Another Day, Another Hack: When Will It Stop?

[MUGNIA]

Cryptocurrency exchanges and hacks are two terms that appear to be synonymous with one another. The reality is that in 2019 alone, the blockchain community has already been accustomed to six major hacks, subsequently resulting in the cryptocurrency-equivalent of tens of millions of dollars in stolen funds.

It is also possible that others have occurred, much unbeknownst to the public eye.

Nevertheless, the latest of such attacks occurred just this month via Japanese third-party platform BitPoint. The hack is believed to have resulted in the hackers illegally extracting at least $30 million in customer funds.

The unfortunate fact that must be realized is that irrespective of the underlying safeguards employed by cryptocurrency exchanges, the means and methods of would-be criminals are getting smarter and smarter. As such, the focus must not only be on how exchanges are protecting customer funds, but how they react when the worst does happen.

complete at : https://beincrypto.com/another-day-another-hack-when-will-it-stop/

[ZionRTZ]

The thing is whatever measure these centralized exchanges they use, they still remain sitting ducks to these hackers. CEXs can't really win against these expert hackers because they are always on the defensive. I cannot wait for these DEXs to take over.

[muneerashine]

The main problem is, no matter how advance  your security hot wallets is vulnerable hack but now some big exchanges are having insurance to cover such losses.

[aiviaa485]

Hacking will always be there anytime, because hacking is very easy for those who are aliens in programming.
Very simple and easy when program experts create hacking viruses to steal other people's assets.

[Pegasus]

Hack or being hacked, it's very difficult to tell. As long as we live in cyber world, hacks exist. I think that instead of asking when will hacks stop, let's discuss how to avoid hacks. First, it's using well known and reliable exchanges like Binance, Liquid or Bittrex. The should be no internal hacks in these exchanges. Then use necessary security measurement: complicated passwords, 2FA authentication...

[arnishad]

yes, i consider you, i feel a great deal of shitcoins can lose its worth and gone within the future
so, everybody ought to keep solely a solid and reliable cryptocurrency to scale back the chance on crypto investment my friend
now crypto similar to the web within the starting, keep calm and keep cool  There are several value fluctuations daily from many dozen p.c to many times. i feel it'll be too long till this market is accepted from the govt

[sturec22]

Well hacks will always be there. It will never stop whether you use decentralized services or not. There is always the hacking section of internet and computers.
Cybercriminals are here to stay...

[debra]

Hack or being hacked, it's very difficult to tell. As long as we live in cyber world, hacks exist. I think that instead of asking when will hacks stop, let's discuss how to avoid hacks.

I agree with you. It will be difficult to remove hackers from this world. The chance is almost zero yet they will always have a chance as long as there are the internet and connection. Yes, the point is how to avoid their hacks. There are some possible ways, and be careful of every new things.

[Goodcat49]

Has somebody counted, how many exchanges had been hacked during all these years?

[corr]

I am also concerned about this issue because basically my assets are on stock exchanges. I mean if the stock exchange can not protect the assets of the user then after the hack it should have money to cover all losses to each user to each penny. unfortunately now it's unlikely until these exchanges outlawed and do not give any guarantee that in case they compensate for the loss. I think that in the future the situation will change and in the market there will be only those exchanges that will be able to guarantee full safety and in which case the compensation of all assets

[OptimusPrime]

I really can't say why exchanges allow their platform to be hacked,  they where supposed to be security conscious and enhance their security to avoid being hacked. But it looks like they don't care

[masterrex]

Lets accept the fact that all in the internet is subjected to flaws and vulnerability so security must be inhance and upgraded frequently so that the vulnerability will fix thats why hacking is part of the high tech problem that needs to tackle!

[tonymillions84]

every project has it's pro and cons. you as a cryptocurrency owner are been advised to store your token on your wallet And Not on the exchange No matter what. anything can happen which you likely might not be aware of. i don;t think the exchange hacking will likely stop because More exchange are been introduced everyday.

[zilzylian]

Most exchange wallets use cold purses, unnatural large amounts of withdrawals from crypto exchanges are likely to require some confirmation to withdraw from e-mail exchange accounts. Finance is a centralized exchange that is often hacked and hackers will always try to take some crypto assets if they see an opportunity to do so

[Zurcemozz]

I think it is really about the people, if they learn how ethics and responsibility and respect is, for sure there will no more hacking we can encounter, but in the bad sense, people nowdays only look for money instead of humanity.