Hackers Attack on Cryptocurrency Exchange.

[owmivmen]

A few days ago I found news about hackers attacking Cryptocurrency exchanges. Many users experience losses due to hackers and affect the price of cryptocurrency this year. News about hacker attacks makes users afraid to use crypto. Data hackers attack on cryptocurrency exchange you can see below.

According to data from statista source of bloomberg

shows data on hacker attacks from 2014 - 2018 on exchanges that have good popularity. Like the biggest hacker attack in 2014 on MT.GOX which caused a loss of $ 480M that year. While this year, the biggest hacker attack occurred in the coincheck exchange which lost $ 547M and made the biggest attack for now. How does crtptocurrency survive in the future with the occurrence of hacker attacks every year? I think there is a need for security in every cryptocurrency exchange in the future so that things don't happen that make users experience losses.

source : https://www.statista.com/chart/12707/largest-known-crypto-currency-thefts/

[alltalk]

That's why it is not recommended to store coins on wallet exchanges in a large amount, especially for bitcoin. As far as I know, the hackers are commonly targeting bitcoins on wallet exchanges. But they are also possible to stole altcoins, like ethereum. Actually, this news is a strong warning for all exchanges to strengthen the security. At least, they must minimize the possibility to hack by bad guys.     

[Goku01]

I lost some of my coin too. Cryptocurrency world must improve its security system or it will lose lots of its investors. And the investors must have to be careful too. Holding bitcoin in wallet is a bad idea as hacker are waiting of this kind of opportunity. Be safe everyone. 

[owmivmen]

That's why it is not recommended to store coins on wallet exchanges in a large amount, especially for bitcoin. As far as I know, the hackers are commonly targeting bitcoins on wallet exchanges. But they are also possible to stole altcoins, like ethereum. Actually, this news is a strong warning for all exchanges to strengthen the security. At least, they must minimize the possibility to hack by bad guys.   

Yes, it is true. Not recommended to save crypto in exchange. Many risks such as hackers and scam exchanges. Use crypto only when you do daily trading.

[owmivmen]

I lost some of my coin too. Cryptocurrency world must improve its security system or it will lose lots of its investors. And the investors must have to be careful too. Holding bitcoin in wallet is a bad idea as hacker are waiting of this kind of opportunity. Be safe everyone.

The thing that needs to be improved in exchange is security. problems that cannot yet be resolved. Always every year there is a hacker attack.

[ayatoslaw]

I just found out, there was a loss of assets from MT GOX, because I know MT.GOX is the worst occurrence of crypto theft, because many assets are lost. and apparently there are more.
this must be another lesson for others.

[khufuking]

The statics is crazy, in 2018 alone 3 attacks, which means exchanges does not learn from the past history. I might be wrong in this but I  think some of this hacks might be inside job, some of the stories said behind some of this attacks just cannot get in my head as a legit story.
I always keep on exchange what I am not holding for long-term, but I also have some good amount on my exchange I need it for quick trades and I only trust Bittrex and Binance on this.

[Nestle]

Thank you for providing information. can you give specifics when hackers do it? Suppose in what month or more dominant at what time? I am the more dominant crypto holder storing crypto in exchange.

[owmivmen]

I just found out, there was a loss of assets from MT GOX, because I know MT.GOX is the worst occurrence of crypto theft, because many assets are lost. and apparently there are more.
this must be another lesson for others.

Crypto users did not expect it to happen. I agree with you. MT. GOX is a case of hackers talking about a lot of people. Dominant Bitcoin is robbed. that makes crypto prices decline.

[owmivmen]

The statics is crazy, in 2018 alone 3 attacks, which means exchanges does not learn from the past history. I might be wrong in this but I  think some of this hacks might be inside job, some of the stories said behind some of this attacks just cannot get in my head as a legit story.
I always keep on exchange what I am not holding for long-term, but I also have some good amount on my exchange I need it for quick trades and I only trust Bittrex and Binance on this.

Yes, what I say "The problem is security" All exchanges can be hacked. depends on how the exchange developer perfects their security system. All can happen if there is an opportunity to damage the security system from exchange.

[owmivmen]

Thank you for providing information. can you give specifics when hackers do it? Suppose in what month or more dominant at what time? I am the more dominant crypto holder storing crypto in exchange.

When and time? I think hackers can attack exchanges at any time. Just suggest to save your crypto assets. Use the recommended wallet and many have used it. Exchange is only used if you want to trade daily.

[topicmaker]

they are the most threatening market.The confidence in the market is decreasing due to hackers.market  need a solution to these.

[Dinid]

Do you think all the markets that have been hacked are really pure hackers act ?
Is there any possibility there is conspiracy within the market itself ?
Is there any cooperation between market administrators and hackers ?

Sorry I'm not prejudiced, but I am really asking question.

[Cryptoz]

Many exchanges must refund the coins of their clients because of hackers attacks. They should spend a lot of money to refund the coins. For example: 1. Coincheck refund 46 billion yen. 2. Bitfinex refund 120,000 BTC.

Link: https://Do not link to this site DMCA Abuser/biggest-bitcoin-hacks/, https://www.mbmagazine.co.uk/2018/02/coincheck-cryptocurrency-hack-victims-receive-refund/92/

[daviost]

Yeah of course the hacker always target the big exchanger and hope the big exchanger will concern and update their security continuously and if you are a hodler its better to save them at your own wallet then put them on the exchanger. If the exchanger decided to pay you back when they got hacked then its no problem, how about if they dont pay back? and if you are trader, its easy to secure your profit too in your wallet.

Do you think all the markets that have been hacked are really pure hackers act ?
Is there any possibility there is conspiracy within the market itself ?
Is there any cooperation between market administrators and hackers ?

Sorry I'm not prejudiced, but I am really asking question.

Yeah sometimes i have that thought too. i think they will be a internal staff who help the hacker or the conspiracy behind?