Why do exchanges keep getting hacked?

[setifien 1016]

Many factors make exchanges exposed to hack attacks :

-They contains huge amounts of coins 

-They are less secure than wallets (hardware wallets in particular) since they run online

-The weakness of their security system

[GanBin 705]

There are some exchanges that has never been hacked before, like yobit, it has never been hacked before. But exchanges that are hacked is because most exchange are just not safe and vulnerable to hackers, that is why exchanges are always being hacked. 

[jappy 1129]

On 9/26/2020 at 6:30 AM, duncun007 said:

I have been a day trader since early 2017, and for anyone who has been in crypto long enough I'm sure we have all heard about those crypto hacks, from Mt.gox(850k bitcoins stolen)  to bitcoinica (43k bitcoins stolen) to bitfinex (120k). all those hacks have been happening in this crypto world for the start to this day, and it makes you wonder...how would we attract big money players to an investment in crypto if we keep getting hacked without a notice.

No matter how good of security an exchange have there is always a chance for it to be hacked and that's the problem with decentralized exchanges, whenever there is a presence of humans in any equation it will cause for a human error, and in exchanges that end up causing it lots of millions just like the binance hack(7000 bitcoins). From this issue we saw the starts of DEX but sadly there was no enough liquidity on those to attract enough people to use DEX.

To me, I think there is a high risk in keeping our money in exchanges and i learnt that the hard way having almost 70% of my money in cryptopia when it was hacked, and now I had close to 35% of my crypto in kucoin, although I don't think kucoin will end up like cryptopia. The lesson that everyone should learn is to always keep your money in different exchanges just in case one of them got hacked you dont lose all your money, and to be safer it would be better to send your crypto to a private wallet.

That platform has been hacked before, the truth is dangerous because of its background, I do not recommend investing there, the truth is, security is weak.

[Amiami 1362]

I was also a cryptopia user, I remember that exchange in its beginnings gave cryptocurrencies for simply chatting in a pop-up window that appeared, since then I used it to buy cryptocurrencies and withdraw with a low commission, I remember that I did not lose much since days before I had withdrawn 90% of my funds to Binance, to sell.

 

And as for saving my cryptocurrencies, I have always chosen to use a wallet associated with my mobile device, which is disconnected from the network to ensure wallet funds are not stolen.

 

Exchanges are not safe, whatever they are, they all have vulnerabilities.

[baraa ahmad 1]

I think exchanges should tight their security. 

I am also victim of such exchange but it was not hacked by hackers. 

 

•  

[yulitzacalvete 1366]

On 26/9/2020 at 6:30, duncun007 said:

He sido un comerciante diario desde principios de 2017, y para cualquiera que haya estado en cripto el tiempo suficiente, estoy seguro de que todos hemos oído hablar de esos hacks de criptografía, desde Mt.gox (850k bitcoins robados) a bitcoinica (43k bitcoins robados) a bitfinex (120 k). todos esos hacks han estado sucediendo en este mundo de las criptomonedas desde el principio hasta el día de hoy, y te hace preguntarte ... ¿cómo atraeríamos a jugadores con mucho dinero a una inversión en cripto si seguimos siendo pirateados sin previo aviso?

No importa cuán buena sea la seguridad que tenga un intercambio, siempre existe la posibilidad de que sea pirateado y ese es el problema con los intercambios descentralizados, siempre que haya presencia de humanos en cualquier ecuación, causará un error humano, y en los intercambios ese final causando muchos millones al igual que el hack de Binance (7000 bitcoins). A partir de este número, vimos los inicios de DEX, pero lamentablemente no había suficiente liquidez para atraer a suficientes personas para usar DEX.

Para mí, creo que existe un alto riesgo en mantener nuestro dinero en intercambios y aprendí de la manera difícil tener casi el 70% de mi dinero en criptopia cuando fue pirateado, y ahora tenía cerca del 35% de mi cripto en kucoin. , aunque no creo que kucoin termine como cryptopia. La lección que todos deben aprender es a mantener siempre su dinero en diferentes intercambios en caso de que uno de ellos sea pirateado, no perderá todo su dinero y, para estar más seguro, sería mejor enviar su criptografía a una billetera privada.

This will always happen unless technology increases enough to avoid it, this due to multiple hacking attacks on many sites, these sites do the best they can to avoid it, but daily they may have difficulties with these actions.

[SuperCrypto 7193]

Many hacks occurred in cryptocurrency trading platforms with the aim of stealing cryptocurrencies or customer data. The method of digital currency platforms differs in preserving and protecting the balances of their customers from one platform to another, but with this it remains advisable to transfer your cryptocurrencies to decentralized wallets.

[leakydonney 1402]

That's obviously true and normally exchanges keep getting hacked because hackers love going after exchanges because they are holding large amounts of cryptocurrencies and often they are easy to target especially in wallet that are connected to the internet (hot wallets) although some exchanges are obtaining insurance on the funds inside or requiring multiple secret keys for access but still it's impossible to eliminate the risk of a hack completely

[setifien 1016]

1 hour ago, Frank castle said:

There are many procedures that everyone must follow, and this is to reduce the thefts and breaches that occur. It is also possible to regularly check the security of the account, change private passwords and re-save them secretly.

When it comes to funds that are stored in the online platforms (exchanges and wallets) it's mandatory to renforce the security of accounts by using multiple lock tools (strong password, two factor authenticator by sms or app)

[Fmammadov 36]

The cost of bitcoin took a tumble early Wednesday after a significant South Korea-based digital money trade, Bithumb.The occurrence is the most recent in a long series of robberies at the online entryways where speculators exchange money for advanced coins, for example, bitcoin and ether. Bithumb has not said how the assault happened. First off, cryptographic money specialists accuse remiss security at the hacked trades, just as the flourishing fame of advanced monetary forms all the more by and large. As such, programmers love following trades since they are a fulfilling and regularly obvious objectives. In this regard, trades are minimal not the same as medical care suppliers with rewarding clinical information, or credit revealing authorities that hold Social Security numbers. 

A ton of cryptographic money trades work a similar way. They run what is known as a "hot" wallet that is associated with the Internet, where they store the virtual money they realize they will use to rapidly satisfy their clients' exchanges. In the interim, they may keep a few — or even the mass — of their clients' assets in a "cool" wallet. This chilly stockpiling is separated from the Internet and distant to clients, incompletely to guarantee it is untouchable to far off programmers. 

While numerous trades have received procedures to ensure their hot wallets, for example, getting protection on the assets inside or requiring different mystery keys for access, it is difficult to kill the danger of a hack totally. Similarly as online crooks are continually growing new types of malware that endeavor bugs in programming its designers have not gotten, hot wallets are powerless against similar sorts of danger. 

Move purposely, fix things: How Coinbase is building a digital money domain 

That doesn't mean hot wallets are inalienably terrible. Envision if each time you covered a tab at an eatery or bar, you needed to visit your bank account to truly pull out the cash. It would be a gigantic bother, and settling your tab would take ages. Hot wallets speed things up, at the expense of some inherent security chances. Consequently, numerous digital currency financial specialists suggest putting away your coins not in a wallet that is constrained by a trade, but instead in a cool wallet you control. This wallet could be a hard drive you have unplugged from a PC, a USB drive you store in a cabinet in your home or even codes composed on a bit of paper. At the point when you need to sell the coins in the wallet, just reconnect the wallet to the Internet. 

 

[Lokeloke 576]

Scamming not only happens in the crypto world, the way you engage with many website is to open your eyes and not to be finding an investment that promises double return within short period of time

[ertuğrul 27]

You may think that cryptocurrency exchanges have become more secure over time. In reality, they are exposed to more and more attacks every year. Regulations on cryptocurrency exchanges are still not enough.

Although there are no specific laws regarding how cryptocurrency exchanges should take measures, there are some crypto-friendly countries and states. Canada, Malta and the US state of Wyoming have facilitated the activities of companies by making crypto-friendly regulations and provided a guide to security measures.

[Rozy 1918]

dear friend your question has a very simple answer , exchange sites keep hacked because there is money in them , it is just like banks being robbed, whenever there is money there is stealers or hackers, there is never a one hundred percent safety when doing on line business.

[ibrahim halil anaç 138]

The transaction volume continues to increase gradually according to the stock exchanges.
Billions of dollars are processed every day.
No matter how much the stock markets improve themselves in terms of security, they cannot stop these cyber thieves.
Because the amount of money in the stock market is too much.

[Amna Hareem 1213]

On 9/26/2020 at 3:30 PM, duncun007 said:

I have been a day trader since early 2017, and for anyone who has been in crypto long enough I'm sure we have all heard about those crypto hacks, from Mt.gox(850k bitcoins stolen)  to bitcoinica (43k bitcoins stolen) to bitfinex (120k). all those hacks have been happening in this crypto world for the start to this day, and it makes you wonder...how would we attract big money players to an investment in crypto if we keep getting hacked without a notice.

No matter how good of security an exchange have there is always a chance for it to be hacked and that's the problem with decentralized exchanges, whenever there is a presence of humans in any equation it will cause for a human error, and in exchanges that end up causing it lots of millions just like the binance hack(7000 bitcoins). From this issue we saw the starts of DEX but sadly there was no enough liquidity on those to attract enough people to use DEX.

To me, I think there is a high risk in keeping our money in exchanges and i learnt that the hard way having almost 70% of my money in cryptopia when it was hacked, and now I had close to 35% of my crypto in kucoin, although I don't think kucoin will end up like cryptopia. The lesson that everyone should learn is to always keep your money in different exchanges just in case one of them got hacked you dont lose all your money, and to be safer it would be better to send your crypto to a private wallet.

Thanks a lot for this I am a beginner but this thing happen with my friend last week he was hacked by someone and he lost all his money he became so depressed and he lose all his hope but after sometime he secure his wallet but I really sad why people do this they have to their own work and should earn through earn it.

[ShiNorton 906]

Exchanger sites are getting hacked due to unsolved bugs present in their sites. Centralized  exchangers are getting hacked. Hackers have already stolen bigger amounts from such type of hacking in the exchanger sites. 

[JanBomCrypto 494]

Because their security is not strong enough, but there are some that have not been hacked, theses re the exchanges I like to use. Like yobit has not been hacked before and I like to use yobit because I am confident that my coins on yobit can not be hacked but save if I am able to rake good care of my account because yobit will make sure they secure the coins for me. 

[GanBin 705]

12 hours ago, drhadeed96 said:

Even the Binance hack, Bitfinex, basically all exchange hacks had suspects inside the exchanges. Maybe the Mt.Gox was one that had so bad security that hackers were having a party and stolen so much in some years. I'm glad you talked about Bitcoinica too.

Possibly they have suspect which I believe you meant that they hack is as a result of insiders, the works that knows about the exchange. If that is what you meant, very possible you are right and may not be right. 

12 hours ago, JanBomCrypto said:

Because their security is not strong enough, but there are some that have not been hacked, theses re the exchanges I like to use. Like yobit has not been hacked before and I like to use yobit because I am confident that my coins on yobit can not be hacked but save if I am able to rake good care of my account because yobit will make sure they secure the coins for me. 

Exchanges are making use of cold wallets, which will make them just be vulnerable to hack. That is why keeping cryptocurrencies on wallet is the best, exchanges should only be for trading. 

[Maya20 1048]

Many see that their opportunity is to penetrate the stock exchanges because they contain a lot of money. Be careful before dealing with any exchange, and also the security symbols must be changed constantly, to preserve people's money.

[Mr.Rayan 2]

You are right. Thank you, my friend. The wallet you want to use must be legitimate and have a good protection system against hackers, and we must also not keep all our money in one place.

[matias estigarribia 1605]

Throughout history, exchanges were hacked and we all know that it is not advisable to have a lot of money in exchanges, it is advisable to use cold wallets that are more secure. Wallets have more security than any exchange, for that reason we must have our savings in wallets.

[zeshan1122 654]

these are the places with a lot of money and maybe has less security and they are worth hacking and putting efforts in them that is why they are been hacked except of the individual accounts.

[milyapsak0901 693]

I love crypto and i see a great future on crypto but there's a hacking problem and i don't know how can they prevent this problem. Every exchange can get hacker attack and it' terrible, even in banks if we got hack our money will be safe. Actually some big exchangers have a big insurance. I think every exchange needs to start insurence otherwise it could be terrible for them and the users.

[zagzag 320]

I read a news article last July. According to the news; It is said that the sensitivity to cyber attacks has increased with the increase of remote work in the Covid-19 outbreak. It is also stated that there is a 542% increase in cyber attacks in the Covid-19 process. I think everyone should be more careful about this issue.

[David miller 420]

Good post,I don't know about it but it is very important sharing information in this forum because I am new here, I read it and then after I comment in this topic.good luck.