There have been several cryptocurrency exchanges who have been hacked. We've seen two major exchanges in South Korea get hacked this month alone with combined losses of over $70M. Such threats pose a grave concern to everyone who's part of this industry.
Korea is an important market that has contributed to the growth of this market. Two hacks in this month have caused significant dips in prices. Luckily today the market seems to be holding up just fine after BitThumb hack compared to the time CoinRail was hacked.
Nevertheless, it's a scary proposition where you wake up to find some or all of your funds missing. It's great that in some cases these exchanges offer to reimburse you but what if they were unable to?
Holding funds on exchanges even if it's only trading have their own perils as it would seem after these incidents. Having a cold wallet is a good way to reduce your risk exposure indeed. But sometimes we have to endure such a risk because we need to trade our funds on a daily basis. This leaves traders with no other option to hold their funds on the exchange of their choice.
At the moment it seems wise to use the best exchanges such as Binance and secure your account as best possible. But these hackers are smart and they seem to know their way around an exchange security so much that your 2FA security seems rather fragile.
BitThumb in this case is the world's 6th largest exchange by volume and considering the amount of business generated they must've employed high-grade security measures. But it's apparent that it's not enough to keep hackers away.
That brings me to the question. Have you ever lost any cryptocurrency in an exchange hacking incident? What did you lose and how did the exchanges compensate you for your loss thereafter? What are you doing differently now to prevent such an incident from happening to you again.
Look forward to hearing your experience in the comments below.
If you like my work kindly resteem it to your friends. You may also continue reading my recent posts which might interest you:
- Let's Watch This Fun Video From International Steem Meetup #1—Malaysia
- Why You Should Vote For @firepower As Witness—Witness Campaign Post From India!
- Steem.Chat Contest #31
Yes I was hacked a month go on a site I used called coindirect I lost around 1500 dollars worth of crypto at the time of selling it but it could have been worth so much more had It been at the ATH value I made the mistake of not offloading at ATH and continued to hodl sigh I learned my lesson though! Exchanges aren’t willing to help they just wash their hands of any responsibility
I'm a victim of coinsecure hack. Fortunately, it wasn't much but still every penny counts :)
They have initiated a claim process, I have submitted all the required docs but i'm yet to get confirmation. Hopefully things will move faster and investors would at least get some money.
This looks very horrible stage when crypto exchanges security is breached and common people list their money and even price dips lost their cap values.
No, but I've been cheated out of funds in p2p marketplaces -> https://steemit.com/crytocurrency/@debraycodes/how-paypal-is-helping-cyber-criminals-steal-your-money-part-1
@anasz had an amazing experience about losing money crypto steem a few months ago. This shows the sophistication of hackers / thieves is increasing with increasing crypto growth. there is nothing safe in this world.
No, lucky I have not lost any funds due to a hacked exchange.
Thank you for this information sharing. Good post this bitcoin @firepower
Thanks for this
What are the possible measures we can take so our account doesnt get hacked ?
That's a good question. I think i'll address it in a future post soon. :)
No cuz I always withdraw funds from exchanges
Thanks for the valuable news.Thieves and hackers are technically very efficient to make ones hardwork money ruined.
Recently like last 4 years no I learned my lesson when some of the early exchanges went belly up
No sir, till now I never arise any situation like this........ and I pray nobody should be arise as this......
....I think that is time to switch to decentralized exchange, anybody agree ?
yes my nichhash account bitcoin hack
To the question in your title, my Magic 8-Ball says:
Hi! I'm a bot, and this answer was posted automatically. Check this post out for more information.