Altcoins Talks - Cryptocurrency Forum
Crypto Discussion Forum => Cryptocurrency discussions => Topic started by: Ozark on January 16, 2019, 07:26:26 AM
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Last year, at least five major crypto exchanges were hacked. Here are the details:
December 2017: Hackers steal $63 million in cryptocurrency from NiceHash.
• January 2018: Hackers steal more than $500 million in cryptocurrency from Coincheck.
• February 2018: Hackers steal approximately $195 million in cryptocurrency from BitGrail.
• June 2018: Hackers steal roughly $40 million in cryptocurrency from Coinrail.
• June 2018: Hackers steal $30 million in cryptocurrency from Bithumb.
And that's not all -- there were other hacks that happened as well. In this article, I’ll explain why so many exchanges are being hacked.
As I explained in my last Forbes article, crypto security is hierarchical: Protocol, exchange and personal wallet security are the three layers. This hierarchy means that if you have an issue at the coin protocol layer, you will be compromised, regardless of how secure your second and third layers are. At the same time, the complexity of the protocol level means it’s harder to find an issue like a DAO hack than finding a vulnerability at the lower layers like exchanges and wallets. That is why hackers target exchanges -- it’s the most efficient way for them to steal your money. Protocols are hard to hack, and wallets are too distributed. Exchanges are a good fit for them.
Now that we've described why exchanges are the most attractive targets for hackers in the crypto world, it’s a good time to understand why they're hackable.
The reason is simple. Any crypto exchange is a centralized single point of failure, vulnerable by design. As a centralized web application with functions to execute transactions and one or a few big crypto wallets inside, exchanges are prone to the same security problems as all other websites. All the usual application aspects such as frontend JS, mobile app, terminals and other clients on the client side and APIs and data repositories on the back end need to be protected. In my experience, the most critical security problems for crypto exchanges are split into the following buckets:
The Client Side
• XSS: Cross Site Scripting (aka XSS), which is the most popular client-side vulnerability, allows attackers to use your browsers as their own. The reason for this is an ability to inject malicious JS/HTML code to the web page generated by vulnerable servers. There is a myth that two-factor authentication (2FA), such as Google Authenticator or SMS code, saves from such vulnerabilities, but in fact, it does not. A malicious Javascript that gets to the page due to this vulnerability simply substitutes the withdrawal wallet address right before you withdraw funds. You do not see anything and can not prevent it in any way.
• Open redirects that help hackers perform phishing-like attacks: This is an ability to redirect you in an arbitrary way from the link to your crypto exchange. It sometimes looks like it wouldn't be an issue, but technically, it allows attackers to do two things: 1) list exchange in search engines like Google as a malicious website, and 2) increase the success rate of malware installation attack because of the trust to the exchange domain. The typical attack looks like a link to the original domain of your exchange (not a phishing one, a real one) that downloads some sort of “new version of trading desktop client,” which technically is a malicious software that steals your wallet.
• SSL issues related to mobile apps (like certificate pinning): This is a minor issue. However, it’s become critical when users travel to countries like China, Iran or Russia where governments could intercept internet connections by their own certificates.
Common CSRF attacks are not in the list because two-factor authentication is widely implemented in the exchanges.
The Server Side
• NoSQL/key-value injections: These injections are mainly in the popular storage modules like Redis, Memcached and MongoDB. Similar to the older, more well-known SQL attacks that were mainly fixed at the frameworks and ORM level, there are similar attacks targeting new technologies like NoSQL and in-memory databases. These are newer and are rarely discovered by developers and frameworks.
• Logic issues, mainly race conditions: These issues are critical and hard to discover by automation tools like source code analyzers. An example of this is simultaneously processing more than one withdrawal transaction, which could result in a negative account balance.
• Authentication issues (e.g., bypasses): Sometimes passwords and even 2FA don't work just because of authentication bypass issues. These are logical or input validation problems, allowing access to the user session without proper credentials being checked.
There are also other types of security breaches in which hackers steal GAS, not coins themselves. In this instance, it’s a proof-of-stake (PoS) cryptocurrency in which all the coins in your wallet generates GAS, an alternative currency used to sign other transactions. Again, the GAS itself is an alternative coin in any PoS-based cryptocurrency, and a lot of them belong to crypto exchanges because they hold users PoS coins like ETH and NEO. That’s why if somebody steals GAS, you will never know about this as a client of crypto exchange.
Who is the victim in the case of GAS stealing? Technically, it would be an exchange, but at the same time, would you know if your transaction fees were higher because of the GAS? GAS is one of the good reasons why it’s so important to understand security basics while dealing with crypto.
Let’s summarize all the things explained above:
All the crypto exchanges have weaknesses in the architecture because they were never designed in cryptocurrency protocols. Any crypto exchange is an ordinary centralized web application with all the same issues that plague any other web application. Web application vulnerabilities resulted in many crypto exchanges being compromised recently. Some exchanges never announced hacks because attackers stole only GAS, not coins themselves and users never knew about these incidents.
SOURCE (https://www.forbes.com/sites/forbestechcouncil/2018/09/17/why-are-crypto-exchanges-are-hacked-so-often/)
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the main reason In my opinion - is because there is SO MUCH money in it and its crypto, it's much easier to deal with than fiat money!
easier to hide and cash out
and the second reason - the security is still poorly managed.
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It is mainstream now, so exchanges emerge everyday, and as it is new field, it is hard to check their security
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Well, isn't it obvious? These applications store our private keys on an online server, and you can imagine how 'safe' that'd be!
And if you're asking for the reason why hackers hack these exchanges, then, again, obviously because these exchanges have their users' accounts linked to them and as so many users have their crypto stored, hacking the exchange would mean the hackers would get their hands on the crypto of all the users, which would amount to a lot of money.
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The main reason for such hacking by hackers is high material interest, since, as can be seen from the above topic, tens of millions of dollars are being stolen from cryptocurrency. In this case, some digital programs will inevitably be vulnerable to hacking by other similar programs. All you need is time. Hackers spend their time on it, because these costs pay off many times over.
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It's because of money. Huge money. No matter what - cryptocurrency exchanges are still very young platforms in financial world. There is certain amount of time needed to learn how to protect their users from hackers, but the number of hackers will increase.
All the crypto exchanges have weaknesses in the architecture because they were never designed in cryptocurrency protocols. Any crypto exchange is an ordinary centralized web application with all the same issues that plague any other web application. Web application vulnerabilities resulted in many crypto exchanges being compromised recently.
And because crypto exchanges are operating with millions of dollars every day, stealing from them is worth the risk.
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The need for more security is still needed in the crypto exchange security system. Some exchangers just have to copy the same code used in another exchange without even minding to check if there are certain vulnerabilities in it. That is one of the major reason that's why Decentralized exchangers are hard to get hacked
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It is why there’s no such thing as “the safest exchange in the world”. Even Binance, the world’s most popular crypto exchange was vulnerable to hacking. But the good thing is that they have the money to reimburse all affected traders. Even TRON founder and CEO Justin Sun pledges to donate as well.
I’m one of the #DevelopmentTeam members of MetaMorph Pro exchange (event coordinator), and I also can’t guarantee that our exchange is also 100% safe. The reason why is that there are lots of traders, and a lot of them are lazy enough to store them immediately to cold wallets after they’re satisfied with the results of their trading.
It makes them vulnerable that would result to massive loss of funds. Hackers are taking their skills to the next level with their “whatever it takes” attitude (excerpt from Avengers Endgame) to breach the security of these exchanges.
It’s better to store in a cold wallet like Ledger Nano S or Trezor.
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Because hackers always try to be smarter and know well that the digital world has many loopholes to be manipulated.
So, it is almost impossible to have perfect security. That's why security level must be upgraded regularly.
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Actually cryptocurrency cannot be hacked, but what can be hacked is the existing system on each web, which have insufficient security
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I wonder if those exchanges are centralized? a decentralized exchange cannot be hacked.. or am I mistaken? :o
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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.
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I wonder if those exchanges are centralized? a decentralized exchange cannot be hacked.. or am I mistaken? :o
Tell the hacker what things that they cannot be hack? Anything in this world can be hack soon or later.
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They should have moved the funds into different wallets so this could not be an easy way to scam large amount of funds. These hackers target people anyway as long as their is money inside it.
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I wonder if those exchanges are centralized? a decentralized exchange cannot be hacked.. or am I mistaken? :o
Tell the hacker what things that they cannot be hack? Anything in this world can be hack soon or later.
Agree, Even popular exchange has flaws that's why
it's not guaranteee top exchange is 100% safe.
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Actually, each Cryptocurrency exchange must have protected their exchanges in various ways, so that the assets in the exchange are safe from theft of irresponsible hackers. But because hackers have a more powerful way, so the Crypto exchange can be hacked. That is a risk that not everyone wants, so each of us must protect our account as much as possible to protect our assets, because the exchange can not guarantee the security of our account.
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I think there's a main cause of hacking, it has good popularity in the market. No doubt many people has been good earnings from this platform. But l think it should be tight their loopholes.
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I think it happens because of really big money. So I think every exchange must take care of their security in the first priority. The hackers are trying to hack them every day :(
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At times cryptocurrency exchange hacked.But I believe that cryptocurrency exchange very strong projects.
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At times cryptocurrency exchange hacked.But I believe that cryptocurrency exchange very strong projects.
I can agree with you 100%
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Because hackers find loopholes or bugs in centralized exchange, If the security system is not always maintained, hackers will always infiltrate. Safer using decentralized exchange.
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Because hackers find loopholes or bugs in centralized exchange, If the security system is not always maintained, hackers will always infiltrate. Safer using decentralized exchange.
I think no one system is safe. So hackers will continue to hack them...
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Security is the main issue. If any exchange can not give high security. Then they will suffer.
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The worst reason for hackers to hack this device is the vested interest. As can be seen from the baila unwanted, tens of millions of dollars are being stolen from cryptocurrency. In this case, some digital programs will inevitably be hacked by other similar programs. Hackers spend their time on this, which is why their costs are multiplied.
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Centralized exchanges are honeypots to hackers due to their custodial and centralized nature. Their weakness stems from the fact that they are single point of failure. Exchanges should never joke with their security posture and should endeavor to keep a large chunk of user funds in multisig cold wallets.
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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.
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Exchanges been hacked is just showing the lapses from the exchange administrators to protect their platform effectively. Most of them are just after the fund they are building via the platform, thereby careless about the welfares of users' interest.
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Truth is, as a result of cryptocurrency exchanges providing some of the best resources available in the industry, there is always a tendency of people losing their guard and mistakes happening thus, offering loopholes for hackers to exploit. Several hacks surrounding cryptocurrency exchanges have all come from exploited loopholes. This is why I prefer trading on non custodial exchanges notably ChangeNow (https://changenow.io). ChangeNOW is simple and easy to use with no need to actually register before using the exchange. This way, you are guaranteed top level services without exposing your private keys or sensitive information. Also, ChangeNOW enables you buy bitcoin with your bank cards, making it one of the few exchanges that has such a feature enabled.
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Last year, at least five major crypto exchanges were hacked. Here are the details:
December 2017: Hackers steal $63 million in cryptocurrency from NiceHash.
• January 2018: Hackers steal more than $500 million in cryptocurrency from Coincheck.
• February 2018: Hackers steal approximately $195 million in cryptocurrency from BitGrail.
• June 2018: Hackers steal roughly $40 million in cryptocurrency from Coinrail.
• June 2018: Hackers steal $30 million in cryptocurrency from Bithumb.
And that's not all -- there were other hacks that happened as well. In this article, I’ll explain why so many exchanges are being hacked.
As I explained in my last Forbes article, crypto security is hierarchical: Protocol, exchange and personal wallet security are the three layers. This hierarchy means that if you have an issue at the coin protocol layer, you will be compromised, regardless of how secure your second and third layers are. At the same time, the complexity of the protocol level means it’s harder to find an issue like a DAO hack than finding a vulnerability at the lower layers like exchanges and wallets. That is why hackers target exchanges -- it’s the most efficient way for them to steal your money. Protocols are hard to hack, and wallets are too distributed. Exchanges are a good fit for them.
Now that we've described why exchanges are the most attractive targets for hackers in the crypto world, it’s a good time to understand why they're hackable.
The reason is simple. Any crypto exchange is a centralized single point of failure, vulnerable by design. As a centralized web application with functions to execute transactions and one or a few big crypto wallets inside, exchanges are prone to the same security problems as all other websites. All the usual application aspects such as frontend JS, mobile app, terminals and other clients on the client side and APIs and data repositories on the back end need to be protected. In my experience, the most critical security problems for crypto exchanges are split into the following buckets:
The Client Side
• XSS: Cross Site Scripting (aka XSS), which is the most popular client-side vulnerability, allows attackers to use your browsers as their own. The reason for this is an ability to inject malicious JS/HTML code to the web page generated by vulnerable servers. There is a myth that two-factor authentication (2FA), such as Google Authenticator or SMS code, saves from such vulnerabilities, but in fact, it does not. A malicious Javascript that gets to the page due to this vulnerability simply substitutes the withdrawal wallet address right before you withdraw funds. You do not see anything and can not prevent it in any way.
• Open redirects that help hackers perform phishing-like attacks: This is an ability to redirect you in an arbitrary way from the link to your crypto exchange. It sometimes looks like it wouldn't be an issue, but technically, it allows attackers to do two things: 1) list exchange in search engines like Google as a malicious website, and 2) increase the success rate of malware installation attack because of the trust to the exchange domain. The typical attack looks like a link to the original domain of your exchange (not a phishing one, a real one) that downloads some sort of “new version of trading desktop client,” which technically is a malicious software that steals your wallet.
• SSL issues related to mobile apps (like certificate pinning): This is a minor issue. However, it’s become critical when users travel to countries like China, Iran or Russia where governments could intercept internet connections by their own certificates.
Common CSRF attacks are not in the list because two-factor authentication is widely implemented in the exchanges.
The Server Side
• NoSQL/key-value injections: These injections are mainly in the popular storage modules like Redis, Memcached and MongoDB. Similar to the older, more well-known SQL attacks that were mainly fixed at the frameworks and ORM level, there are similar attacks targeting new technologies like NoSQL and in-memory databases. These are newer and are rarely discovered by developers and frameworks.
• Logic issues, mainly race conditions: These issues are critical and hard to discover by automation tools like source code analyzers. An example of this is simultaneously processing more than one withdrawal transaction, which could result in a negative account balance.
• Authentication issues (e.g., bypasses): Sometimes passwords and even 2FA don't work just because of authentication bypass issues. These are logical or input validation problems, allowing access to the user session without proper credentials being checked.
There are also other types of security breaches in which hackers steal GAS, not coins themselves. In this instance, it’s a proof-of-stake (PoS) cryptocurrency in which all the coins in your wallet generates GAS, an alternative currency used to sign other transactions. Again, the GAS itself is an alternative coin in any PoS-based cryptocurrency, and a lot of them belong to crypto exchanges because they hold users PoS coins like ETH and NEO. That’s why if somebody steals GAS, you will never know about this as a client of crypto exchange.
Who is the victim in the case of GAS stealing? Technically, it would be an exchange, but at the same time, would you know if your transaction fees were higher because of the GAS? GAS is one of the good reasons why it’s so important to understand security basics while dealing with crypto.
Let’s summarize all the things explained above:
All the crypto exchanges have weaknesses in the architecture because they were never designed in cryptocurrency protocols. Any crypto exchange is an ordinary centralized web application with all the same issues that plague any other web application. Web application vulnerabilities resulted in many crypto exchanges being compromised recently. Some exchanges never announced hacks because attackers stole only GAS, not coins themselves and users never knew about these incidents.
SOURCE (https://www.forbes.com/sites/forbestechcouncil/2018/09/17/why-are-crypto-exchanges-are-hacked-so-often/)
Hacking since 2017 within the crypto space has been worrisome. I hope this act ca actually be put to an end cause each time it happened, users get to develop more fear with the system
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Now Crypto Currency is the Highlighted news of news paper in everyday life and it is very common to us about hacking news. There are lost of hackers around the world who are always trying to hack or stolen assets. So people should be very careful about their assets. Hacker know that crypto currency is the top assets now a days. They know that it is better then gold or anything and it is conducted by internet for this reason their only attraction is crypto assets. They are always trying to hack crypto exchange because in exchange lots of assets is their. If they hack one time they get high rich.
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Hackers are really expanding their knowledge about how to breach securities. Some of them might be once in their life had been employed in Crypto Exchange so they have a big picture of how the system works. Not counting out that maybe some of the attacks are inside jobs, which make it more easier for doing an hack.
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I think if its password system was more powerful then maybe it could have been hacked.The goal of hackers is to hack.They always notice that there is a huge amount of dollars in any exchange.
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the main reason why there are still many exchanges that get hacked is;
- developers are lazy to upgrade their security system
- does not run bug hack campaigns to find out about their system leaks
- do not pay attention to the performance of their employees
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do go off too much about the topic title , the main reason why exchange are getting hacked because of the money , hackers want money so they target the most exchanges that have the lowest protection system in the field using their tools of course.
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I like the detailed explanation of the original post. Unfortunately exchanges are still vulnerable, as users it is our responsibility to choose a good exchange and to store our funds in a secure way.
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The total cap of an exchange can't be compare with that of an individual, hence much money can be derived from hacking of an exchange. But with the increase in hacking of exchange, exchanges too are developing high security techniques in other to protect themselves. I think the rate will decrease soon.
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Crypto currencies are prone to hacking, As far as you're in a site that has up to a million running members you need to know scamming AMD hacking might take place. And beware of where you jump in to invest on crypto.
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Exchanges are hacked because of inadequate security arrangements. Their websites are not properly built.Sometime user's accounts are connected to the exchange account which gives the hackers a chance.There is no way to catch and punish hackers in crypto.
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Cryptocurrency hacking, because there are many newcomers to cryptocurrency trading, and because of some anonymous currencies, it is easy to buy and sell, and finally there is a legal vacancy.
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From what I have seen over the years, most of the hacked exchanges are due to lack of security, as they say has happened with the last case, Livecoin, with Cryptopia something similar happened, although I think they were going to return the funds to users (we'll see if they do or not) although I've seen quite a few exit scams as well.
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Crypto exchanges are hacked from time to time, whether it's new or not. The kucoin exchange was hacked several months ago. Those who have hackers are always trying to figure out how to hack something. Especially those that are at the top of popularity are prone to hacking exchanges.
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Exchanges are hacked because of inadequate security arrangements. Their website are not properly built.
I won't agree with you on that. Even to security organisations and even countries are hacked into. Tell me a renowned exchange that has not been hacked into. It's not necessarily because of inadequate security.
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Exchanges are hacked because of inadequate security arrangements. Their website are not properly built.
I won't agree with you on that. Even to security organisations and even countries are hacked into. Tell me a renowned exchange that has not been hacked into. It's not necessarily because of inadequate security.
Yes, you are right as until now almost all the major exchanges face the hacking issue. Some exchanges are in the news because they are not able to control it and some can handle it and don't leak the news.
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Let no one forget the exit scam, sadly it has happened many times and nothing can be done against it. The last case that has not been clear is that of Livecoin, which closed its exchange after the "attack suffered" in December last year. They say they will return the funds to users but we'll see...
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Your article is very educative and will really help most people learn a lot about why exchanges are being hacked and I agree with the points you listed out, actually there are so many reasons why an exchange can be hacked easily, tho it isn't easy hacking an exchange because it got security which guides it, the main reason is that hackers study alot on hacking and becomes very smart thereby checking out exchanges will low security level and break through it. So I think exchanges should try as much as possible to upgrade their security to a very high standard to ensure hackers to find it very difficult to break through.
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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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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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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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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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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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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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@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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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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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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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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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.
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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.
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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.
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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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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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Because of vulnerability of blockchain. It must fixed! Currently im looking to invest on projects that works on security for blockchain. One of them is SupraOracles. They are working for secure blockchain prototypes and also secure gaming sector. If they could achieve their projects needing,it will be HUGE news for whole blockchain communities,thats why i trust SupraOracles,i highly recommend to do research about that project.
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Because of vulnerability of blockchain. It must fixed! Currently im looking to invest on projects that works on security for blockchain. One of them is SupraOracles. They are working for secure blockchain prototypes and also secure gaming sector. If they could achieve their projects needing,it will be HUGE news for whole blockchain communities,thats why i trust SupraOracles,i highly recommend to do research about that project.
I was checking SupraOracles on Medium's forum. And they announced,they are working with Algoblock from now. I think secure system also so important but i didnt expect that kind of new project working with Algo. I will probably follow Supra after that announced,thanks for ur advice btw,if i make profit from following Supra,i will send you a gift,promise.
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Scammers and hackers always want to get things easily, and that is why they will find a way to steal our money easily which we worked hard to earn it. Another thing is because crypto is free money, so they feel safer to attack a crypto exchange and steal a few coins rather than hacking banking systems for governments.
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They should have moved the funds into different wallets so this could not be an easy way to scam large amount of funds. These hackers target people anyway as long as their is money inside it.
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Some of them might be once in their life had been employed in Crypto Exchange so they have a big picture of how the system works. Not counting out that maybe some of the attacks are inside jobs, which make it more easier for doing an hack do go off too much about the topic title , the main reason why exchange are getting hacked because of the money , hackers want money so they target the most exchanges that have the lowest protection system in the field using their tools of course.
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These applications store our private keys on an online server, and you can imagine how 'safe' that'd be!
And if you're asking for the reason why hackers hack these exchanges, then, again, obviously because these exchanges have their users' accounts linked to them and as so many users have their crypto stored, hacking the exchange would mean the hackers would get their hands on the crypto of all the users, which would amount to a lot of money
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Dear thanks you have provided very useful information about the wallet hacks. I want to tell you that there are a few wallets that are too much safe and hackers may face a lot of difficulties to hack that wallet. I would suggest you use the Binance and the Coinbase wallet. These wallets are safe.
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Dear thanks you have provided very useful information about the wallet hacks. I want to tell you that there are a few wallets that are too much safe and hackers may face a lot of difficulties to hack that wallet. I would suggest you use the Binance and the Coinbase wallet. These wallets are safe.
I do not agree with you. No exchange is 100% secure, you can search the network for information about the hack that Binance suffered in 2019 to verify it, you can also check out the many CoinBase user reports on phishing. I will never recommend anyone to keep their funds on an exchange, we never know what could happen, so I will always say that keeping our funds and private keys with us is always the safest and most reliable. And remember, not your keys, not your coins.
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The hackers are main and biggest problem in crypto world. All the things are best and even crypto is so profitable but one thing that its risky because of hackers and spammers and by making our security strong we can defeat them.
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They should have moved the funds into different wallets so this could not be an easy way to scam large amount of funds. These hackers target people anyway as long as their is money inside it
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Dear thanks you have provided very useful information about the wallet hacks. I want to tell you that there are a few wallets that are too much safe and hackers may face a lot of difficulties to hack that wallet. I would suggest you use the Binance and the Coinbase wallet. These wallets are safe.
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Hackers is high material interest, since, as can be seen from the above topic, tens of millions of dollars are being stolen from cryptocurrency. In this case, some digital programs Some exchangers just have to copy the same code used in another exchange without even minding to check if there are certain vulnerabilities in it. That is one of the major reason that's why Decentralized exchangers are hard to get hacked
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Hackers is high material interest, since, as can be seen from the above topic, tens of millions of dollars are being stolen from cryptocurrency. In this case, some digital programs Some exchangers just have to copy the same code used in another exchange without even minding to check if there are certain vulnerabilities in it. That is one of the major reason that's why Decentralized exchangers are hard to get hacked
I think you're wrong. No exchange that wants to be serious and have a quality product would copy the source code of another exchange. The source code of an exchange is not public, it is closed source, and it is also very well preserved. If one exchange could copy the source code of another, it wouldn't know if malicious code and back doors were included, so it would be a disaster. Each exchange uses its own code, the problem with hacks is how that code is implemented and what budget is available to keep it up to date.
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There are uncountable reasons why cryptocurrency are easily to be hacked, to protect yourself always buy a hardware wallet like Trezor and Nano Ledger. These 2 are the safest way to ensure that you're not gonna risk you and your digital assets to someone else hands.
You can post without spam, thanks.