New bullrun - new hacks and victims

[MrSpasybo]

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?

[TomPluz]

Officially, no cryptocurrency exchange is safe from hacking especially on the CEX side. I am not so sure if the same can still be said with the DEX side though. Sadly, Hotbit is now part of the long list of exchanges which are victims of hacking. With all the security installed in that platform, creative and genious hackers are still able to penetrate and made their job of creating havoc. I am sure that eventually Hotbit will survive this phase...but this should be the biggest lesson to them and the rest of the industry.

[owlest]

Unfortunately, the higher the popularity of something, the higher the attention it gets. To be honest, I'm a little surprised that so far only two exchanges have been hacked. If the popularity of the cryptocurrency does not decrease, then the hacks may continue.

[Senin]

Unfortunately, the higher the popularity of something, the higher the attention it gets. To be honest, I'm a little surprised that so far only two exchanges have been hacked. If the popularity of the cryptocurrency does not decrease, then the hacks may continue.

Recently, a huge amount of money has been invested in the cryptocurrency market and this is a good incentive for the activities of various types of hackers and scammers. Therefore, the number of hacker attacks will only increase. Of course, hackers will always be especially interested in places where a large amount of capital accumulates, which, first of all, are cryptocurrency exchanges.
Participants in such forums have always drawn attention to the fact that cryptocurrency exchanges are not a safe place to store our cryptocurrency. It should not be kept on exchanges unless necessary. Wallets, with the necessary security measures, are the best option for storing cryptocurrency.

[gurunanakji777]

I am also a Hotbit user but I do not keep much amount on the exchange because I always trust to have my coins in the Hardware wallet that is hard to hack. I am afraid by such hacking even big exchanges are not safe and even one should not keep all the coins on the exchange to be safer side because we can not underestimate the hackers they keep trying on other exchanges too. So always keep your coins in your personal wallet rather than keeping them on exchange. I hope Hotbit will take care of all the investor's money.

[Freemind]

What has happened with Hotbit is another very clear example of why our funds should never be left on an exchange. There is no exchange that is 100% secure and although they have many security mechanisms, they will never be totally free from attacks. As we have sadly seen on previous occasions, when they access a wallet they can steal some money, but when they access an exchange wallet millions are stolen. No one should leave their money on an exchange, not even small amounts.

[MishaSER]

In fact, it was felt, those who have long been in cryptocurrency understand and feel which exchange is less attractive and which is very suspicious. I have never had any problems, but I have seen a lot of discouraging feedback about banned accounts. All that infuriated me in this exchange is excessively high commissions of up to $ 10 for any tokens and about $ 30 for ERC20 tokens.

[robert20]

I never personally use it or prefer it to someone because for me hotbit is a very big shit exchange i have previously jouned an airdrop from them and they sended me tokens that are not going list ever also now these tokens disappeared from my exchange wallet.
This is a indication of big Shit project.

[Gurujebs]

This is the most popular time cryptocurrency has ever dominate financial markets and hence New opportunities always open room for bad people as well. The hacks and liquidity theft that has been siphon in 2020 and this year alone is enough to create one of the top 10 coin on market cap.
I hope we get tougher regulation to scare this spoilers from cryptocurrency entirely.

[fallenangel1789]

What has happened with Hotbit is another very clear example of why our funds should never be left on an exchange.

Actually, I have some friends if they hold their funds in their own hard wallets or ledger they may lose their funds because of hacks or personal mistakes. This is also true, especially for newbies. They are likely to give out their seed words after "fake support team" messages at telegram So exchanges, sometimes, can be safer. BTW I do not mean Hotbit or Poloniex or this kind of suspicious exchanges. I am talking about Binance, Huobi, or Coinbase which are safer for newbies.

[Fivestar4everMVP]

I used hotbit but fortunately for me, I don't leave my coins on exchanges so I had no coin deposited on this exchange during the attempted hack, every one have always been saying it, not your keys, not your crypto, keeping coins in exchanges is highly risky as no exchange is bulletproof to hack, and no one knows when it will happen, this is why I always withdraw my coins to my private wallet immediately after buying them, most times, I even prefer to use decentralized exchanges over centralized cus they are safer.

[owlest]

Unfortunately, the higher the popularity of something, the higher the attention it gets. To be honest, I'm a little surprised that so far only two exchanges have been hacked. If the popularity of the cryptocurrency does not decrease, then the hacks may continue.

Recently, a huge amount of money has been invested in the cryptocurrency market and this is a good incentive for the activities of various types of hackers and scammers. Therefore, the number of hacker attacks will only increase. Of course, hackers will always be especially interested in places where a large amount of capital accumulates, which, first of all, are cryptocurrency exchanges.
Participants in such forums have always drawn attention to the fact that cryptocurrency exchanges are not a safe place to store our cryptocurrency. It should not be kept on exchanges unless necessary. Wallets, with the necessary security measures, are the best option for storing cryptocurrency.

You are absolutely right. Where there is more money, the more interesting this place is for scammers. Holds on the exchange? Is this the point? You need to earn money on the exchange, not hold it. After all, there are special means for safe hold.

[masterrex]

I'm also a Hotbit user but have not actively participated in trading compared to Binance Exchange. but still, my data was stored on Hotbit and I'm afraid that it was compromised already, the email I used the name and the KYC data is the most important thing compared to the few bucks of cryptocurrency that was stored on Hotbit wallets. Hacking is very common nowadays that's why keep watching.

[Seerge]

It seems that hackers always have a way to hack into every person's account or exchange, Many cases we've heard before as happened with Kucoin some time ago. The big exchanges sure have strong security systems, but they are still hackable as well.  Concern is definitely there with our account, I am also a HotBit exchange user. All I can do so far is add two-factor authentication before logging in to a HotBit account. Hopefully it's safe.

[KryptoBull]

I hope this is not an exit scam, as Hotbit is a huge crypto market exchange and its scandal could make a big FUD for the whole market.
At the moment, we still do not have an effective solution to jointly protect users' assets in exchanges, everything depends on qualifications of  exchange blockchain engineers. Hope in the future more efficient protocols will be applied to increase safety of exchanges.
Hope your crypto assets are still safe.