You may have heard that cryptocurrency exchanges have been hacked and millions of dollars worth of Bitcoin have been stolen. We look at some of the signs to watch out for that could indicate your cryptocurrency exchange has been hacked.
Top Signs Your Cryptocurrency Exchange Is Compromised:
1. Error messages when you log in: if you receive an error message when you log into your account for example “your account is temporarily suspended” or “your password is incorrect”, it could be a sign of trouble.
2. Unusual activity on your account: if your account suddenly shows trades or transactions that you didn’t make, change your password immediately and contact the exchange to let them know what’s happened.
3. Unexpected emails from the exchange: if you get an email from the crypto exchange saying your password has changed or you need to reset it, this could be a sign of trouble. Always visit the site directly rather than clicking on links in emails that may be phishing scams aimed at stealing your personal info and hacking into your account.
4. Notifications about a suspicious login: many exchanges offer notification services that let you know if there’s been a login attempt from another IP address or device other than yours. If you get one of these notifications and don’t
Hacked exchanges, stolen funds, lost passwords… The world of cryptocurrencies is full of horror stories. The rapid growth of the cryptocurrency space has attracted many new entrants to the market. But while some are genuine investors, others are hackers and cybercriminals who have no qualms about exploiting those less familiar with this new asset class.
To protect yourself and your crypto investments, it’s helpful to know some of the main signs that your exchange is compromised. So here are our top five warning signals that you should heed:
1. [Your exchange is suddenly inaccessible](https://www.cryptoexchangeaudits.com/blog/top-signs-your-cryptocurrency-exchange-is-compromised/)
2. [Your exchange account email gets hacked](https://www.cryptoexchangeaudits.com/blog/top-signs-your-cryptocurrency-exchange-is-compromised/)
3. [You can’t withdraw or deposit funds](https://www.cryptoexchangeaudits.com/blog/top-signs-your-cryptocurrency-exchange-is-compromised/)
4. Your exchange account password is changed without you doing
Exchanges have always been a favorite target for hackers, and cryptocurrency exchanges are no different. While the first half of 2017 was largely about ICOs, the second half of this year will be about how well exchanges handle security-related problems.
In September, China’s largest digital coin exchange, BTCChina, said it would cease trading at the end of the month. This came after reports that Chinese authorities were planning to shut down all local virtual currency exchanges. Earlier in the month ChinaBTC was hacked, with attackers making off with 10% of user funds.
In August Bitfinex announced that it had suffered a breach resulting in 119,756 bitcoins stolen worth more than $64 million. This is one of the largest breaches in history and resulted in a 20 percent drop in bitcoin price.
In May 2016 another exchange called Gatecoin had 250 bitcoins and 185,000 ether stolen from its hot wallets, which amounts to about $2 million dollars.
In this article I’ll cover some of the top signs your favorite cryptocurrency exchange is compromised. Let’s get started!
I think that a good cryptocurrency exchange is essential for anyone who is trading, whether you are a beginner or an expert. Sadly, the cryptocurrency world has been plagued with the unfortunate truth that no cryptocurrency exchange is 100% secure, so it’s important to keep a keen eye out for signs of vulnerability in your exchange.
So let’s get into the top signs that your cryptocurrency exchange is compromised and what to do if you notice these signs.
Sign
It’s the Wild West out there in the cryptocurrency exchange space. The market is still fairly young and the regulatory environment is far from perfect. This means that many exchanges are not as safe as they should be. While you may be able to find a reputable, popular exchange, it’s still important to be aware of the key signs of an exchange that has been compromised and how to avoid them.
Here are some of the top signs that your cryptocurrency exchange has been compromised:
The exchange has been hacked
Unfortunately, the crypto space is no stranger to hacks. In fact, some estimates suggest that over $1 billion worth of Bitcoin and other cryptocurrencies were stolen in 2018 alone.
If you are a trader or investor in cryptocurrency, then there is a chance that you have one or more of your coins stored at an exchange. Most newcomers to the space do this at first because they are only interested in holding bitcoin and not altcoins, but once they start accumulating other coins, they either transfer them off the exchange immediately or keep them there for convenience sake.
There have been many hacks of exchanges over the years and it can be very costly to lose coins. A good example of this was the recent Coincheck hack in Japan where hackers stole $500 million worth of NEM tokens. The unfortunate thing about these hacks is that it will be the end users who will end up taking a financial hit, which is why it pays to know what to look out for when choosing an exchange to trade and store your coins.
Below we have outlined five key signs that you should look out for to determine if your exchange has been compromised in some way:
1. Your password no longer works
2. You are unable to withdraw your coins
3. A huge spike in trading volume on your account
4. You notice unfamiliar transactions on your account
5. The website goes down unexpectedly
1. Customer Support goes silent
2. You see the same comments spamming all over the website
3. Something is fishy about the admins
4. Your account was hacked and you did not do anything wrong
5. The website has been shut down by law enforcement agencies