Another Crypto Exchange Hack

Now Its Hotbit Turn To Face The Hacking Attact

As I have mention before in my old post stating that one of the weakest spot on the entire crypto ecosystem is the crypto exchange. Because all our fund are kept in the exchange wallet, not on our side.

source

Leaving our fund in the exchange is like trusting all our money to the hands of the professional behind those exchange. Because there are so many people accessing the exchange and all or website based, it is becoming a big target for the bad guy, hackers to come ans steal the money on the exchange.

There has been so many hacking happen towards the exchange in the past, like Mt.GOX, the famous Cryptopia, and a lot other small exchange. The Latest is Hotbit one of the new crypto exchange that facing serious cryber attack or hacking in attempt to steal the user fund on the exchange.

source

The hack happen on the April 29th, according to the Chief Security Officer from the exchange, the hacking failed to gain access to the exchange Hot Wallet, but they manage to get the data of its user. At the moment, the exchange are temporary unavailable to use as they are still conducting maintenance caused by the hacking. The maintenance is scheduled to take as along as two weeks.

From the Hotbit Twitter Account, they seems to have an open announcement about what happening to the exchange, they even doing an AMA session with the Chief Security Officer with some reward during the session.

Its normal that people are anxious about the length o the maintenance, as things can happens during those time. More over they are moving the fund from their Hot wallet into a new Cold Wallet, making things a bit worrying. Luckily they have made another tweet about the new cold wallet and also the moving of the fund through their twitter account.

source

But still those kind of move is alarming. still we can remember how a Turkish Exchange Thodex went into an exit scam with a blink of an eye, making its user unable to access $2 Billions worth of fund on the exchange.

Will Defi or Decentralized Finance or DEX Decentralized Exchange eliminate this kind of issue? or the hacking and stuff will just still around as long as bad people are still around to take advantage of you?

Posted Using LeoFinance ^Beta