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#1419
Lance Thompson
280 Posts

Yeah……As I’m quite sure several of you have read regarding cryptocurrencies is that one of the current dangers that the exchanges have not completely rid themselves of yet is making the exchanges hack-proof. A number of cryptocurrency exchanges, particularly overseas in Japan, South Korea, Europe & several other countries have fallen victim to hackers who have “electronically” broken into a few exchanges & have walked away with an accumulated total to-date of about $1.5 billion dollars worth of digital tokens. A number of the exchanges are now working to make themselves unhackable but they still have yet to achieve the goal of making themselves as fullproof as our world’s banks. While 2 of the exchanges I recommended in Coinbase & Binance have never been hacked (or at least I’ve never read about those 2 being hacked), as you can see right at the 15 minute & 45 second mark in the video discussion below, the gentleman they’re interviewing named Hartej Sawhney reveals that Cryptopia was hacked very recently…..(it says on Cryptopia’s website that they were hacked back on January 14th, 2019). Hopefully none of you have any cryptocurrency sitting idle on that particular exchange……Unfortunately I do…..I own a substantial amount of crypto that is sitting in my wallets on Cryptopia. Currently the site is down with the announcement on there that they have been hacked and are temporarily shutdown so I don’t know “if” I lost anything, or “how much” I lost if I did. Just gotta wait until they get the site back up & running before I can go in and check. I’m quite sure everything will be okay but it can be a little bit of a scary thing to deal with…..it’s like potentially having your bank account broken into.

This also brings up another issue that has been talked about in the crypto community regarding “insuring” people’s cryptocurrency purchases to replace any theft, the same way that the FDIC insures people’s cash deposits that sit in U.S. banks as well as the equivalent of the FDIC that insures people’s bank deposits in other advanced countries. These are issues that the crypto community has to work to improve & eventually to perfect.