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[Josemendez]

Just within the last quaters of 2020 , several Centralised exchange sites were hacked ,such as livecoin and Atility ,which lead to loss of users's funds.

Few days ago , livecoin announced their plans to close as a result of the hack , and have set a tedious kyc verification criteria for paying back their users who lost their funds.
Atility have also set similar criteria.

I believe that it is better we use decentralized wallets to store our funds , because with it , hackers cannot easily hack it , because of security measures of private keys used by these sites.
Examples of such wallets are , Trust wallet , leadwallet ,etc

 

[Josemendez]

It is not advisable to store our coin on exchanger website. They are only good for trading with other coin. They are pron to hack.
To avoid not been victim to this. You need to always withdraw your fund whenever you are through trading. That is how I lost bitcoin worth 0.2 BTC with bter exchanger. They got hacked and letter went offline

This is sad to read . Does it mean that the exchanger never deem it fit to compensate the users ? , People failed to demand for their coin I suppose ?

 

[Brain]

Just within the last quaters of 2020 , several Centralised exchange sites were hacked ,such as livecoin and Atility ,which lead to loss of users's funds.

Few days ago , livecoin announced their plans to close as a result of the hack , and have set a tedious kyc verification criteria for paying back their users who lost their funds.
Atility have also set similar criteria.

I believe that it is better we use decentralized wallets to store our funds , because with it , hackers cannot easily hack it , because of security measures of private keys used by these sites.
Examples of such wallets are , Trust wallet , leadwallet ,etc

You have a valid point there because loss of coins after storage is a very big 8ssue and shouldn't be ignored. I use decentralized wallets though

 

[microunit]

I think the fault here lies with the exchanges, as exchanges are always prone to hacking considering the amount of assets they are holding so exchanges needs to have several security measures in place

 

[Brain]

I think the fault here lies with the exchanges, as exchanges are always prone to hacking considering the amount of assets they are holding so exchanges needs to have several security measures in place

I think it should be both ways the exchanges and the users need to ensure that a good security measures has been put in place to protect the coins and avoid easy hacking

 

[microunit]

I think it should be both ways the exchanges and the users need to ensure that a good security measures has been put in place to protect the coins and avoid easy hacking

I don't think the users really have the privileges to even tweak the security of the exchange as that is the work of the software engineers of the exchange so the users won't have much say there as they are only "users"

 

[Brain]

I don't think the users really have the privileges to even tweak the security of the exchange as that is the work of the software engineers of the exchange so the users won't have much say there as they are only "users"

Well I was referring to account that are created by the users so that their account too will be secured. But if not then the sites should do more than just what they are doing

 

[microunit]

Well I was referring to account that are created by the users so that their account too will be secured. But if not then the sites should do more than just what they are doing

well to enforce the stuffs with account security is still the job of those developers they could enforce that the users will need to add verifications stuffs to make it secure while signing up

 

[Brain]

well to enforce the stuffs with account security is still the job of those developers they could enforce that the users will need to add verifications stuffs to make it secure while signing up

Exactly, this is my point. Even if it needs the users to just add verification details to 8t then users should be serious with it to avoid any loophole for hackers

 

[sagefave]

Hackers have taken to attacking exchange websites instead of individual wallets which previously used to be their target. These hackers are really wicked hearted individuals because they ruin peoples lives by stealing their money.