Nowhere is safe?

[Wiwo]

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.

The best and most secured bet for an investors is to get their coins off the exchange and just like I pointed out in my earlier comment,  I do far better to withdraw all your balance from any exchange platform that you use to buy them and never get involved I third party asset holding,  or take part in all the staking and other investment interest projects that make you to give out your asset to any platform. 

Some time trust can fall because even even if those plartfirmydont scam you in the form of an exit scam,  the exchange can possibly get hacked along the line,  so users need to be careful.

[1714629591]

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[Wexnident]

~

Afaik wasn't the issue with Galxe a socially engineered hack? What's to say the same couldn't happen to other companies? It isn't anything new to say that there is no perfect security out there, all systems can inevitably be breached so why not just use a damn hardware wallet if you really wanted security. It secures both your privacy and security in most cases unless you got robbed of both of your keys and your wallet though. In choosing amongst those exchanges that can inevitably be hacked though, it's kind of hard to determine which is safer than the other but I'd just go for the most reputable for the majority of my transactions. As for trying out new stuff, well, it'd only stay on the "trying part" until further notice.

[Taskford]

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.

The best and most secured bet for an investors is to get their coins off the exchange and just like I pointed out in my earlier comment,  I do far better to withdraw all your balance from any exchange platform that you use to buy them and never get involved I third party asset holding,  or take part in all the staking and other investment interest projects that make you to give out your asset to any platform. 

Some time trust can fall because even even if those plartfirmydont scam you in the form of an exit scam,  the exchange can possibly get hacked along the line,  so users need to be careful.

Actually this is not necessary action that needed to do since as long as we know how to deal with the risk and never do any extra curricular activities that can possibly harm our accounts then I think for me we are fine with that. We should always be aware that issues like this exist that's why for our selves we should apply some good actions to make our accounts safe and always use dummy wallets for the task needed to be done on some airdrop platform so that if same issue about hackings will happen we are not badly affected with it.

Its not good to fully trust them because they became a big platform since we already prove that none of them is safe and we just need to know on how to deal with the risk that possible to happen on this platforms since for sure one of these days they will be the target of attacks since this hackers know that they can get something with the platform especially the datas of users stored there.

[Wiwo]

Actually this is not necessary action that needed to do since as long as we know how to deal with the risk and never do any extra curricular activities that can possibly harm our accounts then I think for me we are fine with that. We should always be aware that issues like this exist that's why for our selves we should apply some good actions to make our accounts safe and always use dummy wallets for the task needed to be done on some airdrop platform so that if same issue about hackings will happen we are not badly affected with it.

Its not good to fully trust them because they became a big platform since we already prove that none of them is safe and we just need to know on how to deal with the risk that possible to happen on this platforms since for sure one of these days they will be the target of attacks since this hackers know that they can get something with the platform especially the datas of users stored there.

Yes as long as the cryptocurrency investor can build the basic knowledge on how to protect his assets and always work to increase his or her privacy and never get too overly greedy to the point of trusting all those high profits yielding platforms that only seek to take control your coins and also be contented with whatever we have and try to build our knowledge and also research before we trust any platform this can help save a whole lot.

So the best approach in all of this is to always be in control of your assets and any platform that promises high profit is likely to be a scam and that should be avoided at all costs.

[o48o]

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

Nothing in life is safe, but grouping all CEXes as equally unsafe is ignorant, just like all DEXes. There are most likely going to be more hacks in the future in both of them, but maybe focus on the exchanges that have been legit, old, never hacked or at least compensated losses.

There are more trustworthy Dexes out then random hacked ones you posted just like there are more Trustworthy CEXes. The one you posted on your edit (Bitget), is not one of them. Not a change i would ever recommend that CEX to anyone.

[makishart]

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 think crypto is all about scams. Most of the project owners are doing rugpull or exploits them self. Because they need to stole the user's funds. So that's why they are doing this.  When it comes to the galaxy and balancer, same hacker did  this. Because he is always doing front end hack. So he need the entire code base. There may be possibility inside of group member leaked entire code base and DNS information.

No guarantee if the truster project will not also fool its investors. I do agree with your statement. It's caused by all of funds are owned by them. The team behind the project was the party who was holding the funds raised from the investors and buyers.
If they did something fishy behind the scena and the investors will not able to know it caused by it's hard to detect it. It's pretty much the same like SBF and alameda which were using all of investors funds to by so many mansions.
The investors were know the fact after binance was just revealing the fact about FTX exchange site. There's no safe place in crypto. It's all about how we can maintain the security for our money that already swapped into the crypto form.
Im feeling so bad with crypto these days. It feels like that if we are rarely seeing a platform that regularly improving its security.
I have experienced many hacked cases. Crypto becomes even terrible with so many scammers who acted like developers.

[bumpstock]

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 don't really know how hackers use and penetrate to some websites, and secondly many people who built websites do have antivirus and anti hackers in same websites, I don't if their sites now doest not have an anti hackers, sometimes when issues of hacking a websites occur their is every tendency that someone working in the website is the one that review the secret of the website, because I know quite that it takes hackers some duration before they can penetrate into websites, so therefore the problem of any website start with the developer of the site or their team of anti hacker is not being strong.

Hard for small teams / startups to protect their assets for this very reason.

[Kelvinid]

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

Nothing in life is safe, but grouping all CEXes as equally unsafe is ignorant, just like all DEXes. There are most likely going to be more hacks in the future in both of them, but maybe focus on the exchanges that have been legit, old, never hacked or at least compensated losses.

There are more trustworthy Dexes out then random hacked ones you posted just like there are more Trustworthy CEXes. The one you posted on your edit (Bitget), is not one of them. Not a change i would ever recommend that CEX to anyone.

Perhaps, the situation is already been accepted and seems we don't have another option but to trust and use legit exchanges who could carry responsibility for the safety of the client's funds. Now that most exchanges have gotten into that vulnerability, the more we have to be smart about where to keep our funds. In fact, even our personal wallet is not safe. And this is to tell everyone especially newcomers to just think several times before entering crypto and must know how to keep their funds safely (at least).

[ultrloa]

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

Nothing in life is safe, but grouping all CEXes as equally unsafe is ignorant, just like all DEXes. There are most likely going to be more hacks in the future in both of them, but maybe focus on the exchanges that have been legit, old, never hacked or at least compensated losses.

There are more trustworthy Dexes out then random hacked ones you posted just like there are more Trustworthy CEXes. The one you posted on your edit (Bitget), is not one of them. Not a change i would ever recommend that CEX to anyone.

Perhaps, the situation is already been accepted and seems we don't have another option but to trust and use legit exchanges who could carry responsibility for the safety of the client's funds. Now that most exchanges have gotten into that vulnerability, the more we have to be smart about where to keep our funds. In fact, even our personal wallet is not safe. And this is to tell everyone especially newcomers to just think several times before entering crypto and must know how to keep their funds safely (at least).

That's all we have for now that's why we need to choose those reputable exchange and rely on the words they give that they will not compromised the funds of their consumers and provide better service among any other exchange who exist in the market. To many times we see a lot of big or small exchange got compromised that's why its better that we shouldn't put any excess funds and always store the huge holdings in wallets that we hold the keys so that no big fall down if suddenly we will see a major collapsed and can easily move on. For so many this issue happen I really believe that to many people learn from other or their mistakes made since its hard to file a complaint or get a refund if crappy things happen on the exchange we believe to be a good platform.

[Best-mary]

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

Nothing in life is safe, but grouping all CEXes as equally unsafe is ignorant, just like all DEXes. There are most likely going to be more hacks in the future in both of them, but maybe focus on the exchanges that have been legit, old, never hacked or at least compensated losses.

There are more trustworthy Dexes out then random hacked ones you posted just like there are more Trustworthy CEXes. The one you posted on your edit (Bitget), is not one of them. Not a change i would ever recommend that CEX to anyone.

Perhaps, the situation is already been accepted and seems we don't have another option but to trust and use legit exchanges who could carry responsibility for the safety of the client's funds. Now that most exchanges have gotten into that vulnerability, the more we have to be smart about where to keep our funds. In fact, even our personal wallet is not safe. And this is to tell everyone especially newcomers to just think several times before entering crypto and must know how to keep their funds safely (at least).

That's all we have for now that's why we need to choose those reputable exchange and rely on the words they give that they will not compromised the funds of their consumers and provide better service among any other exchange who exist in the market. To many times we see a lot of big or small exchange got compromised that's why its better that we shouldn't put any excess funds and always store the huge holdings in wallets that we hold the keys so that no big fall down if suddenly we will see a major collapsed and can easily move on. For so many this issue happen I really believe that to many people learn from other or their mistakes made since its hard to file a complaint or get a refund if crappy things happen on the exchange we believe to be a good platform.

You seem to grasp the message I'm conveying. We can't even be entirely sure about the safety of our personal wallets. Things have been quite unpredictable. Safety measures not only depend on us but also on how these exchanges respond to security issues. The one mentioned in my post has a user Protection Fund, similar to Binance's SAFU. This means they are prepared to compensate their users and also a Proof of Reserve. Moreover, they have significantly enhanced their security measures to a maximum level not like they have experience any security breach directly from my research.


We all remember the saying: It's not just what they say that matters, but the actions they take!

Is good we see exchanges putting into action all they say to enhance their user's trust

[mindrust]

A wise man once said:

“Investing is not about avoiding risks, it is about managing them.”

This is exactly what you should be doing. There is indeed no absolute safety. If you think about it, life itself isn’t 100% safe and it is about managing risks. You don’t smoke too much cigarettes because it increases the chances of getting lung cancer. You don’t sail during the bad weather because your boat might capsize. Actions, reactions… cause and effect… If you go full anything (doesn’t matter what it is whether crypto, gold, bonds etc) , you are also getting the risks of that asset.

[AakZaki]

A wise man once said:

“Investing is not about avoiding risks, it is about managing them.”

This is exactly what you should be doing. There is indeed no absolute safety. If you think about it, life itself isn’t 100% safe and it is about managing risks. You don’t smoke too much cigarettes because it increases the chances of getting lung cancer. You don’t sail during the bad weather because your boat might capsize. Actions, reactions… cause and effect… If you go full anything (doesn’t matter what it is whether crypto, gold, bonds etc) , you are also getting the risks of that asset.

For those who don't like crypto they will say that crypto is the most dangerous and can make people bankrupt in an instant, is too vulnerable to hacking etc.
But they don't realize that everything has risks as you explained. Any investment will have bad risks and security gaps. Even your own security is at risk. Maybe the crypto or wallet used is safe, but if the user is too careless then all of it will be useless.

[Yamifoud]

A wise man once said:

“Investing is not about avoiding risks, it is about managing them.”

This is exactly what you should be doing. There is indeed no absolute safety. If you think about it, life itself isn’t 100% safe and it is about managing risks. You don’t smoke too much cigarettes because it increases the chances of getting lung cancer. You don’t sail during the bad weather because your boat might capsize. Actions, reactions… cause and effect… If you go full anything (doesn’t matter what it is whether crypto, gold, bonds etc) , you are also getting the risks of that asset.

Therefore, those who are able to understand the nature of crypto, are those people who are here and taking risks. Yes, the more we think about risk and not safety, the more it bothers us, and feel afraid.

That is why it was right to say that Bitcoin is not for everyone as it was for those who can bear to carry responsibility and have the capability to understand the way it works. Nowhere it safe but we are not afraid of it because not all have been experiencing hacking either, and that is because we did something to avoid it.

[justdimin]

A wise man once said:

“Investing is not about avoiding risks, it is about managing them.”

This is exactly what you should be doing. There is indeed no absolute safety. If you think about it, life itself isn’t 100% safe and it is about managing risks. You don’t smoke too much cigarettes because it increases the chances of getting lung cancer. You don’t sail during the bad weather because your boat might capsize. Actions, reactions… cause and effect… If you go full anything (doesn’t matter what it is whether crypto, gold, bonds etc) , you are also getting the risks of that asset.

Such a great saying, it definitely is the case in bitcoin more than other places as well. Risk is all around us and if we just try to avoid them, then we are going to end up with some trouble anyway, but if we could manage them carefully then that would make sure that even if we face issues, we would be ready for them. That's how life and work is, anyone who works at any job would know that it's impossible to have zero problems, you can't live your whole life and face zero problems, there will always be problems, all you can do is to make sure that you are solution oriented person and not try to avoid problems but try to solve them.

This is the same, you can't avoid risk, there is no way you could keep trading forever without taking risks, you take a risk even by buying bitcoin, however you could just end up trying to manage that risk and could do a lot better with what you are given if you do it right. That should be the way to go when you are buying alts as well.

[lamtirna812]

If Bitget can accomplish that, it would be fantastic. They might be succeeding in both CEX and DEX products, but I still have concerns about their DEX product's operational capability.

[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

Nothing in life is safe, but grouping all CEXes as equally unsafe is ignorant, just like all DEXes. There are most likely going to be more hacks in the future in both of them, but maybe focus on the exchanges that have been legit, old, never hacked or at least compensated losses.

There are more trustworthy Dexes out then random hacked ones you posted just like there are more Trustworthy CEXes. The one you posted on your edit (Bitget), is not one of them. Not a change i would ever recommend that CEX to anyone.

No really I think I'd recommend Bitget and here's why. If they could compensate their users on little events like them delisting a project or sensing some irregularities on trades, halting it and reimbursing affected users, they're most likely g
going to reimburse or compensate users in the case of hackings or a security breach. I must mention that they have set aside user protection funds valued at $350 million.

So, I'd seriously go with your idea of choosing an exchange that is capable of compensating their users if anything happens.

[Best-mary]

If Bitget can accomplish that, it would be fantastic. They might be succeeding in both CEX and DEX products, but I still have concerns about their DEX product's operational capability.

They do indeed. The exchange has taken significant measures to enhance its security. All five listed factors are successfully implemented. In my research, I haven't encountered anyone complaining or having issues with their DEX product either. Their security measures appear to be robust and I hope they keep up with it.

[Dzwaafu11]

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.

I believe you. In everything we do, if we lack knowledge of such things, there is no way we will be able to succeed in such things. The most important thing in this industry we found ourselves in today is the knowledge that is involved in the crypto space, and I think that's the only way we can manage it and store our funds without getting involved in any scams or anything else that will affect our money that's already invested in except the market. The reason why I excluded the market is that it is the only thing I think will affect us or get us panicked after we make sure we store our funds safely.

However, all this issue of how to fish out scams and hackers may come later, which could be even easier for us to identify if we have knowledge of this crypto space. The knowledge we have will help us easily identify anything that is a scam, and we will be able to manage any problem that comes our way and have a solution to it quickly.

[_BlackStar]

-snip-

They do indeed. The exchange has taken significant measures to enhance its security. All five listed factors are successfully implemented. In my research, I haven't encountered anyone complaining or having issues with their DEX product either. Their security measures appear to be robust and I hope they keep up with it.

Even if it seems strong and secure - but I can never put my finger on it to guarantee 100% safe. Developers will do their best to make it as safe as possible for customers - but customers are ultimately responsible for practicing the best security measures.

Every service always has its weak side until someone manages to explore it. But as long as customers know how to safeguard their assets - then others will not be able to exploit it for their personal gain.

[Shamm]

Yes no where is safe so we need to be vigilant Ang secure our money like for example we are storing money in our wallet am but in online which we need to protect it and having a knowledge about online is a perfect advantage cause once there's a trouble you can fix it as soon as possible before it getting worst. Not all the time we are too lucky somtimes we are not so it's better to secure our fund's