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Author Topic: Coinapult Claims $40k Lost in Hot Wallet Compromise  (Read 1461 times)
inBitweTrust
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March 18, 2015, 04:07:52 PM
 #21

Most if not all Bitcoin exchanges do not have millions to pay security professionals each month code a nice backend that is bulletproof against hack attempts. Cold storage would definitely help with the storage though.

If an exchange cannot afford 80k a year to pay for one decent security expert than they don't deserve to exist.

If an exchange is insured, pays for top notch security, and highly regulated the best outcome you can hope for is guaranteed theft from the state between 15-40%, Otherwise you should expect to lose all your money within enough time.

Better secure bitcoins yourself and use bitcoin as intended.

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franky1
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March 18, 2015, 04:10:31 PM
 #22

why oh why are these companies still using hot wallets!!!

i know of 10 ways to keep priv keys far from a server, yet still offer near-instant transaction times (bar a few milliseconds).

its like amateurs want to find the most inefficient route they can for security, and then use that as the excuse to not secure it.

the only other theory would be that they are paid off to say they were hacked as some way to get negative news into media, as more evidence of the need for crappy regulations.

but ill stick with the theory that lame assed coders do not have a clue how to run data between different systems. thus throwing everything into one less secure location purely for the naive FIATBANK/Titanic belief of too big to fail.

lets hope that people realize that a brand name does not infuse trust of third parties.. but actual security and protections do.

I DO NOT TRADE OR ACT AS ESCROW ON THIS FORUM EVER.
Don't take any information given on this forum on face value. Please do your own due diligence & respect what is written here as both opinion & information gleaned from experience. If you wish to seek legal FACTUAL advice, then seek the guidance of a LEGAL specialist.
inBitweTrust
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March 18, 2015, 05:00:08 PM
 #23

lets hope that people realize that a brand name does not infuse trust of third parties.. but actual security and protections do.

Yes. Multi-billion dollar corporations like target or sony cannot be trusted to follow the most basic of security precautions like salting their tables properly.  What make anyone assume that a small startup will do better?

Better education and easier to use hardware wallets is the solution.

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March 18, 2015, 05:46:53 PM
 #24

lets hope that people realize that a brand name does not infuse trust of third parties.. but actual security and protections do.

Yes. Multi-billion dollar corporations like target or sony cannot be trusted to follow the most basic of security precautions like salting their tables properly.  What make anyone assume that a small startup will do better?

Better education and easier to use hardware wallets is the solution.

sony wasnt hacked due to badly salted passwords of individual users. they got to the master server, not through brute forcing individuals.. but yes i agree, in a information age of the internet. companies holding other peoples valuable data/funds do not seem that well informed to secure their customers stuff

I DO NOT TRADE OR ACT AS ESCROW ON THIS FORUM EVER.
Don't take any information given on this forum on face value. Please do your own due diligence & respect what is written here as both opinion & information gleaned from experience. If you wish to seek legal FACTUAL advice, then seek the guidance of a LEGAL specialist.
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March 18, 2015, 06:46:24 PM
 #25

LOL when will these dumbass exchanges stop running hot wallets?!

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March 18, 2015, 07:09:06 PM
 #26

LOL when will these dumbass exchanges stop running hot wallets?!
I dont know, theres also the possibility that they are doing it on purpose to keep getting away with scamming tons of bitcoin from poor uninformed people.



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inBitweTrust
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March 18, 2015, 07:14:02 PM
 #27

sony wasnt hacked due to badly salted passwords of individual users. they got to the master server, not through brute forcing individuals.. but yes i agree, in a information age of the internet. companies holding other peoples valuable data/funds do not seem that well informed to secure their customers stuff

Yes, the salted comment was directed at target, sony has a different set of sloppy mistakes.

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March 18, 2015, 07:39:34 PM
 #28

Please refer to this thread about why you shouldn't trust (too much) third-parties wallets, exchanges, etc.
https://bitcointalk.org/index.php?topic=945881.0

thanks

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