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Author Topic: Why Are Crypto Exchanges Hacked So Often?  (Read 43757 times)

Offline tikanurqaidah

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Re: Why Are Crypto Exchanges Hacked So Often?
« Reply #45 on: February 14, 2021, 11:29:47 PM »
You have to make sure that you register only with leading and global Bitcoin companies. There are many ways hackers can illegally get coffers of money. From traditional methods such as social engineering, phishing, ransomware to new modes that are currently developing such as Crypto Coin Miner

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Re: Why Are Crypto Exchanges Hacked So Often?
« Reply #45 on: February 14, 2021, 11:29:47 PM »

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Re: Why Are Crypto Exchanges Hacked So Often?
« Reply #46 on: February 28, 2021, 07:56:13 PM »
If you look at all those that have been listed, they are centralized exchanges. Besides, security should be paramount in any dealing even in life.
I guessed some of the backend staff of the centralized must have  been compromised thus connived with the hackers to hack the exchange, it quite unfortunate that users of the exchange will have to bear the lost, they exchanges will have to improve on their firewall to forstall future hacking of their exchanges else they will continue to be prone to hacking.

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Re: Why Are Crypto Exchanges Hacked So Often?
« Reply #47 on: March 14, 2021, 01:14:10 PM »
Its because of the huge money they are dealing with. More money attracts more hackers. As they are not decentralized there is always a fear of getting hacked. Even if the exchanges dont have any vulnerability one of the exchanges internal employee can also hack them.
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Re: Why Are Crypto Exchanges Hacked So Often?
« Reply #48 on: March 15, 2021, 04:06:41 AM »
The huge money in crypto currency exchanges makes it a point center of attraction for hackers. Money flowing through these exchanges in seconds makes the attentions captivating, and doing what is possible to make sure they breakthrough and get their hands on the funds. On the fact that crypto currency transactions are barely traceable, it becomes their focal point to use and go free. Old hardware can't fight modern day treat as its said, the conscious use of security is very important.

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Re: Why Are Crypto Exchanges Hacked So Often?
« Reply #49 on: March 15, 2021, 05:39:55 PM »
Another reason exchanges are hacked is the large number of users who keep their funds on exchanges. I doubt that this type of information can be publicly known, but I would like to know how much funds are from users and how much is from the exchange, but I am sure that user funds are always a lot of money.
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Offline TROXIE

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Re: Why Are Crypto Exchanges Hacked So Often?
« Reply #50 on: April 02, 2021, 08:05:24 AM »
I use to believe those handling the exchange sites are professionals and should be so enough to be safe from hackers, since we who are amateurs are urged to keep our wallets safe by all means. Anyone that can hack an exchange is really a big time fraudster.imagine the amount analysed to be carted away. So what will be if those who are expectant of their token?

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Re: Why Are Crypto Exchanges Hacked So Often?
« Reply #51 on: April 02, 2021, 11:55:29 AM »
@TROXIE the fact that those responsible for the security of an exchange (among other things) are professionals does not mean that the exchange cannot be hacked. Many exchanges have been hacked throughout the history of cryptocurrencies and those responsible were true professionals, even Binance was hacked not long ago. Security should be constant, but these things still happen.
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Re: Why Are Crypto Exchanges Hacked So Often?
« Reply #51 on: April 02, 2021, 11:55:29 AM »


Offline sana12981

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Re: Why Are Crypto Exchanges Hacked So Often?
« Reply #52 on: April 03, 2021, 06:04:18 PM »
I think the main reason why exchanges are getting hacked because hackers target those exchanges that have low protection systems.
It means Unfortunately exchanges are still vulnerable, as users it is our responsibility to have more knowledge about exchanges and choose only those exchanges that have strong protection systems.

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Re: Why Are Crypto Exchanges Hacked So Often?
« Reply #53 on: April 14, 2021, 12:27:18 AM »
There is actually not much complex explanation to this other than greed; attaching to funds not yours and technically, everything based on the internet (which of course exchanges too) are susceptible to cryber fraud and theft.
There is no perfect solution to that other than keeping the funds out in cold, offline storage like Coinbase's.
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Offline Freemind

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Re: Why Are Crypto Exchanges Hacked So Often?
« Reply #54 on: April 14, 2021, 10:39:34 AM »
There is actually not much complex explanation to this other than greed; attaching to funds not yours and technically, everything based on the internet (which of course exchanges too) are susceptible to cryber fraud and theft.
There is no perfect solution to that other than keeping the funds out in cold, offline storage like Coinbase's.

@Raqeebzy you are absolutely right and I think the same as you. The problem is that many users do not have the technical knowledge (which is not that complicated) necessary to keep their funds off the exchanges, and others do not do it out of laziness. And that gives hackers a very juicy look at what they can achieve if their attacks are successful.
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Offline David0

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Re: Why Are Crypto Exchanges Hacked So Often?
« Reply #55 on: April 30, 2021, 10:45:08 AM »
There is always a strong point to be made that where the treasures are, there also lies the hearts of greedy men. These scammers and hackers find crypto exchanges as some of the easiest targets for unscrupulously enriching themselves. They look for loopholes often found in cryptocurrency exchanges and try to find their way around these loopholes with the sole aim of gaining entry into these exchanges with the intention to steal. Some exchanges are better equipped and security conscious than others so they get hacked easily. And that gives hackers a very juicy look at what they can achieve if their attacks are successful.

Offline Tessnik

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Re: Why Are Crypto Exchanges Hacked So Often?
« Reply #56 on: April 30, 2021, 12:48:43 PM »
The hack of cryptocurrency exchange is a bad situation but it always points to a weak point in the security protocol of the exchange. This weakness needs to be taken care of against future occurrences.

Offline monig18

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Re: Why Are Crypto Exchanges Hacked So Often?
« Reply #57 on: May 15, 2021, 04:43:45 AM »
As Crypto currency popularity grows,More money is coming to this.Now Big investors and companies are taking part into it. The Hackers are keeping an eye on this.Because it's still no regulations into crypto and there are no Rules for Theft.So Hackers Are saved and not punished.If they are punished even once, it can be reduced.Even exchanges are to blame for not having tight security. Hotbit  is just one example of this year Hacking but they are safe.

Offline dotcoin.info

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Re: Why Are Crypto Exchanges Hacked So Often?
« Reply #58 on: August 01, 2021, 06:37:43 PM »
I think that crypto exchanges are often hacked because it is a tidbit for scammers. they can earn a lot from it. or rather, they can steal a lot there. user data is worth a lot if it falls into the hands of understanding people. therefore, only trust trusted cryptocurrency exchanges and protect your personal data
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Offline Stefan.Quelick

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Re: Why Are Crypto Exchanges Hacked So Often?
« Reply #59 on: October 02, 2021, 08:20:29 PM »
Well Dafi effected by that hack hardly if i remember correct. But its not Dafi,s problem, IMO people would love to blame others… After that hack happend,Dafi dropped hard and i was thinking oh that thing is decreasing,i should stack for Selling at high. So i bought more and more. I knew that day will come..And this week,im prodly say im no more investor.. I achieved my goal. So only wallet will be leather wallet for me.Thanks Dafi and good luck to all.

 

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