New bullrun - new hacks and victims

[MrSpasybo 1049]

Cryptocurrency exchange platform Hotbit has shut down all of its services after an attempted cyberattack on Thursday.

“Hotbit just suffered a serious cyber-attack starting around 08:00 PM UTC, April 29, 2021, which led to the paralyzation of a number of some basic services,” a notice on the platform’s website reads.

The hackers were reportedly unsuccessful in gaining access to Hotbit’s wallets but did manage to compromise the platform’s user database. Thus, the Hotbit team has advised customers to disregard any communication from entities claiming to be representatives of the exchange.

Fears over the incident being an exit scam by the Hotbit team are palpable.

 

Source: Hotbit crypto exchange shuts down for maintenance after attempted hack

 

Perhaps we are all too familiar with the events of hackers in 2020 & 2021, when many DeFi projects were launched in a hurry with a lot of smart contract errors. However, it has been a while since we saw an exchange get hacked. The last time I remember is an event involving Binance & KuCoin. And this time it's Hotbit, a massive exchange with 2 million users.

 

This once again reminds us of security in crypto sector, because in addition to DeFi protocols, crypto exchange is the place to store the most assets. I used to think that crypto wallets on exchanges are a safe option because they are protected by large companies, the 2FA solution also makes the exchange wallets safer than wallets on other websites like MEW, MetaMask, but this fact made me realize many things. Now I understand why many people are willing to use DEX with higher transaction fees than exchanges. Perhaps the best way to protect assets is to keep them in personal wallets.

 

I myself have just transferred the QCX token to Hotbit, but currently I cannot access Hotbit website and my account. To be honest, I'm quite worried.

 

Are you using Hotbit? Are you worried about the fate of your crypto assets? Is this a Hotbit scam exit event? What solution do you think will help keep the exchange safe from hackers?

[Amer sada 133]

My friend, if you read the statement well, then Yobit explained that the hackers did not reach the financial portfolios, and that they are ready to compensate the users, if you want to invest, you have to put your trust in this platform, just follow the instructions issued by the yobit platform, and also do not answer the calls that claim to be from yobit.
I think it is not possible to get rid of hackers and fraudsters completely, as they come in many ways and methods.
But I am not worried about Yobit, I started working with it and I trust this platform very well.

[dlal88 725]

Dear that hackers are everywhere in the world in order to exploit people and steal their money, as the Jubit platform has made clear to us that there are no hackers and scammers who will not be able to steal or penetrate our portfolios and therefore I feel very confident in this platform where all members must know that disposal Finally, one day of hackers is not possible and somewhat difficult

[Whited35 15285]

On 5/5/2021 at 4:53 AM, MrSpasybo said:

Are you using Hotbit?

I used to trade on this exchange as I sold TWT on this exchange for the first time but fortunately, I avoided using this exchange after a long time. 

On 5/5/2021 at 4:53 AM, MrSpasybo said:

Are you worried about the fate of your crypto assets?

Fortunately, I had no asset stored there. 

On 5/5/2021 at 4:53 AM, MrSpasybo said:

Is this a Hotbit scam exit event?

Unfortunately, yes. Their notice has multiple odd points which is clearly a sign of scam exit. Its really a serious problem from the malicious centralized cryptocurrency exchanges. 

On 5/5/2021 at 4:53 AM, MrSpasybo said:

What solution do you think will help keep the exchange safe from hackers?

I advise everyone, do not store your assets on the centralized cryptocurrency exchange for a long time because they can get hacked anytime. 

[MrSpasybo 1049]

On 5/8/2021 at 10:14 AM, Whited35 said:

I used to trade on this exchange as I sold TWT on this exchange for the first time but fortunately, I avoided using this exchange after a long time. 

Fortunately, I had no asset stored there. 

Unfortunately, yes. Their notice has multiple odd points which is clearly a sign of scam exit. Its really a serious problem from the malicious centralized cryptocurrency exchanges. 

I advise everyone, do not store your assets on the centralized cryptocurrency exchange for a long time because they can get hacked anytime. 

@Whited35 Hotbit is back up and running and looks like it's settled.
Regarding crypto storage, I think that storing crypto assets on reputable exchanges such as Binance, Coinbase, KuCoin, Kraken is safer than personal wallets, because of security technology of these exchanges are better than 2017, and they are obligated to compensate users when exchange has problems.
Many traders I know still keep tens of millions of dollars on exchanges. For larger amounts, perhaps a cold wallet is a better solution.

[Whited35 15285]

5 hours ago, MrSpasybo said:

Regarding crypto storage, I think that storing crypto assets on reputable exchanges such as Binance, Coinbase, KuCoin, Kraken is safer than personal wallets, because of security technology of these exchanges are better than 2017, and they are obligated to compensate users when exchange has problems.

I have utterly different opinions on it. My friend from USA bought more than 5000000 Dogecoins for a few dollars and left it on Binance exchange. He is not very into cryptocurrency and did not care the announcement from Binance regarding the freezing of USA based Binance account. Once he heard about the skyrocketing price of Dogecoin, he tried to access his account but it was already gone along with a huge amount and Binance did not let him to get his money back. 

Centralized exchanges are famous for freezing the users' accounts, providing the details to the governments, these sort of activities are against the personal freedom and users can be free by using cold hardware wallets.