Are there any CEXs immune to hacks?

[Raymondblue]

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.

 

[I am Praise]

Indeed, it calls for concern. Exchanges needs to sit up and constantly be on the lookout on ways of improving security and protecting users. Though there are some exchanges that haven't had any case of hacking or security breach since inception. A good example is Bitget and Upbit. Those exchanges that are experiencing security breach should borrow a leave from the aforementioned exchanges on how to beef up security and protect users.

 

[Captainsaudi]

Indeed, it calls for concern. Exchanges needs to sit up and constantly be on the lookout on ways of improving security and protecting users. Though there are some exchanges that haven't had any case of hacking or security breach since inception. A good example is Bitget and Upbit. Those exchanges that are experiencing security breach should borrow a leave from the aforementioned exchanges on how to beef up security and protect users.

Bitget have a robust security system that have help to prevent it against hack. Is worthy to note that the exchange has a zero hack history. I will say their proactive approach to the subject is a reason for their continue success. The exchange POR and User's protection is an example of the proactive step the exchange take to protect its users.

 

[Maxicreed]

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.

The incessant security exploitation in this industry is obviously becoming alarming and tbh the top players need to declare a state of emergency on the situation

 

[Incarts]

Insecurity is holding the crypto industry back from reaching its full potentials. These vulnerable exchanges must tighten their security measures, if there are certain exchanges that have operated for 5 years and counting without recording cases of hacks, then the likes of HTX has to go back to the drawing board.

 

[Megamind 247]

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.

That's why, as a trader, it's always good to have proper research conducted on exchanges before picking them. After the negative incidents that befell the crypto exchanges where some went bankrupt and some hacked, there was a need to declare proof of reserve and I only work with exchanges that have done that. I currently had to start using Bitget because of what I have seen traders say about it and they satisfied my criteria, so I'd say DYOR to pick what suits your need.

 

[Zeddicus]

Indeed, it calls for concern. Exchanges needs to sit up and constantly be on the lookout on ways of improving security and protecting users. Though there are some exchanges that haven't had any case of hacking or security breach since inception. A good example is Bitget and Upbit. Those exchanges that are experiencing security breach should borrow a leave from the aforementioned exchanges on how to beef up security and protect users.

I don't just invest in Exchanges that has good security mitigating such incidences but in those that always prioritize their security, always striving for innovative ways of bettering their security system.

 

[ImamShaheb]

The incessant security exploitation in this industry is obviously becoming alarming and tbh the top players need to declare a state of emergency on the situation

To be honest, there's no CEX which is immune to hack! But yeah, most of the CEXs has taken necessary steps to prevent potential threats... As an example ~

 

[Cryptomonk]

Continued exchange hacks emphasize the need for stronger security measures, raising concerns about industry-wide vulnerabilities and the lack of regulation in ensuring integrity.