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Author Topic: small crypto exchanges and hacks  (Read 774 times)

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small crypto exchanges and hacks
« on: October 29, 2024, 05:42:21 PM »
I read an article that talks about Hackers Are Light Years Ahead and with government support for some sides, Small Crypto Exchangs will be easy goals for these hackers as these platforms are managed by small groups and the hackers can target and drain their hot portfolio without worrying about organizational measures or government tracking.
What do you think of the future of Small Crypto Exchange and their use in the next few months, especially since large platforms usually require personal data.
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small crypto exchanges and hacks
« on: October 29, 2024, 05:42:21 PM »

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Re: small crypto exchanges and hacks
« Reply #1 on: October 29, 2024, 07:27:00 PM »
I read an article that talks about Hackers Are Light Years Ahead and with government support for some sides, Small Crypto Exchangs will be easy goals for these hackers as these platforms are managed by small groups and the hackers can target and drain their hot portfolio without worrying about organizational measures or government tracking.
What do you think of the future of Small Crypto Exchange and their use in the next few months, especially since large platforms usually require personal data.

You already said it; they are easy target by hackers to train their skills and tools for major hacking, so these small exchange should prove their capability by upgrading their platform, Users always look for security, and when it comes to exchange, security is a big concern and it doesn't mean that if you're a small exchange, its prone to hacking.
They have potential for growth if only they can prove that they are on standard with big exchanges when it comes to security.
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Re: small crypto exchanges and hacks
« Reply #2 on: October 29, 2024, 07:48:30 PM »
I don’t think it's wise to use small exchanges and participate in the market. I would rather give my documents to be legally part of and a member of a big, known, and reliable exchange.

I would take a risk for that instead of an unknown exchange. I would use decentralized exchange if I were to prevent doing KYC.
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Re: small crypto exchanges and hacks
« Reply #3 on: October 30, 2024, 08:48:48 AM »
What do you think of the future of Small Crypto Exchange and their use in the next few months, especially since large platforms usually require personal data.
Their future is that they will also still survive as long as the hackers are unable to get access to their customers coins.

If you go to each countries that are crypto friendly, you will notice how some people are advertising small exchanges there.
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Re: small crypto exchanges and hacks
« Reply #4 on: October 30, 2024, 08:47:46 PM »
I don't know what the future holds for small crypto exchanges, i do not use them, neither do i recommend them, because a lot of them are run by scammers themselves and once you deposit funds into them, it is lost. However, for the genuine ones, if they fix their security, then they may not fall prey to hackers, it all depends on measures they take to secure their customers funds.

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Re: small crypto exchanges and hacks
« Reply #5 on: October 31, 2024, 05:39:26 PM »
A small exchange will protect your fund! This is something to be distrusted as there are a lot of scams in crypto. We have seen many big exchanges and they got scams problem. Also, i don't want to use a small exchange myself and blame you for rejection. A large number of employees are hired to develop an exchange. So a small exchange will never spend so much money on security guards. Moreover, security is more emphasized in crypto so always choose big exchange to keep your fund safe. Also you can make your account more secure by using kyc there.

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Re: small crypto exchanges and hacks
« Reply #6 on: October 31, 2024, 07:51:27 PM »
Moreover, security is more emphasized in crypto so always choose big exchange to keep your fund safe. Also you can make your account more secure by using kyc there.
Kyc does not mean your money in your centralized exchange is safe, kyc is simply a way for the exchange to identify their customers and hand their info over to LE if the need arises. It is recommended to trade in popular exchanges, but do not store your money in any exchange, be it small or 'reputable'.

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Re: small crypto exchanges and hacks
« Reply #6 on: October 31, 2024, 07:51:27 PM »


Online electronicash

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Re: small crypto exchanges and hacks
« Reply #7 on: October 31, 2024, 08:26:15 PM »

except these small exchanges are usually dex where a hacker might just have to try breaking the blockchain which is close to impossible. maybe the small CEX can be a target but the dex may not be as easy for them to penetrate.

but is it worth to penetrate small exchange that probably has less than $100k of volume and less than 100k funds on it?
nevertheless if i own a small exchange, i would certainly hardened the security of the exchange knowing hackers are going to target such exchanges.

Offline albon

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Re: small crypto exchanges and hacks
« Reply #8 on: November 01, 2024, 04:18:20 PM »
Moreover, security is more emphasized in crypto so always choose big exchange to keep your fund safe. Also you can make your account more secure by using kyc there.
Kyc does not mean your money in your centralized exchange is safe, kyc is simply a way for the exchange to identify their customers and hand their info over to LE if the need arises. It is recommended to trade in popular exchanges, but do not store your money in any exchange, be it small or 'reputable'.
Actually we use different wallets to save money but in exchange we keep fund to buy and sell tokens. Since we have to pay fess every time we want to do fund transaction on the exchange so we keep some money as deposit. But it is better to keep kyc in a big exchange because your account will have less personal problems. Moreover, kyc targets legal exchange users. Currently kyc service has been made mandatory in all major exchange right now.

Offline rdluffy

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Re: small crypto exchanges and hacks
« Reply #9 on: November 01, 2024, 04:37:17 PM »
For us users, it's not hard: exchanges are not wallet

Use exchanges when it's necessary and withdraw your coins, leave with your custody
It's hard to deal against hackers, every exchange, small or big exchange, all of them are in risk.

I read an article that talks about Hackers Are Light Years Ahead and with government support for some sides...

Maybe you're talking about Lazarus group, right?
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Offline Z-tight

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Re: small crypto exchanges and hacks
« Reply #10 on: November 01, 2024, 10:04:25 PM »
But it is better to keep kyc in a big exchange because your account will have less personal problems. Moreover, kyc targets legal exchange users. Currently kyc service has been made mandatory in all major exchange right now.
It is kind of hard to understand exactly what you are saying here, however, take note that your personal information can be leaked in any service, be it big or small. Many big and reputable services have suffered data breaches and their users who completed kyc with them were subjected to phishing attacks.

Offline Aanuoluwatofunmi

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Re: small crypto exchanges and hacks
« Reply #11 on: November 02, 2024, 10:23:44 PM »
We should not make use of any exchange we don't know much concerning them, also, we should be ready for the worst task ahead as long as we are using a centralized exchange, they are prone to attack, but when the exchange tries to spend more over the security of its platform, hackers may not be able to penetrate in, but when they fail to secure, everything turned a vulnerability.

Offline Z-tight

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Re: small crypto exchanges and hacks
« Reply #12 on: November 02, 2024, 10:45:25 PM »
also, we should be ready for the worst task ahead as long as we are using a centralized exchange, they are prone to attack, but when the exchange tries to spend more over the security of its platform, hackers may not be able to penetrate in, but when they fail to secure, everything turned a vulnerability.
You can use a centralized exchange without storing your funds there, though you will lose your privacy because you will submit your personal data to the exchange and that is why p2p exchanges are a better option in terms of privacy. Smaller exchanges are more risky and it is possible they could be run by scammers.

Offline PX-Z

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Re: small crypto exchanges and hacks
« Reply #13 on: November 02, 2024, 10:54:36 PM »
I read an article that talks about Hackers Are Light Years Ahead and with government support for some sides, Small Crypto Exchangs will be easy goals for these hackers as these platforms are managed by small groups and
That's a bit exaggerated, some new exchanges today have extent tight security thus you can't see any small exchange have been hacked despite that their hot and cold wallet have small stocks. Most hackers will target those big volume exchanges thus they will not spend and waste their resources on smaller targets but thats not an excuse to forget to tighten their security.

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Re: small crypto exchanges and hacks
« Reply #14 on: Today at 08:04:34 AM »
I don’t think it's wise to use small exchanges and participate in the market. I would rather give my documents to be legally part of and a member of a big, known, and reliable exchange.

I would take a risk for that instead of an unknown exchange. I would use decentralized exchange if I were to prevent doing KYC.
there are big decentralized platforms anyway why choose small ones?

some may be legitimate but it would be quite difficult to pick out which ones are legit and which ones are not plus i doubt their services would be better than most since they probably do not have the budget to develop their platform just yet what could be a reason for anyone to prefer small crypto exchanges?

i have seen many people get scammed in small scale exchanges so i dont want to test my chances

 

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