Kraken Data Leak

[Raqeebzy 6456]

One thing we fail to understand is that not all breach are targeted at funds stealing, they might want to steal data for illegal activities which is the main reason of my gospel against KYCs and other similar procedures. Kraken is a good exchange and widely used, they need to step up their security network to prevent similar situations in the future.

[guatazoo 7150]

10 hours ago, BTC Future said:

It seems that many exchanges cannot handle the cost of having a good security team, or they just don't care much about it. Sometimes it might be an inside job as well and this is harder but if it is proven they will know who was the culprit.

Thats not the reason, the exchanges are too much rich, so that they can handle any kind of security, but the hacked issue become when they transfer money from wallet to wallet, so they got hacked while the transaction is not have any kind of confirmation yet. 

[Nab 263]

this is something that happens in some exchanges when they are exposed by hackers and they steal data from the users and it has been the case that sometimes they manage to steal assets from the exchanges in millions of dollars,the Cryptopia exchange was hacked for mor than 16 million of dollars in 2019.

[BTC Future 3946]

4 hours ago, guatazoo said:

Thats not the reason, the exchanges are too much rich, so that they can handle any kind of security, but the hacked issue become when they transfer money from wallet to wallet, so they got hacked while the transaction is not have any kind of confirmation yet. 

This is exactly the reason. The cost of securing adequately the personal information and funds of their clients is too much and hacks will keep happening even on major exchanges. It is not a matter of if, it is a matter of when. 

 

The major exchanges wouldn't need to outsource the storing and handling of personal data to 3rd parties if they could bare the cost on their own. The exchanges are the highest risk for our funds and they can't actually handle too much in case of a hack. 

Edited June 5, 2020 by BTC Future

[guatazoo 7150]

20 hours ago, BTC Future said:

This is exactly the reason. The cost of securing adequately the personal information and funds of their clients is too much and hacks will keep happening even on major exchanges. It is not a matter of if, it is a matter of when. 

 

The major exchanges wouldn't need to outsource the storing and handling of personal data to 3rd parties if they could bare the cost on their own. The exchanges are the highest risk for our funds and they can't actually handle too much in case of a hack. 

So thats by your means you want to tell me that the wallets are too much rich than exchanges and thats why they can handle the high security cost?

[BTC Future 3946]

13 hours ago, guatazoo said:

So thats by your means you want to tell me that the wallets are too much rich than exchanges and thats why they can handle the high security cost?

I don't understand what you mean or what you have in mind. Perhaps you need to explain directly your position and elaborate with details. I haven't written anything about wallets on this post and this is not about them.

[guatazoo 7150]

On 6/7/2020 at 10:56 AM, BTC Future said:

I don't understand what you mean or what you have in mind. Perhaps you need to explain directly your position and elaborate with details. I haven't written anything about wallets on this post and this is not about them.

The thing thats makes me to mention wallets is why I never hired the wallets got hacked but only exchanges got hacked? But if there have no misunderstood, let leave this, it was just discussion, so we don't have to spam. 

[BTC Future 3946]

On 6/8/2020 at 5:23 PM, guatazoo said:

The thing thats makes me to mention wallets is why I never hired the wallets got hacked but only exchanges got hacked? But if there have no misunderstood, let leave this, it was just discussion, so we don't have to spam. 

Ok I understand your point now. There is a difference with wallets (the non-custodial ones) that you hold the keys to them and noone else can have access. Probably this is the reason the hackers don't attack the services. But the custodial wallets probably can get hacked since they are centralized. I don't remember a case of a wallet being hacked though, but if one of them does not give you your private keys to access the wallet then I consider them high risk as well.

[DreamStage 2105]

Thank you for such useful information regarding Kraken exchange as i had no idea what was going on with them but just heard some rumors.

 

After seeing such conclusions i can only say that those who invested at Kraker should thinking about moving into another exchange at least (that's my take on this) since it has been the second time such data leak happened.

[guatazoo 7150]

4 hours ago, BTC Future said:

Ok I understand your point now. There is a difference with wallets (the non-custodial ones) that you hold the keys to them and noone else can have access. Probably this is the reason the hackers don't attack the services. But the custodial wallets probably can get hacked since they are centralized. I don't remember a case of a wallet being hacked though, but if one of them does not give you your private keys to access the wallet then I consider them high risk as well.

So I understand your point that the wallet itself cannot be hacked, but the user wallet account can only be hacked through their wallet private keys right!

[jamesvince 2389]

If really this news is not fake and genuine then this is really bad security guard of crypto market exchanges. If exchanges don't have secure their data storage then why demanding data from us. They needed to allowed is free kyc trading if they don't consider of documents important. 

[Ismoney 230]

Few months ago, Kraken exchange was listed as one of the most trusted and secured exchanges. This tells us that there is always room for improvement.

[Nab 263]

this is something that happens in many exchanges that make alliances with security companies and are vulnerable to ciber attacks, puting at risk customer data and even digital assets.

[BTC Future 3946]

17 hours ago, Nab said:

this is something that happens in many exchanges that make alliances with security companies and are vulnerable to ciber attacks, puting at risk customer data and even digital assets.

Besides that Kraken decided back in 2018 to give all their users just 2 days deadline to finish KYC otherwise they didn't allow trade or withdraw. Pathetic.

[GanBin 705]

I thought this exchange was secure before but with this data leak, it is possible for coins to leak, exchanges are not to be trust, using good ones is better. I prefer an exchange that takes my information valuable like my coins in a way people will not know about my worth in cryptocurrencies that I used on the exchange. 

[Abdulrahman3 1252]

Since they have been hacked once, it is possible that they will be hacked dozens of times, and I think that the traders are not stupid and will not miss this idea, perhaps they should close the platform if they are not prepared for the losses that will come to them from the withdrawal of traders.

[Mfe 109]

This is another issues we are having issues and this is one of the things we need to know more about it. And why leak information of someone who trust you and believe you will not do such to them? Anyways such is life and it teaches us more about life and to learn who to trust.

[KarlJohn1 56]

I have known about cryptocurrencies like some months now, I have known how exchanges can be not safe. But many exchanges now are moving towards the part of safety but data leak can happen anywhere. The first data leak I heard was not even in crypto, it is in the real world with government data that was hacked  by hackers. This kind of thing can happen like that. We need to be careful.