Maxicreed
Active member
With almost 1 billion dollars been stolen already been stolen via security exploitation with that of HTX and the Mixin Network as the most recent. The figure may not be alarming when compared to the data of the previous year that saw almost 4 billion dollars stolen.
Most of these successful exploit by hackers are never recovered and for the few that are returned by the hackers; a decent amount of white hat bonus payment is made which imho encourage the proliferation of hacking activities. This age long practice could and is slowing down adoption amongst other factors. Security should be a very important aspect to invest heavily as it has a huge impact on adoption. HTX just announced the paying 250 ETH as white hat bonus for the return of the 5k ETH recently drained from their platform which seems more like a game than a serious issue. Tho, it's a good thing the stolen funds was returned but how long should we continue to be skeptical about some platforms?
It is worthy to note that few exchanges such as Kraken and particularly Bitget have successfully recorded zero incidence of security exploit since their inception which begs the question 'what are they doing right that others aren't doing and why is it difficult to collaborate with those secured platforms to collectively build and have secured platforms? ' cos I want to believe if these platforms are collectively secured, we could experience rapid growth that the traditional financial institution could be threatened.
Most of these successful exploit by hackers are never recovered and for the few that are returned by the hackers; a decent amount of white hat bonus payment is made which imho encourage the proliferation of hacking activities. This age long practice could and is slowing down adoption amongst other factors. Security should be a very important aspect to invest heavily as it has a huge impact on adoption. HTX just announced the paying 250 ETH as white hat bonus for the return of the 5k ETH recently drained from their platform which seems more like a game than a serious issue. Tho, it's a good thing the stolen funds was returned but how long should we continue to be skeptical about some platforms?
It is worthy to note that few exchanges such as Kraken and particularly Bitget have successfully recorded zero incidence of security exploit since their inception which begs the question 'what are they doing right that others aren't doing and why is it difficult to collaborate with those secured platforms to collectively build and have secured platforms? ' cos I want to believe if these platforms are collectively secured, we could experience rapid growth that the traditional financial institution could be threatened.