Indodex exchange got hacked.

[Odogwu-Blockchain]

Any hack that happens in a company wallet is done via a communication with the sales manager or representative or an admin in that company. Hackers has a way to communicate with the sales person in order to manipulate by entering into their wallet to steal away any assets they could find.

Don't be surprised that these hackers are also the ones working with this exchange to lick out information on how the hack could be done, that's why it's best to employ decent, honest and experience sales personnel.

You have got a solid point on what you just said above, because taking an example from FTX, an exchange which was hacked in November 2022 of over $400million and we were later told it's suspect was allegedly to be one of the exchange top sales representative who gave hackers access through a Sim Swap. Hence, in this recent hack of Indodex, I don't doubt any bit if we finally discover that an insider is suspected to be allegedly connected to this hack of over $22million. So I just heard they have started an investigation on what lead to the hack, and I just wish they come up with a reasonable solution. However, this should be a lesson to many to always keep their funds in Non custodian wallets where they have full control over their Bitcoin.

You see wetin I dey talk, hacking a company no dey go far from an insider, either the insider is aware or unaware of fraudulent activities, these hackers go try communicate with any insider through mail as if them wan purchase an item, from there them get access to the company and take anything them see.

No be everybody sabi that fact say it's best to keep funds in decentralized wallet, victims go must always dey no matter what, no be everybody get this knowledge of "not your key, not your funds" of a thing. I pray the victims learn a lesson to keep their assets in secured wallet next time.

[DaNNy001]

Any hack that happens in a company wallet is done via a communication with the sales manager or representative or an admin in that company. Hackers has a way to communicate with the sales person in order to manipulate by entering into their wallet to steal away any assets they could find.

Don't be surprised that these hackers are also the ones working with this exchange to lick out information on how the hack could be done, that's why it's best to employ decent, honest and experience sales personnel.

You have got a solid point on what you just said above, because taking an example from FTX, an exchange which was hacked in November 2022 of over $400million and we were later told it's suspect was allegedly to be one of the exchange top sales representative who gave hackers access through a Sim Swap. Hence, in this recent hack of Indodex, I don't doubt any bit if we finally discover that an insider is suspected to be allegedly connected to this hack of over $22million. So I just heard they have started an investigation on what lead to the hack, and I just wish they come up with a reasonable solution. However, this should be a lesson to many to always keep their funds in Non custodian wallets where they have full control over their Bitcoin.

You see wetin I dey talk, hacking a company no dey go far from an insider, either the insider is aware or unaware of fraudulent activities, these hackers go try communicate with any insider through mail as if them wan purchase an item, from there them get access to the company and take anything them see.

No be everybody sabi that fact say it's best to keep funds in decentralized wallet, victims go must always dey no matter what, no be everybody get this knowledge of "not your key, not your funds" of a thing. I pray the victims learn a lesson to keep their assets in secured wallet next time.

Dat one na true way you talk brotherly because no be everybody sabi this knowledge and although even many persons know am sef e still get some ignorant persons wey go still think say na jonzing talk and na why when situation like this happen I no dey feel somehow because no matter how people talk or proclaim  the truth be say another go still happen na for u to just use your head get sense do the correct things to avoid being a victim.

[asarfiar]

Hackers gain proper knowledge about Bitcoin and accordingly hackers hack INDODEX exchange in the world of cryptocurrency although most of the crypto users out there are hackers who steal crypto assets from hot wallets on the platform. Do you think crypto traders have no objection to this, of course traders can remedy this by using a strong exchange that can reduce their exposure to crypto. I am a newbie so I feel personally ignorant and ignorant about this crypto world so I don't understand the difference between custodial wallets, so please give me a chance to gain knowledge about it.

thank you!

[CryptoHeadlineNews]

I am a newbie so I feel personally ignorant and ignorant about this crypto world so I don't understand the difference between custodial wallets, so please give me a chance to gain knowledge about it.

thank you!

It's always good to ask questions when you are confused or direction when you are lost, hence, on that note, it will be my pleasure to explain in a lay man language what the difference between Custodian and Non-custodial Bitcoin wallet is all about.
So, Custodial Wallet are basically those kinds of wallets hosted on an exchange or online platform in which the private key is been held by a third party, Meaning, you don't have full over your funds (e.g wallets on your crypto exchanges or casinos are all Custodian wallets)
However, Non-custodial wallets are those wallets which offers you the private key of your wallet and grants you full access and control over your funds. (E.g wallets such as Electrum, BlueWallet and hardware Wallets like Trezor).

[Agbe]

I am a newbie so I feel personally ignorant and ignorant about this crypto world so I don't understand the difference between custodial wallets, so please give me a chance to gain knowledge about it.

To me Custodial and non Custodial wallets are: 1, Custodial wallet is the wey bey be say you no be controlled over am and na only do wallet address nai u get. And if you put coins there, you no get control over am but the owner of the wallet nai get control and such address dey come from in most time na exchanges like kucoin, bybit, etc and also from trustwallet. And non Custodial wallet is also self custodial wallet and as di name implies, self custodial means, it is under your control. You get the seedphrase (security key) to the wallet and you control everything. Nobody can block your wallet because you have the seed phrase. And what is seed phrase, it is a 12 words giving you you when you open a wallet and it is used to unlock the wallet without password. And if you lost it then you lost your coins forever. So you have to keep it in a save place. Even though you lost your password, please don't lost your seedphrase. Write it down and keep it in a save place. But I'm a custodial wallet, you don't have the seedphrase but a password. If this is helpful, reread it again and also share to others who don't know.

[CryptopreneurBrainboss]

My main purpose to create this thread nah because some of us fit still dey keep Bitcoin (crypto) for exchanges and e dey bad because if anything happens all your assets done loss. And to let us know say the main purpose of exchanges nah to use am do the following things wey I mention below 👇🏼.

• Buy Bitcoin
• Sell Bitcoin
• Swap coins
• Receive Bitcoin
• Send Bitcoin
• (Most importantly) Trade crypto.

Receive and Sending of Bitcoin no be functions of exchange although you fit use am do those things but that one na the function of your personal wallets.

If you wan receive Bitcoin or send Bitcoin, e better make you do am from your wallet because if na exchange wey you go use, services charges fit follow and this one go make you spend more.

E get how you fit use exchange self and you go lose your coins because of mistake to send to the wrong address or you no add some specific details wey the exchange needs like memo tags and the rest. This one na when you dey receive altcoins sha as Bitcoin no get much wahala but if congestion dey, you no go fit adjust fees when sending out Bitcoin using exchanges.

Exchange getting hacked come dey like a norm for the industry now so if you still dey keep your coins for exchange that one na your own cup of tea since people no wan hear warnings wey dey since. No trust exchange, you're better off hodling your Bitcoin than any centralized platform.

[Odogwu-Blockchain]

Dat one na true way you talk brotherly because no be everybody sabi this knowledge and although even many persons know am sef e still get some ignorant persons wey go still think say na jonzing talk and na why when situation like this happen I no dey feel somehow because no matter how people talk or proclaim  the truth be say another go still happen na for u to just use your head get sense do the correct things to avoid being a victim.

Then someone something like this incidence had been affected before and still fall victim the second time, then I think the person hasn't still learnt his lesson, if something draining happens to you before and you haven't been wiser enough to do the correct thing then the person also is still not been able to listen to his intuition.

But anyway, you learn more by experience than when it's a told online story published as an articulated news, you no go gree make e happen to you again if na you, wetin I know be say, you can't advise a man, you allow a man to pass through so e go learn lesson next time.

[rachael9385]

Dat one na true way you talk brotherly because no be everybody sabi this knowledge and although even many persons know am sef e still get some ignorant persons wey go still think say na jonzing talk and na why when situation like this happen I no dey feel somehow because no matter how people talk or proclaim  the truth be say another go still happen na for u to just use your head get sense do the correct things to avoid being a victim.

Then someone something like this incidence had been affected before and still fall victim the second time, then I think the person hasn't still learnt his lesson, if something draining happens to you before and you haven't been wiser enough to do the correct thing then the person also is still not been able to listen to his intuition.

But anyway, you learn more by experience than when it's a told online story published as an articulated news, you no go gree make e happen to you again if na you, wetin I know be say, you can't advise a man, you allow a man to pass through so e go learn lesson next time.

The truth of the whole matter be say anybody wey fall victim for the second time no really dey serious to learn something, or the person no dey smart at all. Although, anything wey get to do with technology, many pipo ko dey quick sabi am but no mean say person go fall for scam twice. The second one be say, person wey keep em coins for this indodex exchange wey them just hack for still make the same mistake again keep coins for another exchange. Almost all of us know say binance exchange nah very popular exchange and many folks still dey save their Bitcoin and altcoins for inside binance meanwhile binance fit crash anytime based on this issues wey them they get with government for some popular countries. Now fit exchange like binance crash, pipo go lose money pass the one wey indodex exchange users loss. So to do things right, exchange no be the right place to keep coins.