It's worrisome to see that just after 2 months of rebranding and celebration of 10th year anniversary which saw Huobi transformed to HTX, the exchange has suffered a major hack. Of course the CEX name didn't settle well with users when the name was unveiled in September as many question the similarity between the new name and the defunct FTX and it's already looking as if users guesses were right afterall.
What is more worrisome is that just a few weeks back precisely Nov 10, poloniex exchange also suffered a hack with losses estimated at over $100 million in cryptocurrency. Putting this vis a vis with the HTX and Heco chain hack with an estimated loss of over $115 million, we are talking of a combined $215 million loss in users funds.
Despite the compensation plans announced by this CEX, I couldn't help but think why not implement the "prevention is better than cure" strategy. After the 2016 Bitfinex hack, I think exchanges should have learnt and implement more robust security measures but it's sad that 7 years later, we are still discussing security breaches in a sector that has the most glaring technology (Blockchain).
At this point am curious to know if there are exchanges immune to this hacks and are there any measures they put in place? I also think integrity test should be conducted for exchange owners but the question is how can this be achieved in an industry that is not being regulated. Share your views and let's discuss.
Security has a been an age long crises even in the traditional financial institution but gradually, I feel the crypto industry will find a lasting solution to the problem but collaboration with all stake could be the only way forward.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Granted insecurity is a major setback in the crypto industry, but the existence of certain exchanges like Bitget for 5 years and counting without a single case of hack simply means that these hacked exchanges have loopholes they need to fix.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Because of this, it's wise for traders to thoroughly investigate exchanges before choosing one. I exclusively deal with cryptocurrency exchanges that have declared proof of reserve in the wake of the unfortunate events that saw some go bankrupt and others hack. Because of what I've heard traders say about Bitget and the fact that it met my requirements, I had to start using it right away. Therefore, I'd advise DYOR to choose whatever best meets your needs.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Don't publish such posts in this community.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit