Poloniex was hacked (Security Breach Discussion)

[wxa7115]

Hacking cryptocurrency exchanges isn't something new; even top security exchange Binance gets hacked sometimes. No doubt, Exchange should focus on finding a security solution to prevent scams. But the problem is that hackers always try to break exchange security. When exchanges improve their security, hackers will find something to break it. So it's better to implement our own security system, I mean secure our funds. I am talking about don't store cryptocurrency in exchange. When you buy something, just move it into a non-custodial or hardware wallet. So it doesn't affect us when centralised exchanges get hacked.

This is the right approach but investors rarely listen, after all even if the security exchanges can implement is superior to what a person can do on their own, at the same time the intensity of the attacks that we will have to face is way lower compared to the constant attacks exchanges are subject to.

So by simply becoming smaller and less profitable targets we can avoid a great deal of the hackers out there, unfortunately there are many holders that prefer to keep their coins at exchanges and risk losing their coins this way.

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[LogitechMouse]

Please is this a new hack? I thought they were recently hacked and the hacker agreed to the 5%bounty. This hacking is just getting too much

It's a new hack... I guess. This article has been posted a few days ago: LINK
What's good right now is that, the exchange resume their withdrawals already after what happened to them: LINK. You see it too much? It means one thing, and that is "THEIR SECURITY IS WEAK." They are focusing more on the marketing rather than the security of their own exchange.

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Do you think that Exchanges and DeFI need more development and investments here or is this just something we have to lay down our heads and deal with?

Poloniex is one of the exchange that I've seen when I was starting in crypto in 2017 aside from Bittrex. It being hacked just shows that their security is weak to the point that they can get hacked that easily. They need to develop... or I should say focus more on the security of the exchange or else this might happen again, and again.

Hackings happening here and there just shows that the security of these Centralized Exchanges are weak. I guess it's a good thing that they are reimbursing it. Well, it's their fault after all so it's their responsibility. Hackings always happen that it came to a point that we see it as a normal thing already. More of these in the future.

[Tigerheart3026]

it's not like that a new hacked in crypto currencies, i think poloniex hacked amount is over 60 millions usd,we know binance is also hacked in several times,
hacker try to find out any error/weak point in such exchanges then attacked.
i'm using hardware wallet to keep safe my coins because it's big risks to holding altcoins in exchanges,

[cryptoknightt]

Well, guys, I guess a lot of you already know this. Poloniex, aka Justin Sun's own Exchange, suffered a hack of 60M+ USD, and they are offering a 5% Bounty (if there are any white hat hackers here or do you know an interested one, here is the official announcement https://x.com/Poloniex/status/1722956238160536049?s=20).
On the other hand, TRX and USDD do not seem to suffer any backlash from this news.

Topic Security Breach and Protection Layers. Do you think that Exchanges and DeFI need more development and investments here or is this just something we have to lay down our heads and deal with?

I think if someone can take it, it can be frozen because CEX can mark the address that made the withdrawal.
If indeed they give a bounty to whoever can find it, maybe they can't do what I mentioned before, or is this just a drama to manipulate the market.

[tvplus006]

I think if someone can take it, it can be frozen because CEX can mark the address that made the withdrawal...

I think hackers are not stupid enough to use CEX, while they can easily exchange their coins using decentralized exchanges.
Such hacks of cryptocurrency exchanges once again give us a lesson that not everyone has yet learned - keep only the necessary minimum on the exchange, which is necessary for trading.

[batang_bitcoin]

If you're asking if there's someone who's a white hat hacker here or any color variant of it, are you expecting that someone's going to outright answer you that they are? Because I don't think that a real hacker will reveal himself even on the forum or if they do, they're going to do that to actual hacking forums that there have been a lot of it existing on surface and deep web. Usually the ones that are on the surface web could be script kiddies, etc. and the real ones won't speak that much whether on a private or online forum.

[wheelz1200]

Well, guys, I guess a lot of you already know this. Poloniex, aka Justin Sun's own Exchange, suffered a hack of 60M+ USD, and they are offering a 5% Bounty (if there are any white hat hackers here or do you know an interested one, here is the official announcement https://x.com/Poloniex/status/1722956238160536049?s=20).
On the other hand, TRX and USDD do not seem to suffer any backlash from this news.

Topic Security Breach and Protection Layers. Do you think that Exchanges and DeFI need more development and investments here or is this just something we have to lay down our heads and deal with?

I will be honest I never even knew that poloniex was even still operating lol.  I used to use them a long time ago and it was a pretty good exchange.  Do they even still operate in the US?  But on this note why do people keep.their crypto on exchanges?  Seriously will people ever learn?  It's not a wallet amd shouldn't be treated as such otherwise you will inevitably lose your money.

[Bushdark]

it's not like that a new hacked in crypto currencies, i think poloniex hacked amount is over 60 millions usd,we know binance is also hacked in several times,
hacker try to find out any error/weak point in such exchanges then attacked.
i'm using hardware wallet to keep safe my coins because it's big risks to holding altcoins in exchanges,

Binance was one of the strong exchanges I have seen that was able to stand strong and never crashed just like many that crashed because of being hacked. I think exchanges supposed to have other plans or insurance in case they got hacked. There are many ways exchanges can prevent severe hack that would affect their company but many would never have a second plan for customers funds and would rather prefer to crashout so that investors would have no option than to forget about their funds.

[adaseb]

Many don’t remember this but they were actually hacked before. I think it was in 2013 and it was before I even used the exchange. A bunch of coins were stolen and they had to do a haircut for everyone’s balance. It was so long ago, most people don’t remember or are new to crypto.

The fact that they got hacked this day and age is crazy. Especially with what happened last year with Ftx. Hopefully all users will be reimbursed.

[Publictalk792]

We have many hacks since the start of the Crypto world now we can recently CoinEx exchange hack and this which you have mentioned.
And this is a new thing for me  and also good to see that they are offering a reward to hackers who can help find problems and make their security better.
I think that exchanges and DeFi platforms need to keep improving their security. As the cryptocurrency industry is growing hackers are getting smarter. Platforms should stay updated by adding strong protection and updating their security measures.
All the projects in crypto should make security a priority and should find new ways to protect users. If they will do this they will make trustworthy users and get more people to use it. This will make the whole system safer and stronger.

[wxa7115]

We have many hacks since the start of the Crypto world now we can recently CoinEx exchange hack and this which you have mentioned.
And this is a new thing for me  and also good to see that they are offering a reward to hackers who can help find problems and make their security better.
I think that exchanges and DeFi platforms need to keep improving their security. As the cryptocurrency industry is growing hackers are getting smarter. Platforms should stay updated by adding strong protection and updating their security measures.
All the projects in crypto should make security a priority and should find new ways to protect users. If they will do this they will make trustworthy users and get more people to use it. This will make the whole system safer and stronger.

Not only hackers are getting more capable, we must also understand that as this market has become bigger the attention of more talented and skilled hackers have become set on this market.

And this can be a real problem for exchanges, because as much as they want to protect their customers, hackers have all the time in the world to infiltrate them and look for any vulnerability, and as soon as they find one then they can take advantage of it and steal tens of millions of dollars with ease.