Altcoins Talks - Cryptocurrency Forum
Crypto Discussion Forum => Cryptocurrency discussions => Topic started by: MrSpasybo on May 05, 2021, 01:07:37 AM
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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 (https://cointelegraph.com/news/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?
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
The exchange can be said to be one of the most vulnerable chains in the entire cryptocurrency space. I have no idea what can be done to make exchanges even more secure.
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At the moment, the exchange is still working to restore everything as it was. I don't think it is exit scam.
I want to believe that in a couple of days the exchange will work as before.
Who cares what and how is restored then follow this Twitter account @Hotbit_news
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Exit scam?. Hotbit has a very good reputation in the world of cryptocurrencies. It has some functions that other exchanges do not have, but the problem once again is the same as always, security. It seems that another of the exchanges that makes so much money has not allocated a good budget to security, which is the most important thing. I don't think it's an exit scam.
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Exit scam?. Hotbit has a very good reputation in the world of cryptocurrencies. It has some functions that other exchanges do not have, but the problem once again is the same as always, security. It seems that another of the exchanges that makes so much money has not allocated a good budget to security, which is the most important thing. I don't think it's an exit scam.
Personally, I can't believe this is going to be a exit scam. The exchange is not at the level to just leave its users. Rather, it's a run-of-the-mill hack. Be that as it may, after a while we will find out everything.
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Personally, I can't believe this is going to be a exit scam. The exchange is not at the level to just leave its users. Rather, it's a run-of-the-mill hack. Be that as it may, after a while we will find out everything.
Hotbit may have suffered an attack like any exchange can suffer almost every day, it all depends on the severity of the attack and which parts of the platform it affects. If the alarms have been triggered in time, nothing too serious will happen, so they need time to analyze the logs (which must be thousands) and perform a full security audit. Now they need time and we need patience.
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The higher the popularity of something, the more attention it gets. Cryptocurrency is getting popular and a lot of money is invested into cryptocurrency, this will lead to more activity of various types of hackers and fraud. Because hackers will always be interested in places where a lot of capital is big, namely cryptocurrency exchanges. Because all cryptocurrency exchanges are not that safe from being hacked, especially on the CEX side.
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Personally, I can't believe this is going to be a exit scam. The exchange is not at the level to just leave its users. Rather, it's a run-of-the-mill hack. Be that as it may, after a while we will find out everything.
Hotbit may have suffered an attack like any exchange can suffer almost every day, it all depends on the severity of the attack and which parts of the platform it affects. If the alarms have been triggered in time, nothing too serious will happen, so they need time to analyze the logs (which must be thousands) and perform a full security audit. Now they need time and we need patience.
Now many people are worried about their savings, and so there is a fuss about this event. Yes, the owners of the exchange will not immediately sort out the problems, but there is no need to jump to conclusions that we see.
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Well I don't know if they trying to scam us because we really don't know what is really happening their exchange maybe the hack incident could be true or maybe just an exit scam. Well only time will tell if the hotbit is going back operation then it's a good news but if not then let's move on.
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Now many people are worried about their savings, and so there is a fuss about this event. Yes, the owners of the exchange will not immediately sort out the problems, but there is no need to jump to conclusions that we see.
That is always a great incentive for attackers, the large amount of funds that are in the exchanges, and those responsible are largely the users. I do not blame the users, I say that they should not leave their funds in any exchange precisely for these things, if the exchange doesn't have good insurance to cover the losses, the lawsuits can be endless.
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Now many people are worried about their savings, and so there is a fuss about this event. Yes, the owners of the exchange will not immediately sort out the problems, but there is no need to jump to conclusions that we see.
That is always a great incentive for attackers, the large amount of funds that are in the exchanges, and those responsible are largely the users. I do not blame the users, I say that they should not leave their funds in any exchange precisely for these things, if the exchange doesn't have good insurance to cover the losses, the lawsuits can be endless.
So we do not know how well the exchange is protected from hacking. They do not disclose this information to us, but they assure us that all this is at a high level. In addition, what about trading, because large funds can be in orders.
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So we do not know how well the exchange is protected from hacking. They do not disclose this information to us, but they assure us that all this is at a high level. In addition, what about trading, because large funds can be in orders.
About trading and the amount of funds for buy and sell orders is something that can be done in several ways. I do not leave orders for days, I place those orders when I am certain that a certain price will be reached and so I do not have to keep it in the exchange for too many hours, it is not comfortable, but it is safer. Leaving buy or sell orders for weeks or months has never seemed like a good idea to me, during that time anything can happen.
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So we do not know how well the exchange is protected from hacking. They do not disclose this information to us, but they assure us that all this is at a high level. In addition, what about trading, because large funds can be in orders.
About trading and the amount of funds for buy and sell orders is something that can be done in several ways. I do not leave orders for days, I place those orders when I am certain that a certain price will be reached and so I do not have to keep it in the exchange for too many hours, it is not comfortable, but it is safer. Leaving buy or sell orders for weeks or months has never seemed like a good idea to me, during that time anything can happen.
This is a good method, but not everyone has time to constantly monitor the price. After all, orders are made in order to give the trader maximum freedom. And the most important question: when you send funds from your wallet to the exchange, you lose due to commissions. How do you put up with this? And if this is an etherium token, then you can generally lose a lot.
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This is a good method, but not everyone has time to constantly monitor the price. After all, orders are made in order to give the trader maximum freedom. And the most important question: when you send funds from your wallet to the exchange, you lose due to commissions. How do you put up with this? And if this is an etherium token, then you can generally lose a lot.
I am aware that not everyone has time to monitor prices, so I said that it is not comfortable, but for that there are alarms in Blockfolio (and other applications) for example, so as not to have to be constantly looking. I try to use Ethereum as little as possible, even before the problem of high transaction fees, that is why for me it is not a problem since my funds are almost entirely in other chains. The chains that I use the most are BSC and Tron, in both the commissions are very cheap.
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Since 2018, I have never used HotBit Exchange again because such Exchange is only for selling Airdrop and Bounty tokens or gifts from various influencers on social media.
I also see at a glance that HotBit often gives statements from its main social media such as Telegram, that HotBit is being maintained. Perhaps it is better to avoid this kind of Exchange as it is very dangerous.
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The higher the popularity of something, the more attention it gets. Cryptocurrency is getting popular and a lot of money is invested into cryptocurrency, this will lead to more activity of various types of hackers and fraud. Because hackers will always be interested in places where a lot of capital is big, namely cryptocurrency exchanges. Because all cryptocurrency exchanges are not that safe from being hacked, especially on the CEX side.
There is a growing sophistication in hacking thus cryptocurrencies exchanges has to live up to expectation in securing their firewalls with the latest technology, with latest development as regards hacking of hotbit exchange, I believed their strong secured firewall must prevented the hackers in gaining access to it, this is a wake up call to all cri users to always use reputable and secured exchanges.
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At the moment the exchange is working properly, although not all coins can be withdrawn most likely this is a temporary measure.
And for the future, we must all remember that storing large sums on exchanges is very risky.
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This is a good method, but not everyone has time to constantly monitor the price. After all, orders are made in order to give the trader maximum freedom. And the most important question: when you send funds from your wallet to the exchange, you lose due to commissions. How do you put up with this? And if this is an etherium token, then you can generally lose a lot.
I am aware that not everyone has time to monitor prices, so I said that it is not comfortable, but for that there are alarms in Blockfolio (and other applications) for example, so as not to have to be constantly looking. I try to use Ethereum as little as possible, even before the problem of high transaction fees, that is why for me it is not a problem since my funds are almost entirely in other chains. The chains that I use the most are BSC and Tron, in both the commissions are very cheap.
An interesting solution. You know, for some reason I don’t strongly trust other blockchains besides Ethereum. Why? I myself cannot explain. By the way, what wallets do you use? Do you have stablecoins hold at BSC or Tron?
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An interesting solution. You know, for some reason I don’t strongly trust other blockchains besides Ethereum. Why? I myself cannot explain. By the way, what wallets do you use? Do you have stablecoins hold at BSC or Tron?
When you have time take a look at these two chains, you will see that their operation is practically the same as in Ehtereum, but being much cheaper and faster. I have a good part of my funds in stablecoins, BUSD (BSC) and USDT (TRC-20). The wallets I use are well known, Trust Wallet and TronLink for BSC and Tron tokens, but there are more wallets available to users.
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I was always in favor of having coins that they should always keep in a hardware wallet or in their decentralised wallet. I do not know who are people who store million dollars kept in the exchange which are centralized. And this is their old method of scam first, say hacked, then stop the services and then exit scam. Just like idax.io did.
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An interesting solution. You know, for some reason I don’t strongly trust other blockchains besides Ethereum. Why? I myself cannot explain. By the way, what wallets do you use? Do you have stablecoins hold at BSC or Tron?
When you have time take a look at these two chains, you will see that their operation is practically the same as in Ehtereum, but being much cheaper and faster. I have a good part of my funds in stablecoins, BUSD (BSC) and USDT (TRC-20). The wallets I use are well known, Trust Wallet and TronLink for BSC and Tron tokens, but there are more wallets available to users.
I think in the near future I will start looking towards these two chains. The commission on the Ethereum network is too high. How do you rate the security level of wallets? I'm more used to using desktop versions.
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I think in the near future I will start looking towards these two chains. The commission on the Ethereum network is too high. How do you rate the security level of wallets? I'm more used to using desktop versions.
I have those wallets installed on my mobile, in my opinion, the security of the wallets that I have told you are very good. But knowing what we do, of course, you should never take screenshots of the seed phrase, it is better to write it on paper (if it is possible to engrave the phrase in high-density metal) and keep it in a safe place, and use complex passwords, which is always positive if you lose your mobile. Another good idea is, for example, to do what I have said but on a mobile that we do not use every day, a mobile that we can have at home or in another safe place.
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At the moment, the exchange is still working to restore everything as it was. I don't think it is exit scam.
I want to believe that in a couple of days the exchange will work as before.
Who cares what and how is restored then follow this Twitter account @Hotbit_news
Everything has been restored back to order and withdrawals has also been enabled.
I hope many traders and investors learn from this little mistake and learn to hold their coin on their own external wallet.
The saying not your key, not your fund always remind of the danger leaving my funds on an exchange.
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I think in the near future I will start looking towards these two chains. The commission on the Ethereum network is too high. How do you rate the security level of wallets? I'm more used to using desktop versions.
I have those wallets installed on my mobile, in my opinion, the security of the wallets that I have told you are very good. But knowing what we do, of course, you should never take screenshots of the seed phrase, it is better to write it on paper (if it is possible to engrave the phrase in high-density metal) and keep it in a safe place, and use complex passwords, which is always positive if you lose your mobile. Another good idea is, for example, to do what I have said but on a mobile that we do not use every day, a mobile that we can have at home or in another safe place.
The second option is more acceptable to me. True, if something needs to be urgently transferred, then the wallet will not be there. You can also use fingerprints, which adds security. But I try to keep small amounts on mobile wallets. By the way, it seems like Hotbit started working there.
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The second option is more acceptable to me. True, if something needs to be urgently transferred, then the wallet will not be there. You can also use fingerprints, which adds security. But I try to keep small amounts on mobile wallets. By the way, it seems like Hotbit started working there.
Using fingerprints is good too, there are actually many ways and ideas to keep our funds safe, we just have to research what they are and always use common sense. Hope Hotbit doesn't give us any bad news regarding security issues or else many users will stop using it, although surely that has already been done by many.
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The second option is more acceptable to me. True, if something needs to be urgently transferred, then the wallet will not be there. You can also use fingerprints, which adds security. But I try to keep small amounts on mobile wallets. By the way, it seems like Hotbit started working there.
Using fingerprints is good too, there are actually many ways and ideas to keep our funds safe, we just have to research what they are and always use common sense. Hope Hotbit doesn't give us any bad news regarding security issues or else many users will stop using it, although surely that has already been done by many.
What happened at Hotbit should be alarming. Yes, many left the stock exchange, but the most devoted ones remained. It seems that they say that the balances have been restored, for which thanks. As for storage wallets, now there is plenty to make a quality choice from.
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That's why I don't keep my money in exchange, Wallets are safer than exchange.
There are many hackers surrounding us. We have to stay safe.
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That is what we are afraid of from any exchange, both DEX and CEX have their own weaknesses. no one guarantees 100% safe from hackers attacks, even DEX exchanges like pancakeswap was hacked.
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I was just going through my daily news letter from coingecko and it was estimated that about 7000 reported case were all scam worth $80 million has been linked to scams.
The famous is when Elon Musk came into crypto space, every since then, many scammers have been hidden behind the name and profile and there carting away innocent investors and traders money who are been greedy and lure by high returns.
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I was just going through my daily news letter from coingecko and it was estimated that about 7000 reported case were all scam worth $80 million has been linked to scams.
The famous one is when Elon Musk came into crypto space, every since then, many scammers have been hidden behind the name and profile and there carting away innocent investors and traders money who are been greedy and lure by high returns.
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I was just going through my daily news letter from coingecko and it was estimated that about 7000 reported case were all scam worth $80 million has been linked to scams.
The famous is when Elon Musk came into crypto space, every since then, many scammers have been hidden behind the name and profile and there carting away innocent investors and traders money who are been greedy and lure by high returns.
It has always been this way, even before Musk came to cryptocurrency. Everyone wants to get as much profit as possible, so they fall for such tricks from scammers. Well-known personalities are better suited for such a deception.
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There will definitely be a group of people who are looking to benefit from the existence of BullRun because I am sure that from BullRun it is time to look for fresh prey and newbe who enter cryptocurrency.
There are so many strange exchanges launched with very minimal capital that there is such a thing as manipulation for Centralized Exchanges, such as the DOBI Exchange.
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There will definitely be a group of people who are looking to benefit from the existence of BullRun because I am sure that from BullRun it is time to look for fresh prey and newbe who enter cryptocurrency.
There are so many strange exchanges launched with very minimal capital that there is such a thing as manipulation for Centralized Exchanges, such as the DOBI Exchange.
When a new exchange appears that has been created with a minimum capital, it can be for two reasons from my point of view. The first reason is that the owners of the exchange do not have the necessary technological and financial capacity to cover the expenses, creating an exchange from scratch is really complex and expensive. The second reason is that it is an exchange that, as soon as it gathers several hundred users, performs an exit scam arguing that they have suffered an attack.
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There will definitely be a group of people who are looking to benefit from the existence of BullRun because I am sure that from BullRun it is time to look for fresh prey and newbe who enter cryptocurrency.
There are so many strange exchanges launched with very minimal capital that there is such a thing as manipulation for Centralized Exchanges, such as the DOBI Exchange.
The bullrun is done in order to attract newcomers, or rather, to squeeze funds out of them.
On the account of the exchanges, you are right. There are so many of them now, and quite dubious. I'm just wondering why people go there when there are time-tested and reliable exchanges?
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Exchanges really needs to have a very strong security to avoid hackers breaking into the system and getting rid of users funds. About hotbit previous experience of hackers trying to break through I think the hotbit team will fix that and it's not an exit scam opportunity.
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yes i am worried but not so worried. i have only 1 polkadot in there and also. i don't think there is much to worry because the services are back. we can now continue where we stopped trading. you can go back to your normal trading activities because services has returned. i think they made the best use of it by beenn able to reduce the attack.
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yes i am worried but not so worried. i have only 1 polkadot in there and also. i don't think there is much to worry because the services are back. we can now continue where we stopped trading. you can go back to your normal trading activities because services has returned. i think they made the best use of it by beenn able to reduce the attack.
The fact that users are able to trade again after having solved a problem that could have been much more serious is a sign that the exchange deserves more trust than we previously had. And they have also solved it in record time, affecting as little as possible and improving security, that's how good exchanges work.
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Fraudsters have always attracted and will continue to attract the cryptocurrency market, because here you can be anonymous, make your attacks anywhere in the world where there is Internet and use the inexperience of the participants in this market. In addition, this area of activity is still the least regulated by states, which means that fraudsters have a great chance to go unpunished for their illegal actions. Until now, it is relatively easy for scammers to deceive gullible citizens, because large amounts of money are concentrated in the cryptocurrency market, and the chances of recovering the stolen money are relatively small.