Hacked Cryptocurrency Trading Sites

By TheBlackWaltz | CryptoHack | 6 Oct 2019


Hello folks it's Frank Higgins and i have picked  up a quite significant subject today i hope everybody doing good with their life and this read will give you quick awareness pump up about hacked trade sites.

 

1.Poloniex

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Based in the United States, Poloniex is one of the best cryptocurrency exchange offering a wide variety of digital assets. Founded in January 2014 Poloniex offers a secure trading environment and provides advanced charts and data analysis tools to its customers.

 

  • Hack Date: 4th March 2014
  • Amount Hacked: 12.3% of all BTC's(97 BTC) for that date total loss is around $50,000

And that one is quite popular sadly Poloniex was hacked in the summer of 2014..

How Did It Happen?

Here is the owner of POLONIEX D’Agosta explained:

“The hacker discovered that if you place several withdrawals all in practically the same instant, they will get processed at more or less the same time. This will result in a negative balance, but valid insertions into the database, which then get picked up by the withdrawal daemon.”

2.Binance

 

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Binance is a global crypto exchange trade platrom since It launched its own Binance Coin (BNB) cryptocurrency through an ICO in July 2017.With trading over 100 cryptocurrencies seemingly quite legit and secured exchange platform.

 

 

  • Hack Date: 8th july 2019
  • Amount Hacked: $8,000,000 ( 7.000 bitcoin )

How Did It Happen?

Cryptocurrency exchange Binance has confirmed a “large scale” data breach, in which hackers stole more than $40 million cryptocurrency and the binance said hackers stole API keys, two-factor codes and other information in the attack.

All of our other wallets are secure and unharmed,” said the statement.

“The hackers had the patience to wait, and execute well-orchestrated actions through multiple seemingly independent accounts at the most opportune time,” the statement read. “The transaction is structured in a way that passed our existing security checks. It was unfortunate that we were not able to block this withdrawal before it was executed.”

“Once executed, the withdrawal triggered various alarms in our system. We stopped all withdrawals immediately after that”.

 

3.Cryptopia 

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Cryptopia Rehacked Over 17,000 Coin Pockets Stoled New Zealand-based cryptocurrency exchange Cryptopia is officially gone. All trade has been ceased, and authorized liquidators have been appointed

 

  • Hack Date: 15 january 2019
  • Amount Hacked: roughly $16 million

 

The legal expert wrote:

“We are aware of and understand the frustration of Cryptopia’s customers. As there is no legal precedent on crypto assets in New Zealand and worldwide, the distribution of those assets and the overall conduct of the liquidation will require significant direction from the New Zealand Courts.”

 

 

How Did It Happen?

14 Jan  - Cryptopia enters maintenance mode

At 14 january Cryptopia entered maintanence mode and published its offline condition with an an announcement citing: "We are currently experiencing an unscheduled maintenance, we are working to resume services as soon as possible. We will keep you updated." 

without feedback company downtime reached 18 hours while all users waiting for a response from Cryptopia. After 1 day Cryptopia announced that a hack had been approved and leading to "significant losses" after that police investigation into the hack opened and employees and managers are questioned at Cryptopia headquaters.

 

How to invest in bitcoin securely

I would like to laid out some simple advice on how to evaluate different options:

Firstly pick a large operation and the important thing is check the trading site is it compliant with laws or even regulated with laws?If you are in USA its quite important to have except this pay attention to cold storage and have insurance specs and believe Coinbase doing good for now quite popular and dont have any significant secure problems and genuine crypto exchange site.ifyou’re serious about investing in bitcoin and going buying like hell i would say you should go for Ledger Nano X it's a Bitcoin security company that offers a wide range of secure Bitcoin storage devices.For second option TREZOR will give you good cover with its hardware wallet that built in to secure coins.It generates your Bitcoin private keys offline.

 

Thanks For Read Good Day Folks!

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TheBlackWaltz
TheBlackWaltz

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