What can you do when the exchanges steal from the customer

[RoyalHouse01 9]

There is nothing one can do if any exchange steals money as we are not at the place where we can challange them in the court as we even do not know if there is any office of them existed.

[guatazoo 7150]

If the exchange still from the customers there will no need to complaints about it, because even if you'll complain, your money cannot get back and there is no way that you can found them, so you have to take it as a challenge in crypto. 

[DreamStage 2105]

Well in theory if you have all the paperwork ready for justify your actions agains the exchange then yeah you will have a chance to arbituary defense your position against an exchange that stold your funds.

 

First of all you need to make sure that exchange is actually legal for their services and if it provides KYC even more simply because you can verify your data on their exchange as well if court decides to request it from both you and the exchange.

 

Also make sure you are reviewing if exchanges are good or bad in terms of community feedback. That would avoid you being stolen.

[Ramz99737 1196]

You can report theft to the police, and the police will search for and investigate the exchange platform officials. You can avoid theft if you choose safe and good trading for you like yobit and binance

[Abdalrazig 1865]

Unfortunately lots of stealing is happening nowadays like scamming and hacking, just make sure you save your money in you private wallets and don't give your private keys to anyone.

[Ridam 7455]

If you use centralised exchange and something bad happen then you can definitely contact with their customers support. They will fix it for sure if you choose good exchange while going to trade. So at first choosing exchange is important thing unless you are into DEXes. 

And if they did something wrong you can take legal action but your country law should allow Trading and investment in Crypto currencies.

[SuperCrypto 7193]

You have to choose the appropriate trading exchange that has a great reputation and is safe in dealing with it. Because new platforms cannot be trusted. It is also advisable to use exchange platforms that are acceptable in the country in which you live, as this can facilitate compliance with regulatory changes in the country.

[Cleaner 2549]

3 hours ago, Ridam said:

If you use centralised exchange and something bad happen then you can definitely contact with their customers support. They will fix it for sure if you choose good exchange while going to trade. So at first choosing exchange is important thing unless you are into DEXes. 

And if they did something wrong you can take legal action but your country law should allow Trading and investment in Crypto currencies.

@Ridam...You can exchange with centralized currency.  Because it is very safe.  If you have trouble exchanging this currency, you can take legal action.  However, it is not safe if you invest in cryptocurrencies.  Because if someone steals your money, no one will be responsible.  Because it is not valid.

[duncun007 3577]

2 hours ago, SuperCrypto said:

You have to choose the appropriate trading exchange that has a great reputation and is safe in dealing with it. Because new platforms cannot be trusted. It is also advisable to use exchange platforms that are acceptable in the country in which you live, as this can facilitate compliance with regulatory changes in the country.

its insane always reading the stories of those who lost their money on unknown local exchanges, if the big exchanges can suffer from hacks then for sure a local exchange will not be able to stand against hackers.

[Rozy 1918]

this topic actually surprised me I did not think that it is possible at all for a sited to rob from you , of course it is always in my mind that any money accessible online for you is also accessible for hackers, and I know that some forum take high percentage on withdrawal but I haven't thought of stealing, hope it never happen. Regards

[redamoun 811]

On 10/5/2019 at 2:23 AM, Cryptoxic said:

Is there any real action that can be taken against them? 
why are they allowed to continue to steal, lie, and cheat?
are they the REAL reason crypto  is being unanimously accepted? 

 

Do not forget the rules for creating topics (topics begin with a capital letter)
Moderator Desais👮‍♂️

Unfortunately there is nothing can be done to catch this bad people, and yeah the anonymity of it, help a lot in stealing users money, i think the only action is to avoid registration in new platforms and ICO, if they don't have some very good and legit project.

[Trainz 889]

That's true, how do we retrieve our cryptocurrency if they hack the exchange site we keep or store our cryptocurrency, can it be received or it gone for good, I don't know if some members can help answer this question @Oxygen99 @Cleaner and @Mubiflow

[Mubiflow 1771]

1 minute ago, Trainz said:

That's true, how do we retrieve our cryptocurrency if they hack the exchange site we keep or store our cryptocurrency, can it be received or it gone for good, I don't know if some members can help answer this question @Oxygen99 @Cleaner and @Mubiflow

@Trainz I think this a Good question that need deliberation on. We have trusted yobit as an exchange site but it's not a block chain rather an exchange site which can be attacked by the Internet scammer what happened to our fund then how are we going to recover it

[Trainz 889]

27 minutes ago, Mubiflow said:

@Trainz I think this a Good question that need deliberation on. We have trusted yobit as an exchange site but it's not a block chain rather an exchange site which can be attacked by the Internet scammer what happened to our fund then how are we going to recover it

That's what am very confused about, I can see a seriation where people store some cryptocurrency in an exchange site, example is binance, when it got hacked in 2019 and it lost about 7000 bitcoins, who would refound the bitcoins of it customers that is lost? Is it the binance or the customers would have to forget it?

[Cleaner 2549]

54 minutes ago, Trainz said:

That's true, how do we retrieve our cryptocurrency if they hack the exchange site we keep or store our cryptocurrency, can it be received or it gone for good, I don't know if some members can help answer this question @Oxygen99 @Cleaner and @Mubiflow

If a site is hacked, we will not get money back from that site.  The binance site was hacked a few years ago.  As a result, many users lost their money.  So all the exchange sites are using a lot of strong security now.  So we need to use secure sites and wallets to store cryptocurrencies. @Trainz

[ShiNorton 906]

If the centralized  excahnge has stolen your money law enforcement  can catch them to return your crypto. Scam excahnge if stolen the crypto from customers  they will be also caught but it may take more time. 

[Oxygen99 1930]

On 12/1/2020 at 12:44 PM, Cleaner said:

If a site is hacked, we will not get money back from that site.  The binance site was hacked a few years ago.  As a result, many users lost their money.  So all the exchange sites are using a lot of strong security now.  So we need to use secure sites and wallets to store cryptocurrencies. @Trainz

I agree with you but I think not all site are the same. There not all site compensate there users while some of them do that. Just like binances few weeks back it was hacked and later they compensate there users and still apologise for the inconveniences.

[zagzag 320]

As far as I know, large stock exchanges with stock exchange operating licenses are supervised by government agencies. If you experience problems in such serious exchanges, there are government agencies that you can complain about. Moreover, I know that they reserve certain amounts of required reserves for capital adequacy. However, your crypto wallets are always at risk on untrusted exchanges.

[Projectcrypto 4382]

17 hours ago, Oxygen99 said:

Just like binances few weeks back it was hacked and later they compensate there users and still apologise for the inconveniences.

And that is why i prefer making use of top exchangers because they offer there users good services which is why they have earned good reputation from many people around the world.

[Oxygen99 1930]

On 12/3/2020 at 9:13 AM, Projectcrypto said:

And that is why i prefer making use of top exchangers because they offer there users good services which is why they have earned good reputation from many people around the world.

Well said friend top exchangers are popular and trusted because they always fullfil there promises and they are always ready to fight any inconveniences so as to pleased their users at any point and at anytime.

 

[Mridul Rahman 1058]

I think we can't really do something if exchanger steals our money whether its for being hacked or not. We can't track our money nor we can take action for them. All depends on the trust. Cryptocurrency is much more complicated.  Thats why many person doesn't trust crypto.

[ahmedabbasahmed 0]

Digital currencies are on the way to rapid spread, as many European countries and some Arab countries have recognized them as a means of payment

[Projectcrypto 4382]

15 hours ago, Oxygen99 said:

Well said friend top exchangers are popular and trusted because they always fullfil there promises and they are always ready to fight any inconveniences so as to pleased their users at any point and at anytime.

 

Yes my friend and for that reason i will like to recommend some sites for everyone reading this conversation so as to reduce our risk of losing to hackers in cryptoworld, the exchangers include yobit exchanger, binance exchanger, coingecko because they have earned good reputation from many people around the world due to the advantage and efficiency they have over other sites.

[Nila2020 393]

Exchanges are when we want to keep our conversions, keep them safe, and get limited benefits. We will try to keep our account careful so that our account is not hacked.

[guatazoo 7150]

There is no enough technology for catching scammers, so if the exchange steal your money the only way you can do is to stop using that exchange and finding for the best exchange.