the projects (like I said before) a Strong Ethical hacking is the leading priority, for example, a countryman of mine found a massive contract breach in Curve and finally retrieved like 30M stolen.

A regular person is not really used to think about their security online as they share all kind of details about their lives with strangers, download all kind of files from dubious sources and use an OS that is insecure, so they are surprised when they are now the ones that need to take care of their information and their money, but that is simply the principles in which bitcoin and this market operates, and if they are unwilling to make that adjustment then losing their coins is just a matter of time for them.

[dunfida]

With hacks occurring more frequently these days, I would strongly emphasize the importance of security. Whether it's a decentralized exchange (DEX) or a centralized exchange (CEX), no one is immune. First, we witnessed the Mixin incident, and now it's Galxe. It's crucial for everyone to assess the security measures of any platform before entrusting their funds. We all bear the responsibility to conduct thorough research before investing our hard-earned money

Edit: ok guys, I have gone through everyone comments and I like the fact we all understand why Security is very much important especially when it involves our assets. Like someone said in the comment section. "When it involves putting our money in BTC, we should be ready to take risk." And this is absolutely right.

So, I bumped into something that is interesting on twitter which I think all exchanges should be putting into practice wether DEX or CEX. I believe with this, 1 quarter of the security breaching would be solved.

https://x.com/bitgetglobal/status/1711319577714708889?s=20

I also hope this would help many people who don't know how to go about with exchanges to use when it comes to security.

Risk is inevitable, but let choose them.wisely!

DYOR!
COMMON SENSE!

This 2 things would really be that saving up your ass on this risky space.If you do ignore up these things then expect on what would happen into you. Hackers would really be targeting out these platforms or any
places which does really have that millions of dollars enclosed to it on which exchange platforms,bridges, wallets etc. would be mostly likely their main target. No matter how trusted or old
a certain service or platform it would be but still it wont really be giving out that 100% assurance that it would really be considered to be safe.

This is why it would really be that recommended that you should really be only saving up those coins of yours on non-custodial wallet. Leave or transfer only on the amount
which you are intending to trade into those various platforms and then next then you should not let those coins park into those places because there's always that accompanied risks into it.

[goaldigger]

With the recent events in the crypto space, it is ideal to express fears about safety. However, some platforms have really considered how paramount safety is by bringing in frameworks to enhance security. Just recently, CEXs like Bitget forged a partnership with security frameworks like COBO to make for security breaches.

They have to make sure that their offer the best platform with the best security because investors will look into that although there are CEXs that are still vulnerable to hackers.
There's no safe place online, you have to make sure that you use every security feature available just to protect your own account, hard wallet seems to be the most safest wallet but of course it can still be hack and it will depend on how you protect your seed with that wallet.

[Johnyz]

With the recent events in the crypto space, it is ideal to express fears about safety. However, some platforms have really considered how paramount safety is by bringing in frameworks to enhance security. Just recently, CEXs like Bitget forged a partnership with security frameworks like COBO to make for security breaches.

They have to make sure that their offer the best platform with the best security because investors will look into that although there are CEXs that are still vulnerable to hackers.
There's no safe place online, you have to make sure that you use every security feature available just to protect your own account, hard wallet seems to be the most safest wallet but of course it can still be hack and it will depend on how you protect your seed with that wallet.

Secured site can give at least a peace of mind but not a guarantee that your asset will be safe with them so limit your exposure on any exchanges and hold on your own hard wallet instead offline, this can be more secured if you will never exposure your wallet on any online platform. Hackers are very wise nowadays, and they have ways to hack even the most secured site or exchanges, the crypto market is very risky always remember this.

[MarvieJ]

Having knowledge of basic security when using the internet is really a must especially if your money is stored online like cryptocurrencies.
Another thing is even though we know that nowhere is safe even though centralized exchange is reputable, we really still need to protect our funds by avoiding storing your cryptocurrencies on the exchange, you can create your personal wallet.
Another thing is having knowledge abut scams/hacks just like identifying phishing sites or some scams, it is really helpful.

    When I have another crypto on an exchange and it's at a large value, what I do is first transfer it to a wallet where I save an address with a private key. Because I don't have the money to buy hardware yet, I only use the meta wallet first. As long as I'll make sure I have the private key and I also write it down on paper and save it on the USB flash drive, no matter what.

   And so far, so good right now. For at least my crypto assets that are outside the exchange, it's difficult because when there is a hacking issue, I can't release my crypto from the platform because they will suddenly freeze the accounts of their clients for sure.

You are absolutely correct, when I’m feeling lazy I just leave some for easy accessibility on cex to buy any altcoins. One thing that stands out about cex for me is the accessibility & prolly some airdrops events lol . Gotten few from bitget over the months

[Natalim]

With the recent events in the crypto space, it is ideal to express fears about safety. However, some platforms have really considered how paramount safety is by bringing in frameworks to enhance security. Just recently, CEXs like Bitget forged a partnership with security frameworks like COBO to make for security breaches.

They have to make sure that their offer the best platform with the best security because investors will look into that although there are CEXs that are still vulnerable to hackers.
There's no safe place online, you have to make sure that you use every security feature available just to protect your own account, hard wallet seems to be the most safest wallet but of course it can still be hack and it will depend on how you protect your seed with that wallet.

Yes and whatever they did, they are still vulnerable to hacking. Sometimes there is an inside job that is pretty easy for them to do that. That is why it was advisable to just deposit the amount that we use to trade, not to use it as our storage wallet. It is best to be aware and be able to anticipate that kind of scenario as we don't need to wait to have that experience before we make a move.
Well, no wallet that can assure 100% safety assurance but it would more safer if we did not expose our wallet address.

[Rengga Jati]

Edit: ok guys, I have gone through everyone comments and I like the fact we all understand why Security is very much important especially when it involves our assets. Like someone said in the comment section. "When it involves putting our money in BTC, we should be ready to take risk." And this is absolutely right...
.......
Risk is inevitable, but let choose them.wisely!

Security and privacy are two things that are very closely related and influence each other. When we try to strengthen our security system, but we are unable to maintain privacy and even share or display it on public pages, that's it, our security will definitely be disturbed or threatened. Because after all, sometimes many hackers start their actions from various social media.

Sometimes, certain platforms actually provide sophisticated security systems and are considered very safe. However, it cannot be denied that hackers can sometimes still penetrate them. That's why, indeed, when we invest in digital assets, our big risk is in this security system, and the threat of cyber crimes. And we can't avoid it 100%, we can only optimize our security and privacy and protect it so that we don't get hacked easily.