Are we really safe with all these crypto hacks?

[Stalker22]

Man I think you are overthinking the whole AI angle here a bit.  Like sure the headlines have been brutal the last couple weeks, no ones funds feel 100% safe on their hot wallets/ big exchanges etc., but to attribute each and every single exploit solely to this sci-fi AI reverse engineering wizardry... Its a bit of a stretch.

These places (exchanges) want to hire big-name ex-feds with fancy cyber titles purely for PR, nothing else, to put a shiny little badge up on their homepages and let everyone who trades there know how safe they are because they hired someone with that title.

[Inior]

Honestly the rate of hack these days is becoming too alarming. I wonder how these people use AI to execute these hacks such that Exchanges and hardware wallets which have invested so much in security is still left vulnerable to them. I doubt how secure third party systems are now. My only suggestion to anyone is to stick with non custodial software wallets because, so far we’ve not heard any scam related issues concerning them. They seem to be the most secure especially when you use the traditional methods of storing your seed phrase which is writing them down or stamping them on a steel sheet.

[JimaGod]

Honestly the rate of hack these days is becoming too alarming. I wonder how these people use AI to execute these hacks such that Exchanges and hardware wallets which have invested so much in security is still left vulnerable to them. I doubt how secure third party systems are now. My only suggestion to anyone is to stick with non custodial software wallets because, so far we’ve not heard any scam related issues concerning them. They seem to be the most secure especially when you use the traditional methods of storing your seed phrase which is writing them down or stamping them on a steel sheet.

Insecurities is now the orders of the day as hackers are not resting, they're outside trying evergthing possible to make sure they lure investors into clicking on phishing links which are not legit. Clicking on that link alone will trigger hackers to freely access the information and account of investors, which will now serve as the victims. We can understand that scamming will never end.

Even for those of us that are claiming to be wiser, with opening accounts with non-custodial wallets, who tell you it's safe? We just have to do our own role from our part by securing seed phrases, we know it all comes with lots of responsibilities. On the records about the question asked by OP if we're really safe with all these crypto hacks? Mate, I'm not going to lie to myself, anyone can choose to believe in anything they want to believe in but it's not safe in the crypto market.

[Sarah Jordan]

We no dey safe at all and we fit dey see more hacks the way I dey see am. This thing dey start like play and later w fit become severe if these exchanges no do something to protect their server from all those hackers from taking advantage.
This one wey dey done hack Binance, na only God knows which exchange go be the next. This thing go make the security of these exchanges wey we dey use serious well well.

[Agathamay]

AI is making it easy for these hackers nowadays, unlike before. Though, hacks on exchanges have been happening in the past but not as high as that of this year and the year isn't over yet. No Exchange is above hacking which is the reason why we always advise people to store their coins in a noncustodial wallet where they have full control on their private keys. However, these Exchanges have come to stay regardless the hack because customers funds are SAFU. Bitget got hacked and still operating so, I believe Binance will cover the losses.

Binance have made several claims that customers funds are safe and withdrawals will be available after 48 hours which I believe it's possible and yes these exchanges have come to stay because despite all the tensions and hacks, these exchanges are still operating very fine and I don't know the genesis of all these hacks but I've seen some other post were people are all blaming AI to aiding these hacks which I don't know how but I hope these top services wake up and update their security systems.

[Odusko]

Th global financial system is under a threat, and this time the threat is coming through super intelligence tools, like what we have seen with update on Twitter, but talking about binance hacks and the rest of the recent crypto platforms hacks, we must acknowledge the role of insider accomplish among those and according to the statement from. Binance executive, he stated that the compromise came from a staff laptop compromised which means he was the backdoor channel and that insider like we said.

[Jasmyne]

All I can say is that, we have come to an era to realize how important privacy is and how important it is to control our assets on our own. These exchanges cannot be trusted, we have to be responsible for our assets, we need to use non-custodial wallets to hold our assets. We keep using exchanges and hackers keep hacking them, if we are not trading, there is no reason for leaving your crypto assets in any centralized exchange because you might be in need to withdraw your money and the exchange will limit or even stop you for some times, and if it is an emergency, then it will affect you.

This is true. From what has been happening in the crypto space this is a call for reminder that funds kept in exchanges are not safe, investors should only make use of exchanges for p2p transactions and not hold their assets in exchanges to avoid loss of funds when hacks happened. Exchanges are not private but your non custodial wallet is your privacy which only you have access to your assets that are in there, investors should think more of safety of their assets same way they think about investments if not they will keep funds when hacks of this nature happens. Apart from exchanges limiting you from withdrawals when there are emergencies think about hacks that can affect all the assets of the exchange, from what has been happening let's not be surprised to wake up on morning only to discover that a major hack has happened and everything in the exchange was wiped out. Hackers are working day and night and with the help of AI they will not stop.

[WhoYouCantKill]

You don't have to feel say, the bright side if these crypto hacks is that we see the relevance of being security ready at every time.
Many schools of thoughts has it that what you don't put in use your will lose it, if we don't put the side of our conscience that makes us security ready to use we would use it and the effect would be bad.

North Korea has been credited to two of the top crypto hacks, it has also been speculated that these heist are use for the procurement of ammunition fi North Korea. When and if this case is solve will help with any future attacks coming from that region, because they are the biggest and most expensive threat to the crypto world.

You see, when we advise users against leaving their funds on Centralized Exchanges due to the potential risks of breach, this is exactly what is meant, but most people still don’t get it. They’ll basically wait till their funds are locked away in an exchange and they’re restricted from withdrawing before they learn.

As technology is advancing rapidly, so are the treats increasing and the less safer it is to trust the security of these CEXs. Yes many have the resources to simply bounce back into business after a hack, while many may struggle, but from our own end, we need to always be security conscious at all time.

[Kelward]

Th global financial system is under a threat, and this time the threat is coming through super intelligence tools, like what we have seen with update on Twitter, but talking about binance hacks and the rest of the recent crypto platforms hacks, we must acknowledge the role of insider accomplish among those and according to the statement from. Binance executive, he stated that the compromise came from a staff laptop compromised which means he was the backdoor channel and that insider like we said.

Ofcourse Binance na di biggest exchange wey de for crypto market and I de reason say dem supposed to get di best security to protect dem funds from hacks but e shock most of us say hackers bypass dem strong security and gain access to steal dem funds. I no go de surprise say di hackers get Intel from insider wey go open backdoor for dem to penetrate because most of us de see Binance as untouchable. With di amount of money wey dis hackers move from Binance e de enough to entice any corrupt officials to join dem during di planing stage because na billions of dollars we de talk about like dis. My worry be say if dis sophisticated hacks continue like dis e go affect di crypto market because many crypto holders go gradually de lose trust for di market, if we no feel safe anymore about crypto platforms including wallets na problem be dat.

[Scholarlygarden]

In every market, there are risks. The losses are part of business risks. For this reason, one of the requirements you need to consider before investing in crypto currency is your risk appetite. Depending on your risk tolerance, you are advised to invest only discretionary income. The potentials of crypto ecosystem is huge , however you need enough discipline to invest only spare funds at the beginning because accidents happen and hacking the exchange platforms is one of the accidents ( unforseen circumstances). This will help you to minimize your greed. In my opinion, we know that smart systems are susceptible to cyber attacks, so we should just consider this unforseen factors when making our investment decisions. Finally, do not forget that panic affects the market too. If the panic speculation is part of how the crypto market is regulated. When speculation becomes strong enough, some investors liquidate their assets and coins will dip. When the market dips, those who have large funds buy the dip and sell during pump. This is how some investors accumulate profits from the market. Therefore, we need to plan ahead taking lessons from history.

[Nightwatchmare]

Ofcourse Binance na di biggest exchange wey de for crypto market and I de reason say dem supposed to get di best security to protect dem funds from hacks but e shock most of us say hackers bypass dem strong security and gain access to steal dem funds.

Binance being the best exchange in the world based on trade volume does not mean it is untouchable or free from hack, what you should know is that all these hackers are always busy cracking exchanges to gain unauthorized access to any exchange immediately they see any loopholes or vulnerability and do their dirty business. This is why it very important for every exchange employer to be security minded in order not to create a pathway that hackers would use to hack an exchange.

[Sticky Bomb]

Are we really safe with all those crypto hacks we have been seeing from month to month with no one to tell us what the future of digital currency holds. From one hack to another and it is looking like this is just the beginning of it all.

Safety begins with you, DO NOT TRUST EXCHANGES, always practice non-custodial and use only trusted open source wallets. We are just experiencing a wave of attacks by hackers, this is not totally about AI, Binance hack proved that they're targeting vulnerable people with vital offices and attempting to compromise their devices to gain unauthorized access. Others are through 3rd party providers. The hackers are getting increasingly smart and that's why we should practice more of self-custody and place more emphasis on using multi-signature wallets

We have recorded more than 4 crypto hacks this year and nobody is talking about if it's going to affect other exchanges  and wallets in the nearest future.

Over a thousand hacks have occurred this year alone. It would affect them if they don't take security seriously. Every exchange and wallet provider should be revalidating their security architecture with the use of AI and run bounty programs so that both white and gray hackers can help them pinpoint security vulnerabilities that could be exploited.

[ZeroVinsonN]

AI is making it easy for these hackers nowadays, unlike before. Though, hacks on exchanges have been happening in the past but not as high as that of this year and the year isn't over yet. No Exchange is above hacking which is the reason why we always advise people to store their coins in a noncustodial wallet where they have full control on their private keys. However, these Exchanges have come to stay regardless the hack because customers funds are SAFU. Bitget got hacked and still operating so, I believe Binance will cover the losses.

There is nothing better than having your coins sent to addresses you generated on self-hosted wallets, but some people will not just do that until they lose coins or not able to have access to their coins on the exchanges for sometime. I guess they will not be convinced if Binance is also able to pay all users and the exchange continue to provide crypto services to its customers. All the exchanges and places that were hacked do not have excuses if AI is used or not used by the hackers.

Wallets get hacked too so don't paint them as safe.
Also we don't necessarily have to be keeping funds in exchange for us to lose money if it gets hacked, sure it's safer to not keep funds there but besides holding crypto an exchange serves as a means to exchange cryptos hence the name and during that time when you are planning on exchanging your crypto that exchange can be hacked and you could still lose your money.
Sometimes I see most people who are obviously not mining bitcoin talking about how bad exchange are when most of them who are holding got their bitcoin from exchanges, if it's that bad then maybe don't use it instead of looking for every opportunity to condemn it.

[Sarah Jordan]

I was quite surprised when I heard the news yesterday, because I use the exchange almost every day. Only this year we have already witnessed several hackers in the crypto industry and I never expected binance to be among the platform making such headlines. Binance is a well established crypto exchange that  has been around for years, so I expect them to have a strong security measures in place to prevent such attacks, give its reputation, experience and position in the industry.

absolutely we expect them to have stronger security measures to block this attacks. I understand sometimes these things are inevitable. Hackers are broadening their knowledge on this things. Even so we seriously expect theese exchanges to have a stronger security that will be hard for these hackers to penetrate as people funds are there. Now alot of people that have coins in those exchanges are on standstill. We hope they build a stronger security.

[Itz-prisigold]

We no dey safe at all and we fit dey see more hacks the way I dey see am. This thing dey start like play and later w fit become severe if these exchanges no do something to protect their server from all those hackers from taking advantage.
This one wey dey done hack Binance, na only God knows which exchange go be the next. This thing go make the security of these exchanges wey we dey use serious well well.

This is just a lesson and hopefully others exchanges will take serious action to pay more attention to security. One thing I believe is that hackers don't simply get up one morning and effortlessly hack into a platform. I’m very sure they may have been looking for weaknesses in the system and studying it for months before they figure out how to get in.

Therefore, other exchanges should learn from all these experience, instead of waiting for such incident to happen to them. Nobody will really want to wish this kind of situation to happen to anyone, and this has to do with users money and trust. So It’s better to learn from other people’s experiences and take preventive measures.

[Gost ms]

We no dey safe at all and we fit dey see more hacks the way I dey see am. This thing dey start like play and later w fit become severe if these exchanges no do something to protect their server from all those hackers from taking advantage.
This one wey dey done hack Binance, na only God knows which exchange go be the next. This thing go make the security of these exchanges wey we dey use serious well well.

This is just a lesson and hopefully others exchanges will take serious action to pay more attention to security. One thing I believe is that hackers don't simply get up one morning and effortlessly hack into a platform. I’m very sure they may have been looking for weaknesses in the system and studying it for months before they figure out how to get in.

Therefore, other exchanges should learn from all these experience, instead of waiting for such incident to happen to them. Nobody will really want to wish this kind of situation to happen to anyone, and this has to do with users money and trust. So It’s better to learn from other people’s experiences and take preventive measures.

Those who are not willing to learn from the mistakes of others and their own mistakes are always the victims of such fraud. Because they are not careful about it and they make the same mistakes again and again, as a result, they are the victims of fraud. For example, a friend of mine took a picture of the Seed Phrases of his wallet and kept his Seed Phrases in a lock. One day, suddenly, all the Bitcoins from his wallet disappeared and he became very worried. After that, he started telling everyone that he took a picture of his Seed Phrases and kept them in a lock. Because of this small mistake, all his holdings were stolen.

If he had written down his Seed Phrases in a safe place, then he would never have faced such a situation. Because if someone gets the Seed Phrases, then surely that person will be able to own everything inside the wallet.

[HajiBagi]

AI is making it easy for these hackers nowadays, unlike before. Though, hacks on exchanges have been happening in the past but not as high as that of this year and the year isn't over yet. No Exchange is above hacking which is the reason why we always advise people to store their coins in a noncustodial wallet where they have full control on their private keys. However, these Exchanges have come to stay regardless the hack because customers funds are SAFU. Bitget got hacked and still operating so, I believe Binance will cover the losses.

This year is one of the year that hackers target top exchanges, and if anyone tell me that Binance will be among the exchange to get hack I will not believe, since I hear the news of what happened i have been thinking that since Binance can be hack like this that means we are not saf, and our bitcoin are not safe no matter how smart we think we are, because any hackers that have the mind to hack Binance can do hack many top exchanges.

What happened to Binance and other exchanges show that they need to do better, they need to put more security for their exchange to be difficult for the hackers to hack, i know that any security that was created by person can be break by a person but it will be more secure than before because it looks like this hackers are very good and they have been planning it for a long time.

[Taricoins]

Did you understand something in this information you shared? If you look at the picture very well you would see that all the wallets that is been listed there are all exchange wallet (custodial wallets). That is why we frequently advice people not to save / HODL their bitcoin in an exchange wallet because its been managed by third party and things might go wrong at anytime, since I have been hearing about crypto hacks I have not heard nor see any non custodial wallet been attacked by hackers. So the moment we realized that exchange wallet is not the safe place to store our assets the better for us.

Yeah, it is advisable to use non custodial wallets which has been reiterated every where in this platform, and especially your lose if you still use some of this exchanges. But still as noncustodial provides the best security options, I still think it's about time for this cyber hackers to focus on them because from the OP's and lots of comments under this post, it seems like with the increae use of AI in adapting to cyber securities we are not safe again, this cyber hackers are just too ingenious

[Powerjumboo]

These hacks are not mere coincidences,  they are serious course of concern that makes me wonder how safe we are as bitcoin holders. If they can exploit Binance with all their expertise,  I wonder what will happen to nobs like us that don't even have the capital to fund serious security infrastructure.  We can only adopt self custody and hope we are not targeted since we don't have so much money that will get the attention of these big hackers.

The Binance hacking incident has really shocked and surprised everyone. When I first saw the Binance hacking incident on social media, I had a different feeling in my heart and was very scared because I had some dollars which I kept in Binance exchange. One of the reasons for keeping it was because it was the most popular exchange and the safest exchange, but despite keeping it the safest and most secure, they have been hacked very easily, which is why now I think no exchange is safe anymore. But it is true that we can use our own wallet where we can be safe because hackers may not pay attention to us because of our limited money.

[Rgram]

When you think of ledger wallet to have being hacked in the past and the cold card case which occurred more recently, that’s around July if I’m not mistaken, it makes one a little confused about best means to safeguard their Bitcoins or crypto assets.

However, you would reckon that, leaving your Bitcoins or Altcoins on exchanges is the worst anyone can do given the vulnerable nature of these exchanges and the frequent hacks points to a non custodial solution about it.

You’re far better off with a non custodial wallet than storing your coins on an exchange, exchanges aren’t wallets.