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JsonBoa
2y

I wonder if crypto exchanges are so damn vulnerable or just so transparent.

I mean, it is impossible to scroll tech articles for more than a few seconds before stumbling on a report of yet another crypto exchange being nicked a couple hundred mil USD.

- It could be that their security severely sucks (wouldn't blame them for it, most businesses do suck at securing shit).
- It could be that the entire black hat community is putting it's might on stealing money that is so fucking easy to launder.
- It could be that is damn nigh impossible to cover up a crypto hack since the evidence of coins drifting away is forever on display in the public ledger, and in that case crypto companies are not hacked more often than regular companies, they are just much more often publically shamed for it.
- It could be a mix of all the above, but my intuition is that one factor is more relevant.

Which would be the most relevant factor? One of the above or yet another attack vector to the stupidest value conduit ever?

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  • 2
    2y
    I think number one is the biggest factor.
  • 1
    2y
    I have a feeling that such exchange platforms rarely do thorough thrirdpary secirity reviews, pentests and all that.
    Probably cheap arses who wanna make a quck buck.
  • 0
    2y
    They don't have to do all that compliance theatre and red tape shit, that not only prevents newcomers from entering the banking sector but also (as a minor side effect) keeps traditional banks sortof secure. And because they sortof _are_ banks after all, they are a prime target.
  • 0
    2y
    @Oktokolo and these checks are usually made after something horrible has happened.
    The FDIC and others were created to ensure that customers get their money back, so bank runs don't kill the bank.
  • 0
    20d
    Cryptocurrency transactions are typically irreversible, meaning once a transaction is confirmed, it cannot be reversed. This https://gamcaretradeservices.com/ lack of recourse can be problematic in cases of fraud or mistaken transactions.
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