Why do exchanges keep getting hacked?

[Eezabell 339]

There are Many Kinds of the Reasons that we are getting hacked from the Hackers. First thing is that we use the Local Internet Connection that is not more Secure than the Other National Connections. So, We have to Change the Net Connection.

[betania1 283]

It is really bad news whenever exchanges are subjected to hackers, this increases a bit the concern of where to have our assets, but we must also bear in mind that these things do not always happen in exchanges so it is better to be careful of our money and monitor it and leave it in the software wallet if necessary.

[meme9988 13]

The reason is clear for making stock exchanges vulnerable to being hacked, because they contain millions of bitcoins, that is, nearly billions of dollars ... therefore, emphasis must be placed on their protection.

[Calvinpriva 17296]

Exchanges are keep getting hacked because scammers are always there and they need money as always. That is why they may use a lot of time to prepare themselves to attack any targeted exchange. That is why we are advised to store only some of our trading capital in exchanges but not all our capital and profit.

[ltaa02 52]

That confuses me why exchanges never hire one of the white hat hackers and hold them responsible for the security of the exchange.

[Lx Lana 40]

Incomprehensible, we see every time a platform is being hacked. I did not understand what happens, is it that they are being hacked 

[ltaa02 52]

I think The reason is to make stock exchanges vulnerable, because they contain millions of bitcoins, which is almost billions of dollars ... hence the emphasis must be placed on protecting them.

[Dorjoy12 8962]

On 9/26/2020 at 4:30 PM, duncun007 said:

and to be safer it would be better to send your crypto to a private wallet.

 Store crypto  currency  in exchange  site always  risky ..  Why do we use exchange??  Its just for get some quick  profit  by doing day trading or exchange  our coin to our reliable  coin but hold  our crypto  in exchange  is not a good  planning.. By the way, its good to use well reputed  exchange  for store crypto  for short term but for long term its risky.  

[Shaquille 181]

Hacking ans scammers is the most nominated problem in crypto world. It is the reason many people are afraid to keep their money in crypto. We should be always careful. I really like your advice that we should always keep our money in different exchanges. Personal wallet is really recommended.

[Nonahassan 915]

The matter is more than easy. All you have to do is not keep the private currencies. Stay on the platform for a while. Just trade and withdraw your coins on a secure wallet so that you do not lose your money from hacking into any platform whatsoever. 

[Bitpapacoins 61]

9 hours ago, Nonahassan said:

The matter is more than easy. All you have to do is not keep the private currencies. Stay on the platform for a while. Just trade and withdraw your coins on a secure wallet so that you do not lose your money from hacking into any platform whatsoever. 

But what about if you are trading and he exchange your are using got hacked at that point? You are right, we should not leave cryptocurrencies on exchanges if not trading. But I do think about this too. The reason why exchanges are hacked is because they are making use of hot wallet for storage which is not secure and safe. 

[eiad.esmail7 204]

On 26/09/2020 at 1:30 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.

In fact, in my personal opinion, we should not put our money in one platform and not rely on a single cryptocurrency, because if this documenter or platform is compromised, we will lose all our money. Either by distributing it, we can raise the security ratio.

[Ali Rao 161]

Well we can't understand that keeping our money in the exchange is very worse then keeping in the bank. We think that just keeping our money in the invest box we are doing investment and get rewarded by profits buy thats not true we have to keep our safe in the wallet which we are using it.

[Parvez627163 96]

Exchange hacks are caused by some of your own weak work. You need to use a strong password on the platform through which you will exchange so that hackers cannot hack your exchange in any way. You need to use a real platform for exchange where there is no chance of your exchange being hacked.

[Ayinlek 42]

On 9/26/2020 at 11:30 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.

I've been asking myself this same thing over and over again. I think those exchange needs to work more on their security and stop making people loose their money?

[Shadi29 871]

My dear friend, this problem is the biggest problem that threatens the security of traders and leads to a decline in the process of trading encrypted currencies through trading platforms because they are constantly threatened by hackers and untiring pirates looking for the smallest details and weaknesses to penetrate to steal the huge money in it

[usman choudhry 45]

Well usually the hackers are very cunning they are constantly looking for loop hole in the online currency system they are the biggest hurdle in the way of crypto currency improvement 

[Bwz123Bwz 10]

Hackers are everywhere, but they focus on this world of cryptocurrencies and try to steal money online easily without letting anyone know their personal information! Since the launch of the first exchange, hackers' eyes have been turning to these exchanges and waiting for the right opportunity to penetrate them.

[PoKeMoN611 252]

Я считаю что биржи продолжають взламывать чтобы на етом заработать и извечь максимальную выгоду.

[Yushaa 6]

Hello dear, This is the thing that prevents people from joining the world of cryptography.  I think the exchanges should tighten their security.  I am also a victim of such an exchange but has never been compromised by hackers.  An owner if he exchanges fraud with his users.  And I agree with you that we must keep our money in hardware wallets.

[Hamza balouch 268]

Thanks for sharing  such a important things. I just want to say only use old and legit exchange. And when you want to use some exchange then keep view the reviews of different people about this exchange. It helps you to choose better one. I am using coinbase from many years and don't face any difficulty or scamming.Recently I transfer my some usd in foceut pay wallet and after 1 week I received a mail hacker attacks on wallet.I was anxious about my money. So after many days they again send me mail now problem is solved now. So now hackers are more talented be aware from these. Keep your money on different account not in a same account to avoid this incident.

[Whited35 15285]

2 hours ago, Hamza balouch said:

Recently I transfer my some usd in foceut pay wallet and after 1 week I received a mail hacker attacks on wallet.I was anxious about my money. So after many days they again send me mail now problem is solved now. So now hackers are more talented be aware from these. Keep your money on different account not in a same account to avoid this incident.

Faucetpay hacks? And, from which sender did you receive the mail regarding the wallet hack? If such wallet was hacked, what about your assets inside that wallet and how you managed to retrieve the funds ? Idea to use the older and well-established cryptocurrency exchange is not bad but there are so many good and new cryptocurrency exchange sites too. 

[Mella 3680]

Some of them are getting hacked because of the security they have. When they do not have good IT experts on networks security this happens. I learned that Yobit was always great in security and for many years till now it was always secure. But so many other exchanges were doing it wrong and got hacked. I hope that nothing else like this happens, but as we know it, it is all very dangerous for our coins.

[Maryam01 413]

Yeah mate exchanges are getting hacked everyday because many of them they keep all the assets online and hackers can access anything online if they investigate it for a while. That is why you will never hear offline platforms like trezor or ledger nano wallet get hacked,we really have to be careful.

 

 

[Najimislam123 7]

 It boggles me why do exchange never hire one of the White hat hackers and make them responsible for the exchanges security? This is how the most powerful systems in the world are hacked. As technology improves, so does hacking. The one who made the system is a smart person.