Crypto exchanges keep getting hacked, and there's little anyone can do

[gargamon]

https://www.nbcnews.com/tech/security/bitcoin-crypto-exchange-hacks-little-anyone-can-do-rcna7870

 

Hackers have made off with billions of dollars in virtual assets in the past year by compromising some of the cryptocurrency exchanges that have emerged during the bitcoin boom.

 

There have been more than 20 hacks this year where a digital robber stole at least $10 million in digital currencies from a crypto exchange or project. In at least six cases, hackers stole more than $100 million, according to data compiled by NBC News. By comparison, bank robberies netted perpetrators an average of less than $5,000 per heist last year, according to the FBI’s annual crime statistics.

Despite the large dollar amounts associated with these thefts, they often lack the drama or attention of traditional bank robberies. But cryptocurrency experts say they offer a warning to would-be crypto investors: Exchanges are now lucrative targets for hackers.

[JustAnotherHun]

Anyone who is into coins should know about hard wallets and use them.

[MarcelV]

One solution: don't buy crypto. I don't trust that stuff anyway and am eagerly awaiting the global crash of all those fake currencies.

[JeffersLos]

13 minutes ago, MarcelV said:

don't buy crypto

????

 

But I want to get rich.

 

Quick! 

[gargamon]

48 minutes ago, JustAnotherHun said:

Anyone who is into coins should know about hard wallets and use them.

Just curious, what happens if you get run over by a truck and killed? Assuming no one has the key to your hard wallet, does the money just evaporate so that your family loses out?

 

I recently read about a guy with over $100 million in bitcoin, but he forgot the passcode and could not access it. He had tried 3 of the 5 tries he had to unlock it. At 5 fails it would lock permanently. 

[JustAnotherHun]

6 hours ago, gargamon said:

Just curious, what happens if you get run over by a truck and killed? Assuming no one has the key to your hard wallet, does the money just evaporate so that your family loses out?

True. Same happens if you bury your Kruger Rands in your garden and your family does not know about it.

If you can't remember your password or store it in a save place, you'd better avoid cryptos anyway ????

[how241]

Most of the recent hacks I have read about stated that No customers would lose any funds.  The hacked losses would either be paid out of the companies funds or from the insurance that many exchanges now carry.  If you stay with the big/major exchanges you should be OK.  Smart people don't keep large amounts of money sitting on exchanges anyway. 

[Jenkins9039]

Most of these coins can be frozen/or forfeited or traced to exit off-ramps, and then SAR's filed for fiat windfalls, so yeah sure dashboard rich but trying to spend, in time the authorities catch up with them... 

[mjnaus]

Bunch of clueless fud. 

Keep your assets in a cold wallet; problem solved. Depending on the worth of your assets and your preferred wallet, there's plenty of recovery options to choose from. The whole point of using hardware wallets is you do not have to remember your private keys.

 

With actual full control and ownership of your digital assets comes responsibility; there's nobody to call when you fudge things up. If that scares you, digital assets aren't for you. Best stick to buying trad-fi assets while your bank or broker holds your hand...