8 ways people lose their crypto stored on exchanges

[kadayakito 765]

Thanks for your sharing. These are the factors that make your money lose, even in your wallet or exchange. I don't like leaving money on the exchange. I often transfer into my wallet. The most obvious reason to lose money in people is to be cheated, greedy and lose money.

[AkaCrafterCZ 1140]

3 hours ago, Calvinpriva said:

I agree with you in all of them except number five. You can steal access your account even if you are using 2FA security while you have lost your mobile phone. You just need to remember your email address and password because you can login with your email address in other devices and receive the 2FA code.

Email address and password for what? If you're talking about the 2FA application, you could retrieve it in case of using the Google authenticator app, by logging in the authenticator in an other device with the same Google account.

[BitcryptoHan 2557]

About the 2 fa, I have really gained, I do not know I can just make a back up using the QR code. But now I will do that. 

In the case of exchange getting hacked, it is good to use a safe exchange's which can reduce this chance. 

[jamesvince 2389]

You mentioned almost seven ways why peoples lost their funds in exchanges. Some of very strong evidence given by you such as weak password. To not used two factors authentication. And scam email click they scammers save our personal information then hacked our accounts.

[Kenciuu 1729]

Bow down for you concern posts. I've learned a lot on how to secure more my money in the world of crypto. It helps me a lot and for sure it helps a lot also to others who are newbies like me in this world. Thank you

[Saj555 2250]

These are all the effective ways to scam someone. And I also think that the most useful way to do that is by phishing and fake emails.  We often get confused and distracted when we share our information in the domain or web. But we should be careful always about our information. Otherwise everything will be gone in a few seconds. So we all should be careful also. 

[scorpiali 5626]

I really enjoy reading this post there is a lost information that people must know too secure her exchange and platform ,and the majority fall in those problems like weak password or dont put many layer to secure her exchange .I do all staff you put in your post to secure my account and hope it's safe 

[Jeet Narayan 1940]

It is true , peoples have lost their funds by doing such mistakes . By this post we can learn how to safe our funds in exchange . We most follow these steps strictly . Then never our funds lost in exchanges .

[Ayush Singh 1175]

Exactly i agree with all the above 8bways these ways are very much responsible for getting our coins stolen by exchanges mostly i think users get trap into phishing attempts and scams where they provide there login details and secondly not using 2fa in their phones.

[AkaCrafterCZ 1140]

Since this topic is inactive for some time, I want to ask you if you've ever experienced any exit scam or lose of funds due to a hack on your exchange.

 

I've never lost any funds due to such reasons and I hope I won't, but many exchanges were still hacked in the past.

Edited May 30, 2020 by AkaCrafterCZ

[bitcoinb 1359]

The 5th point is my speciality. I often lost unsaved 2fA. about it, hitBTC support team is not really helpful, Kucoin team is better.

[Whited35 15285]

On 5/31/2020 at 12:28 AM, AkaCrafterCZ said:

Since this topic is inactive for some time, I want to ask you if you've ever experienced any exit scam or lose of funds due to a hack on your exchange.

 

I've never lost any funds due to such reasons and I hope I won't, but many exchanges were still hacked in the past.

On IDAX exchange, I lost the amounts. That exchange was neither hacked nor closed officially. Owner rushed away by taking wallet's private key. Exchange is still functional to accept the deposit. There are so many other exchange which were hacked and users have lost their funds. 

[Raqeebzy 6456]

On 4/4/2020 at 8:44 AM, AkaCrafterCZ said:

7. Forgetting you have funds

It sounds silly but this is a real phenomena.

Imagine you had been a hodler for many years. The brain wants to forget about memories that have little emotional weight and that are not actively remembered.

This actually sounds funny reading it, how can the hell some one forget his crypto asset. But it do happen a lot especially to long term holders, they tends to forget and lose their private keys, so if you are holding long, set a reminder on your calendar at some interval.

[gourav789 2834]

@AkaCrafterCZ this is really a kindful information , once I lost my fund or wallet because I lost my phone as well as that sim card also that linked with my wallet as a 2fa option . mostly member also lost their fund because of weak password .

[Zaino34 0]

This information is valuable there are many people who use the platforms as a store of the currency and I never do that, but I keep the amount that I want to work with only and when the amount becomes large I withdraw it to my wallet because the wallet is safer than the sites and platforms even if they are reliable sites can not be used as a wallet Currencies are only business locations

[bitcoinb 1359]

@ethan1751  Another good example is using 2FA but not saving they recovery key. If you lose your phone, it can be a real problem if you don't have the recovery key. I lost funds several times like that.

[BellerophonOverseas 2]

Hello everybody. I am pretty new here and have a strong interest in Bitcoin and crypto coins at large. 

I have actually read very carefully the list of the main reasons why people lose their coins. Some of them are quite stunning indeed (it might happen that you forget your credentials for your bank account but in one way or another there is always the possibility to recover them - but this does not seem to be the case for some exchanges in the crypto space). 

I was just wondering if you also had a list of the crypto exchanges that have been hacked recently. I saw something on the internet concerning CEX.IO, but I would like to check with you if you have any additional info in that respect.

Thanks in advance!

[AkaCrafterCZ 1140]

11 hours ago, BellerophonOverseas said:

Hello everybody. I am pretty new here and have a strong interest in Bitcoin and crypto coins at large. 

I have actually read very carefully the list of the main reasons why people lose their coins. Some of them are quite stunning indeed (it might happen that you forget your credentials for your bank account but in one way or another there is always the possibility to recover them - but this does not seem to be the case for some exchanges in the crypto space). 

I was just wondering if you also had a list of the crypto exchanges that have been hacked recently. I saw something on the internet concerning CEX.IO, but I would like to check with you if you have any additional info in that respect.

Thanks in advance!

Hi, and welcome to this forum! I'm happy that you've chosen my topic to post in. It's most important to store your private key to your wallet, as without that, you can't submit a transaction. Credentials on the blockchain aren't resettable or recoverable, however on exchanges you should be able to reset your password using your email as usual.

 

There are many ways how could you lose your funds from an exchange as I mentioned, thus I suggest you to move out the crypto from exchanges to your personal wallet, for which you hold responsibility and secure the most.

 

Since you asked for hacked exchanges, I can show you a list of them:

https://selfkey.org/list-of-cryptocurrency-exchange-hacks/

 

This article also contains the amounts stolen and the effects. Stay safe, and if you have any more questions, feel free to post here or in my DMs! 🙂

[BitcryptoHan 2557]

31 minutes ago, Majeshi said:

scamming are the most ways that people losing their crypto currencies. Creating a weak password will also make you to lose your coins easily with hackers.

Phishing and scamming, is like that sam, all successful phishing attacks are scam but spamming still have more tactics. Also, exchanges itself can be compromised which is also common but few or little cryptocurrencies are always stolen. 

[BellerophonOverseas 2]

13 hours ago, AkaCrafterCZ said:

Hi, and welcome to this forum! I'm happy that you've chosen my topic to post in. It's most important to store your private key to your wallet, as without that, you can't submit a transaction. Credentials on the blockchain aren't resettable or recoverable, however on exchanges you should be able to reset your password using your email as usual.

 

There are many ways how could you lose your funds from an exchange as I mentioned, thus I suggest you to move out the crypto from exchanges to your personal wallet, for which you hold responsibility and secure the most.

 

Since you asked for hacked exchanges, I can show you a list of them:

https://selfkey.org/list-of-cryptocurrency-exchange-hacks/

 

This article also contains the amounts stolen and the effects. Stay safe, and if you have any more questions, feel free to post here or in my DMs! 🙂

Thank you very much, this is really appreciated! 

 

I share many of your thoughts and I think that some of your considerations are also applicable to checking accounts at brick & mortar banks. Here in Europe there are so many jurisdictions that are passing regulations to address the issue of accounts that have not had movements for years. 

 

All in all, my overall impression is that crypto coins and crypto wallets are just as safe and secure as ordinary bank accounts. Of course, cyber threats are growing across the board and it is no surprise that they concern crypto exchanges and wallets too. 

 

 

[bitcoinb 1359]

On 6/2/2020 at 11:34 AM, ethan1751 said:

What you say, is what I'm currently doing. I really have never had a 2FA recovery key. for any exchange or the web

2FA must be activated on all websites where you have real amounts of money (for example exchange platforms) even if it's not really convenient. I often lose my phones, that's why I hate 2FA but it can be helpful in some cases. The problem is: if you activate 2FA, you also must save the recovery key.

[AkaCrafterCZ 1140]

3 hours ago, bitcoinb said:

I often lose my phones

Is that a plural? LOL, how many phones have you ever lost? I'm sure Google Authenticator synces the credentials between your devices if you use the same Google account for every phone.

[Ridam 7455]

Thanks for this really helpful information about security topics and for mine exchange Account i have used Google authenicator protection along with the strong password. And we shouldn't keep huge fund at exchange too which i am avoiding. So everyone should read and follow for own security.

[Treat1234 0]

Such awesome post from the first reason to the end they are very essential and to be honest I learn from this article alot because it not only shows me reason why we forget our password but it also gives me insight on how I can protect my password.

[AkaCrafterCZ 1140]

2 hours ago, ethan1751 said:

That's the problem, friends, on average I always use 2FA. Well that's a conversation, like you said. But as I said, I have never had a recovery code for the 2FA.

In order to do that, you have to save the 2FA code/qr code that you're provided with to add to the 2FA app. You should be able to resync your 2FA authentication to your new phone/device. You can always contact the server staff as well, they should be able to verify your identity and recover your account in most cases.