Are we really safe with all these crypto hacks?

[Bitcoin Maxi]

What we are seeing is looking like a joke but it might become very seriously if more exchange are getting hacked without any intervention coming from the government. I have been thinking what can be the tools these hackers are using to steal these funds that are kept in a cold wallet with lot of privacy checks before any fund can be moved.
This is gradually becoming a trend and if we see another consecutive hacks, this is when the question will be taken seriously.

[Anayochukwu]

This year has recorded many exchanges being hacked and binance is the one that shocked me the most even though I believe that they are capable of coming out from it strong but I still can't believe that binance can be hacked, I had so much trust there and this has been an eye opener for me never to put my trust in any exchange no matter how strong I think they are and right now I'm thinking of focusing more on noncustodial wallet and even if I'm going to keep using binance I won't store in it comfortable like before.

[MorganaX]

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.

I have said this thing time and time again, this occurrences is bigger than something we can comprehend and it keeps getting worse, we know that with every advancement in tech [in this case AI] their is always an increase in cyber crime but at this rate, cyber security measures should have been able to identify the leaks, stats said over 200 crypto hacks has been recorded just this year and we are saying their is no way to protect the assets, something just smells fishy

[Pablo-wood]

This year has recorded many exchanges being hacked and binance is the one that shocked me the most even though I believe that they are capable of coming out from it strong but I still can't believe that binance can be hacked, I had so much trust there and this has been an eye opener for me never to put my trust in any exchange no matter how strong I think they are and right now I'm thinking of focusing more on noncustodial wallet and even if I'm going to keep using binance I won't store in it comfortable like before.

Binance hack is just a prove that no CEX is 100% immune to Cyber attack. I felt years of experience matters when it comes to security but in reality it doesn't and this is a big prove. This should serve as a bold reminder that self-custody remains the ultimate when it comes to security and safety. It is also a time to remind ourselves that every link we find online is a potential risk to us and thus subject to verification or preferably  search them out directly.

[Jubilee58]

If you must remain safe in your Bitcoin or cryptocurrency journey, abstain from keeping your investment in an exchange, while some investors are complaining of loosing their Bitcoin asset during these hacks, their are people whose investment are safe because they have discovered the right place to keep their Bitcoin, and what they should do to keep it safe. If we should trace very well, many people who lost their Bitcoin or cryptocurrency did because they failed to adhere to wallet safety rules. Some investors attacked because they they talk about their investment and expose themselves online, and the public, some also dump huge amount of Bitcoin or other cryptocurrency assets in exchanges, some do not about ponzi investment, and some do not give attention to phishing attacks etc.
When you take cognizance of this safety rules, your asset will be safe.

Bitcoin investing have began long ago, and some early investors still have their asset safe in their wallet without being tampered by any scammer, they reason is because they have obeyed investing or wallet rules which I think every other person can do it. It is totally in our own hands to keep safe our Bitcoin asset, and it will remain safe if no safety rules is compromised.

[MainIbem]

To my greatest surprise, If I was told that Binace is going to be the next on the list for exchange hacks I will never concur to that because I thought Binace has one of the best security for both users and their team due to their past experiences in 2019 and there about. I am starting to think if we'll are safe in this era of artificial intelligence.

This isn't the first time Binance has been hacked and who knows the ones happening they're not telling us but keeping it low key and sweeping it under the rug because they have the funds to cover up. This one is making major news because the money involved is big but I'm not surprised here since the more popular and centralized an exchange or platforms becomes, the easier it's to hack them. Lets not forget those incharge of the security is this exchanges are also humans like you and I and they can make mistakes too so they can be targeted and then hacked that when they connect to the exchange server, the hackers get access. ro their server and then do their thing. Hacks are part of the industry so it shouldn't be bothering you as it's always going to happen. Untill they start prioritizing Non custodial walkets  for storing their coins, hackers will always get acess one day to the centralized systems and do their thing.

Not only Binance, other exchanges have been hacked before this recent one but Bitcoin blockchain still stands and remain immune to hackers so that should let people know that it's not about the coin but taking the security of their wallets more seriously, exchanges are not reliable even the ones we feel were the best with the better security. People should use non custodial wallets, not just any but the ones that's backed with a pass phrase or air gripped, else they'll keep moving to different exchanges that might fail them on the long run.

[adultcrypto]

Not only Binance, other exchanges have been hacked before this recent one but Bitcoin blockchain still stands and remain immune to hackers so that should let people know that it's not about the coin but taking the security of their wallets more seriously, exchanges are not reliable even the ones we feel were the best with the better security. People should use non custodial wallets, not just any but the ones that's backed with a pass phrase or air gripped, else they'll keep moving to different exchanges that might fail them on the long run.

There has never been any incidence of hack of the bitcoin blockchain but there are speculations that the emergence of quantum computers could make that possible. When this has not been confirmed as quantum computers are not fully operational,  there may be move from the bictcoin devs to develop measures that will protect bitcoin from such threats. There have not been a consensus for now but when quantum threats becomes a thing, the whole process can be fast tracked to  protect bitcoin from destruction. 

[POPOLUV]

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.

I think since this year we have be able to witness serveral hackers succeeding within the crypto world and with the approach or manners this hackers are succeeding, i don't think any exchanges or personal wallets will be save, with the way this hackers is becoming so popular in the crypto industry, is something that so alarming and which investors should guide their coins in any address generated on self-hosted wallets because if hackers can succeed in hacking Binance, it shows that they can hack anything hackable, and i have peruse through some discussion here in this thread and i noticed that investors are pointing fingers in AI, which hackers has been making use of, and it is very obvious that AI can be used to generate so many things and if AI is really assisting hackers to succeed in hacking anything, a clear investigation should be conducted.

[MainIbem]

...

There has never been any incidence of hack of the bitcoin blockchain but there are speculations that the emergence of quantum computers could make that possible. When this has not been confirmed as quantum computers are not fully operational,  there may be move from the bictcoin devs to develop measures that will protect bitcoin from such threats. There have not been a consensus for now but when quantum threats becomes a thing, the whole process can be fast tracked to  protect bitcoin from destruction. 

I like how you stated that it's speculations, which mean that there's no prove of the possibility of that happening or chances being high. However, i also like that you understand that Bitcoin devs are not relently and would constantly upgrade the security of network against possible threats whether quantum or not. Infact there's some ongoing project of wallet that would be quantum safe and i believe in future, when they're tested and trusted we'll see more of those kind of wallets.

[Jostern]

Apparently if you do the right things by keeping your bitcoin or whatever cryptocurrency you’re holding in a non- custodial wallet, then your holdings could be safe, but if you’re keeping your bitcoin or whatever cryptocurrency you’re holding on exchange then you could be doomed, right now fraudsters are treating this hacks as a legitimate business now, perhaps we could say that AI have been a revelation to this hacker, AI is something that is making their hacks easy for them and that is a disadvantage to people right now, so anything can happen when you keep your money in an exchange, I feel people have had different experiences with what happened with Binance last week how everyone was panicking to withdraw their money from Binance.

[Lord David]

I think that depends on where you keep your crypto not the Blockchain itself, exchanges are prime target,if you study it well you can be very safe   if not you're trusting someone else to secure your funds for you

[Futurexxx]

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.

The simple truth be say shit must always happen, when security no tight. Why this hackers get access to breach binance security na because of one carelessness of their staff, so that one na clear evidence say if you no give this hackers something to prey on, them no go fit do anything.

Make we try check all the history of all this hacking wey don happen since the beginning of cryptocurrency, na mostly because of individual errors nai dy make this hackers have their way, so this is enough reason for us to take our future into our hand, and by doing that na to hold our Bitcoin in a self custodian wallet, so that all this gbese wey dy happen for exchange no go really affect us. As for those people wey still dy keep their asset inside exchange, na them sabi oo, because all this things wey dy happen na very big lesson them suppose learn from, no be everything be village people.

[Coyster]

Binance hack is just a prove that no CEX is 100% immune to Cyber attack.

That is not new, it is common knowledge and anybody who has been in the network for a long time ought to know this. It isn't only just centralized exchanges, scammers are constantly scanning different networks and services, looking for flaws that they can exploit, so, every crypto corporation or service ought to know that they are a target every day.

The larger the platform, the greater the attackers trying to infiltrate their system and steal from them, basically because they hodl a lot of money. Binance and other exchanges can only learn from this event, in order to be ready for future attacks.

[obuoma]

I think that depends on where you keep your crypto not the Blockchain itself, exchanges are prime target,if you study it well you can be very safe   if not you're trusting someone else to secure your funds for you

The target have expanded to include even open source wallets. There have been many instances of such attacks that resulted in significant loss of assets of people who own and store their Bitcoin in hardware wallets so we should not thing that storing coins in wallets completely provide ultimate security. We should just imbibe best security practices such as protecting the seed phrases from second eye and also avoid storing them on mediums that are connected to the internet. As an additional tips that I learnt from other experienced members, we can split our Bitcoin and save them in different places.

[Bryan jessy]

I think that depends on where you keep your crypto not the Blockchain itself, exchanges are prime target,if you study it well you can be very safe   if not you're trusting someone else to secure your funds for you

The target have expanded to include even open source wallets. There have been many instances of such attacks that resulted in significant loss of assets of people who own and store their Bitcoin in hardware wallets so we should not thing that storing coins in wallets completely provide ultimate security. We should just imbibe best security practices such as protecting the seed phrases from second eye and also avoid storing them on mediums that are connected to the internet. As an additional tips that I learnt from other experienced members, we can split our Bitcoin and save them in different places.

The solution now is for people to stop storing their assets in exchange wallet, because in this case of Binance hack, it affected everyone whose asset was stored with them, regardless of how secure the seed phrases are been protected by it's owner once the company faces attack like this it scares their customers, because if they can hack into the company's system this way how much more it customers who have their assets stored with that same company, we just hope this scam does not get worst than this, because it is scary and I never for once imagine Binance being hacked.

[Perfectbaby]

Amd these three exchange that is being hacked currently are the major exchange that is used by most of the Nigerians and specifically Bybit since Binance has delisted NGN from their market, it makes it very hard for people to keep using that particular exchange. But what I noticed is that lot of Nigerians are using that exchange to receive payment from their signature campaign and every they could then send it to their bybit for p2p trading, same thing is applicable with bitget exchange.

I know no one would be happy seeing that lot of exchanges are being hacked without prior notice or information regarding this exchange that are being hacked. To crown it, this is not just limited to exchanges but some of the crypto wallets out there are also being hacked so, we must endeavor to make sure we do everything humanly possible to secure our;

1. Our exchange account
2. Our gambling account
3. Our wallets which is the most important one because when compromised it there no alternative except get another wallet.

[Bigjoe33]

This year has recorded many exchanges being hacked and binance is the one that shocked me the most even though I believe that they are capable of coming out from it strong but I still can't believe that binance can be hacked, I had so much trust there and this has been an eye opener for me never to put my trust in any exchange no matter how strong I think they are and right now I'm thinking of focusing more on noncustodial wallet and even if I'm going to keep using binance I won't store in it comfortable like before.

Non-custodial wallets are the real thing. Though Binance and other exchanges offer good opportunity to store and save your asset, but if you really want to HODL, I mean for longer term, exchanges aren't the best at all.

All these hacks are pointers that the crypto space is full of unexpected happenings, and one has to be extremely careful. Even when you have your own personal wallet, the non-custodial, you must make sure to secure and keep your seed phrases, because any contact with it by another person who knows what it is, and can do you dirty, then it's a lost story for you. More vigilance, extra security. That's what all exchanges needs, that's what all investors needs

[Proty]

what happened to binance should not be blamed on Ai. Rather those that choose to use Ai for criminal activities are to be blamed . Ai can be used by Cyber security agents to secure exchange, and also it can be used by hackers. Sometimes most of these hacks can be as a result of some officials leaking sensitive information to hackers.
Using an exchange to store bitcoin for a long is not a good idea because of security issues. However, this doesn't mean that those who are using non custodial wallet can't be hacked. If they are careless on how they store their seed phrase, and it happens to  get to the wrong hand , their wallet can be compromised.
What happened to binance will be a lesson to other exchanges and they will work on their security to avoid falling victim to such attacks.

[osasshem]

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.

Even the big names and organisations doesn't mean it's a total safe heaven from these hacks, it's only providing a room for safe heaven to hack victims, and somehow get some support for their lost/stolen funds.

The entire sci-fi movies are all playing reality directly to our eyes, who knows what the next AI attack will be. It has been said years before now, before the threat of AI and rampant hacks, that it is not safe to keep ones holdings in exchanges, now it is playing clearly. I am sure people will start to take it seriously of they truly value their funds/investments.

[Zackz5000]

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.

There was panic and tension when i couldn't withdraw my asset, initially my mind cut off, then i never understood what was happening it was later i heard that binance was hacked but the important thing is we were still allowed to withdraw after some fews days.

Binance happened to be one of the largest cryptocurrency exchange in the world so i never expected their system will be hacked because there are many people holding funds over there, they should tighten their security measures so that such an act won't happen again.