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Yes another hack - Be Careful if you are on anything but Tier 1 Exchanges (Patreon)

Published:
2021-12-05 01:53:41
Edited:
2021-12-05 01:57:39
Imported:
2022-03

Content

Hi Team

Quick PSA (Public Service Announcement) - been warning for a long time that there are armies of hackers targeting you but now the are hitting tier 2, tier 3, Tier 4 exchanges. Bitmart has always been known to me as a scam exchange (that is an exchange that plays funny games like prevent you from withdrawing your assets - includes names like Binance in certain territories).  Be extremely cautious where you park / stake / deposit / transfer crypto. 

In addition, always quadruple check everything and do a test deposit or withdrawal first. Make sure you send assets to places that can catch like kind. 

This is the Wild West. There is often zero customer support and zero way of reversing an error. 

Also, if you self custody - check your security. 

Sorry to beat the drum but another community member just sustained a loss. 

Dr Sanjay made me aware of this latest hack - thanks. Doc

Files

Crypto exchange BitMart reportedly hacked for $100 million

Crypto exchange BitMart has reportedly been hacked for $100 million, according to security researchers PeckShield.

Comments

Anonymous

Thanks for giving us the heads up Sir👌🏿

Anonymous

Do you believe that Celsius is safe?

Anonymous

Concerning indeed have a feeling a lot more to come unfortunately. Just a hunch.

Anonymous

Thanks for continually looking out for us, James. It's appreciated👍🏽.

Anonymous

Voyager safe?

Anonymous

How safe do you feel with Celsius.

Anonymous

Thanx, James, this is a top problem in crypto in my opinion, have to be very diligent in what we do

Anonymous

Ugh. So sorry for the IA sibling.

Anonymous

If we self custody, check our security…please say more? What should we check?

InvestAnswers
>>73110083

I do - I have crypto on Celsius. There will be rehypothecation losses over time, it goes with the territory but the risk is spread far and wide....

Anonymous

Thank you James👍

Anonymous

I do hope all this slows down in time

Anonymous

Thanks James. Is crypto.com safe

Anonymous

Do you think Voyager is safe?

InvestAnswers
>>73110101

no worries, nothing upsets me more than folks getting ripped off or losing their crypto due to an error. it is truly heartbreaking

Anonymous

This highlights the importance of sensible regulation that protects consumers without stifling innovation.

Anonymous

I sense a security refresher video could be helpful!!!

Anonymous

Someone has been trying to hack into my Coinbase account everyday this week at 3 am in the morning , what should I do . I keep getting an email asking for the verification code

Anonymous

Thanks once again for keeping our group updated! So sorry for the one that lost.

Anonymous

Which is why I've consolidated my assets to 2 exchanges for now. Will be moving them to wallets once I am more comfortable using wallets, etc. Thanks James

Anonymous

Thank you James.

Anonymous

Hi James, Any chance for a video comparing the major CEX’s (for US & non-US users)

Anonymous

James always looking out and trying to protect us... my

Anonymous
>>73110190

Matt I would move my crypto off of there if I was you. Even if it was just Exodus or another trusted wallet.

Anonymous

Gaurdian angel

Anonymous

Feel horrible for the community member. Wish we could self insure as the IA community. Come up with something Janes…

Anonymous
>>73110144

I would assume Crypto.com is a tier 1 exchange. They are a top exchange and I would say probably one of the best.

Anonymous

Is KUCOIN considered a tier 1 exchange?

Anonymous

I’m only only on FTX and Coinbase at this point. Hopefully they hold strong. I even left Voyager and Celsius. The rewards were no longer worth the risk to me.

Anonymous

Ugh 😩 so scary!

Anonymous

Would it be worth doing a video on tier 1 Exchanges for Audience James? Thanks again for everything.

Anonymous

ROGER THAT CAPTAIN! Thank you sir 😃👍🏽

Anonymous

James thanks for always looking out for our back. I have 3/4 of the sol tokens I want to have in my bag. At this point how high of a price should I be willing to buy sol at?

Anonymous

James to follow up on my last post, help us to understand crypto insurance and is it worth it….my understanding is that you can buy insurance for crypto in 3rd party hands in case of loss or hacks.

Anonymous

Thank you for sharing, feel terrible for the member..

Anonymous
>>73110323

they were hacked once. investors were refunded. personally have to use kucoin extensively since that’s the only way i can access new coins as a us subject.

Anonymous

Thanks James for keeping us informed. Very sad unfortunately.

Anonymous

Be careful of CELSIUS!!! With ease they transferred my alt coins to Coinbase Pro, but my ETH & BTC have been pending for 18 hours and they stopped responding to my messages. Be warned!!

Anonymous

Can you advise what players are in each tier? Or at least who is in tier 1 IYO? That would be wonderful…

Anonymous

Welp, I have 2k BTC in Celsius so we'll see...

Anonymous
>>73110719

Even if I lose, at least I wont be a sucker like I had been for the USI Tech Ponzi.

Anonymous

Thanks Prometheus I have been with Crypto.com from my beginning And I do appreciate you answering my question. James has been a wonderful teacher I cannot believe how much I’ve learned from him. I’ve only been here for 10 months and it’s quite hard learning alone. I always appreciate anyone who answers my questions.

Anonymous

Thanks James. I live in the Uk and use Binance as my choice of exchange, and so far so good, however, I’m all ears if you can recommend a safer option for Uk customers, or if anyone on here can that would be much appreciated Thanks in advance.

Anonymous
>>73110813

I’m trying to get into crypto.com but I’m confused. I have to stake 4K for 6 months, before I can store coins for any?

Anonymous

This might be a stupid question: Can hardware wallets get hacked?

Anonymous

What’s your opinion of Voyager?? My understanding is they’re a publicly traded Canadian based company so hopefully reasonably secure.

Anonymous

Thank you James. I appreciate everything you do for us. 🙏🏻

Anonymous

JM I’m not sure even how to use this app to answer you directly. But I use Crypto.com app and I don’t have CRO staked at the moment. I I’m not sure about the exchange. I go there just to buy coin and then back to Crypto.com’s app. Maybe the country or in has different rules than mine I have a small amount sitting on the exchange. But no CRO.are you talking about the app or the exchange?

Anonymous

Which territories is binance risky in?

Anonymous

Bitmart hacks itself. Well known for a long time.

Anonymous
>>73111304

Unless you're a dev and have to be on Binance...get out.

Anonymous

You got it boss.. that's a shame. CB pro and FTX only currently for me.

Anonymous
>>73111008

Yes, if you buy it from Amazon or Ebay or some fake website. The program could be corrupt and send your information to the hacker.

Anonymous

The only truly secure way to hold your crypto is in cold storage on a HWW. Period. The end... If people cannot educate and train themselves to custody their own crypto assets, it defeats one of the main value propositions of crypto. And, people CAN and WILL lose their crypto on ANY of these exchanges. Regardless of tier. They are all representative of counterparty risk, and they own your crypto. Any holding, hodling, stacking, stacking, storing, etc., should always be done via non custodial platforms through your HWW wallet. It is the only truly long term secure way to hold this asset class. But of course, this requires a certain degree of study, practice and skill. But, this is crypto... Welcome to our world...

Anonymous

I recently tried futures on KuCoin and twice in 1 week I got scam wicked out of my position even though I had stop losses in place. I personally will not use them again.

Anonymous
>>73110442

183 is probably the lowest you'll see SOL again. 173 for a long shot.

Anonymous

I know we covered some security videos back a bit but id love an updated one. Appreciate all the content james.

Anonymous

I have used Bitmart in the past with no issues. However, I immediately withdraw to a personal wallet.

Anonymous

No James, keep beating the drum. I recently sufferd and I basic error - so stupid and a momentary lapse but costly

Anonymous
>>73111028

I keep a portion in there, mostly because of the interest. They are US regulated and FDIC insured up to 250,000 per account. I really don't like their spreads on trading though (no fees but they pad the buy/sell pricing, how they make their money). And they charge a lot to withdraw, and also you can't withdraw everything, only certain coins.

Anonymous

James, as someone who has worked as an IT Technician and now IT Manager, I know the importance of continuing to remind users that security is so important. Covid has made remote work a necessity and REALLY opened the door for more and more Hackers to work together and attack anything they can get there hands on and Crypto is tops on the list. Everyone please purchase a cold storage device, test it until you get comfortable using it. It may sound a little tedious, but it is sooo important and easy once you get used to it.

Anonymous
>>73110145

I have used voyager enough that i can say no issues. One thing is to watch if transfers are supported. Bought sol and did not realize I could not withdraw it. You can also set limit orders where crypto.com you can not set limit orders.

Anonymous

SPOT ON JAMES!!!!! CONTINUE TO BEAT THE DRUM - it is the WILD WILD WEST! SECURITY PROTOCOLS ARE #1 PRIORITY!! Basically I began with learning back in March with HODL with my first BTC …. Thanks to a millennial Crypto Casey as she did the fundamentals of securing via Trezor Ledger and to lock it down. As for 3rd party risk and custody I was influenced by you regarding Celsius vs. other exchanges or yield bearing accounts. Alex I trust, and even through these hacks I still trust you and him. Y’all’s knowledge and sage advice gives confidence in getting through the turbulence of it all. I am now monitoring as best as possible and wish fellow Capitalists and Patreon members the best! Stay with the solid ones first BTC ETH SOL and other promising ones. That’s where I’m hanging out on the crypto side. HODL ON!!! All roads lead to Bitcoin!!!

Anonymous
>>73110129

Look into using a hardware wallet (like ledger) to secure your crypto, and keep any seed phrases secured. Never give anyone your seed phrase ever, even if they say they can help. Don’t record them electronically (like in a text file), or keep screenshots of them.

Anonymous

Holy Sh*t ! Yes beat that drum! I am on FTX which I love after James recommended. I have a ton of SOL on Voyager but it doesn't support transfers for some unknown reason, so is that a good thing or bad? If bad, WTF do I do? should I sell my SOL and move the money over to FTX and buy SOL again? anyone? ideas? I love SOL, bought in around $145, I'm stuck :( any thoughts appreciated .. love you guys !!

Anonymous
>>73110580

If you used a new address not in your white list they enforce a 24 hour wait. This is annoying, but a reasonable security protection. That gives you time to see the notice and kill the transfer if someone gets into your account.

Anonymous

They have also pathed up a pretty serious bug on the Solana network... Source: https://www.theblockcrypto.com/post/126318/solana-library-bug-could-have-seen-attackers-stealing-27-million-an-hour

Anonymous

For the inexperienced... HODL Bitcoin ..DCA into tier 1 platforms ETH and SOL... and Zoom out. Traders like James have experienced heavier losses than this in the beginning of his career. ALL ROADS LEAD TO BITCOIN....We have just begun on the journey and there are many battles ahead

Anonymous

Condolence to our member who lost funds. I hope it was small. I would assume that the exchange will make good on the loss, or be forced out of business as everyone flees. Fingers crossed for a happy outcome for my IA brother/sister.

Anonymous

Thanks James

Anonymous

Agreed, James. Suggest you add River to your list of quality, reputable places to HODL. River Financial is a Bitcoin-only onramp and exchange with iron-clad security. No rehypothecation of funds, secure storage of deposited BTC. Stanford graduate CEO. River is backed by first-tier venture capital firms including the Kraft Group (i.e, Robert Kraft of the New England Patriots). Highly recommended.

Anonymous

Thoughts on Kraken?

Anonymous

I am very sorry to read that. Did you have two factor authentication enabled with an authenticator app or SMS?

Anonymous

Thoughts on OKCoin?

MT

Thanks, James!

Anonymous

Probably a good idea to invest in a yubikey if your exchange supports it

Anonymous

I dunno if this helps, but I use Trezor Shamir Secret method to generate 20 seed phrases sets. It give u the option when you do your initial set up. U can choose how many seed phrase set to unlock, for example 2 out of 3 or 5 out of 7 etc. Its a hassle, but if anyone got 1 of the set of 20 seed phrases, they need to get the minimum sets to unlock your wallet. I then distribute the seeds phrases sets among my home safe and 3 different safety deposit boxes provider in different locations. https://privacypros.io/trezor/shamir-backup/

Anonymous

ETH pulling up grandpa BTC right now lol

Anonymous

I have never been comfortable with stacking and any other deposit scheme. I am too worried about the risk so I am ok to give up on the yield. I do have some crypto on Binance (non US one). Why do you think Binance is risky?

Anonymous

BINANCE US is horrible, my account has been locked since May 18th 2021, no customers support. Some emails every 3 months, then nothing, no resolve.

Anonymous

oh no not again 😖

Anonymous
>>73113761

Don’t sell, open a trustworthy account and transfer your SOLANA / tokens to the new exchange address. Try small amounts first, don’t send all in one transaction…

Anonymous
>>73118534

OMG. That’s nuts. I am using the non-US and it working very well. Never had any issues. But most of my coins are on cold storage. Safe. Safe. Safe

Anonymous

They locked mine before I could transfer, had already had put some away. But my last ones purchased,they locked them before I could . Heard several people with same problems in the very same month of May 2021.

Anonymous

Friend of mine got scammed buying an NFT. Scared me away from wanting to dabble in that space for now

Anonymous

James can you please explain what are Tier 1 to 4 Exchanges?. Thank you again for your valuable work.

Anonymous

Wise to build some cash up for next cpl weeks?

Anonymous

here is my humble opinion. I personally consider any exchange a problem. Freedom has a price and regulators are understandably after regulating closing even such operations for diverse reasons however, no disrespect to the honest ones but I would never touch something hidden in any tax haven . But who can we trust to have good security? Even with all mod cons in personal security, Yubikey, cold Wallets, etc etc. If we slip at home and hit our head in the kitchen sink and sniff it then away went our long time security. Be careful out there. Merry Christmas everyone

Anonymous

Is Crypto.com safe?

Anonymous

I have just ordered a Trezor T express. I have the most horrible fear of transferring. In the past I was scammed by a professional con artist and lost many thousands of GBP. Is the process to transfer user-friendly ? Is there someone who can help me please James ?

Anonymous

Building on ICP internet computer would solve these issues.

Anonymous
>>73122457

Hi Celine, I use Exodus online wallet (James also, he told us to stake Solana) very nice. Exodus works together with Trezor it seems to work very easy and smooth. Exodus easy to download and very simple and easy to use you can plug-in your trezor device and transfer just in the beginning use small amounts to practice. Succes 🙂

Anonymous

What are tier one exchanges

Anonymous

What are tier 1 exchanges? Why is Binance not tier 1?

Anonymous

Thanks for the heads up.

Anonymous

Don’t post links like this!!! Only can go wrong. People can get hacked by clicking wrong links!! Pls delete your post dude

Anonymous

Coin Market Cap has a list of top exchanges, and I trust coin market cap. There are other lists but from unknown websites. I guess the tier class is dependent on market volume, although there isn't a true definition according to Google (must start using another search engine). The thing is that the next Dogecoin is found on those smaller exchanges - so high risk, high reward. Hope this helps.

Anonymous

Does everyone realize that CoinMarketCap was also compromised in Oct? Emails and contact info. were compromised. They never posted anything about tho.

Anonymous
>>73127154

Binance has quite a bit of security issues. It has been hacked as well so has Coinbase been compromised FTX.com, FTX.us , voyager, seem the best

Anonymous

Why is Solana dumping?

Anonymous

The coins seem to pump when there is any major conference and then dump. Observed it with Sila na, Matic and Avalanche

Anonymous

the market is doing its thing solana too, buzz around any stock causes it to move, it happens faster in crypto because y'know, it's it's crypto.

Anonymous
>>73134880

Its at $187. How is that considered dumping in crypto world?

Anonymous

Hey guys. Do any of you know if gate.io is a trustworthy crypto exchange??

Anonymous
>>73132417

Really? Do you have any source of this? Would be really disappointed if so...

Anonymous

Coinmarketcap has them ranked 12th https://coinmarketcap.com/rankings/exchanges/

Anonymous

At this point would you sell MATIC while it’s up to buy BTC while it’s down to pursue the goal of attaining a full BTC? I currently have .31 BTC, and this move would put me at about .38 BTC.

Anonymous

I'm on Binance in Australia... They haven't had any issues here... Yet🤔

Anonymous

I also thought Binance was tier 1 and safe

Anonymous

https://www.theblockcrypto.com/post/126318/solana-library-bug-could-have-seen-attackers-stealing-27-million-an-hour?utm_source=coinbase&utm_medium=rss

Anonymous

What about this bug team? this concerns me!

Anonymous

It would be great to see a list of the exchanges and where they fall… Tier1, 2 etc

Anonymous
>>73179704

Me too and when I had my email hacked the hackers changed the password on my Swtftx and Binance accounts.. I had 2fa on both so they couldn't get any further I put a freeze on both accounts and re verified myself So far happy with both exchanges

Anonymous
>>73187112

I have asked that already. No one knows. For what I read elsewhere the criteria very diverse and date scarce.

Anonymous

It’s sad and worrying to read this all the time!

Anonymous

How do you feel about Nexo?

Anonymous

I looked into NEXO quite a bit myselft because the 8% APY on Bitcoin is pretty much the best around. After extensive research I found they are not transparent at all and use bots to shill meaningless talking points on how safe they are. I suspect they will be fine during bull market, but I would not want my crypto there during a draw down period. Celsius and Blockfi are really the only ones that have backed up their holdings with audits or other substantial reviews. If NEXO was really safe they could easily prove it like Celsius does and disclose their leverage ratio. The fact that they don't is a huge red flag. Alex Muszynski from celsius made the point in one of his interviews how his company reinvests all their earnings into the company while other competitors take it out (I believe he was referring to NEXO). Celsius has the $ to recover from hacks like the one they experience last week. I would not have the confidence that NEXO could do that and still support customer withdrawals. NEXO also limits the number and amount of withdrawals you can make per day, so if you had a big bag with them it could take many days to get it all out. NEXO is much much higher risk than US based competitors for just a little more APY.