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16 million USD of crypto coins stolen from the New Zealand based Cryptopia

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Crypto currency investors with the New Zealand based crypto exchange Cryptopia has lost more than 16 million USD of crypto coins including more that 3,5 million worth of Ethereum coins after a hacker attack.

The hackers reportedly targeted 76 000 crypto wallets, after gaining access to the private keys of the wallets, kept by the exchange.

The attack is also unusual in that the funds were not stolen at once, but over five days in early January.

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On 2/8/2019 at 1:30 PM, CryptoTime said:

That's why you better not store your coins in the exchange wallet. 

But some exchanges have a strong security system. Such news shows that you need to choose the exchange more carefully 

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On 2/10/2019 at 10:42 PM, Talk_To_Me said:

But if you trade, you've got no other options, have you?

Well, if you trade then yes, you need to have immediate access to your coins to execute fast. In case you invest or simply use crypto for payments - better to use a different wallet. 

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On 2/11/2019 at 6:48 PM, VladEx said:

But some exchanges have a strong security system. Such news shows that you need to choose the exchange more carefully 

THat's one of the most important things when choosing an exchange. Which ones do you consider to be highly protected?

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On 2/15/2019 at 8:02 AM, CryptoTime said:

Well, if you trade then yes, you need to have immediate access to your coins to execute fast. In case you invest or simply use crypto for payments - better to use a different wallet. 

I agree, if you are a long-term investor, there is no need to store your funds in the exchange wallet.

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On 2/17/2019 at 10:56 PM, Talk_To_Me said:

I agree, if you are a long-term investor, there is no need to store your funds in the exchange wallet.

Yeah, and on top of that people might use different exchanges depending on coins represented and fees for a transaction.. Better keep everything in one place

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On 2/20/2019 at 2:14 PM, shreyxcrypto said:

Exchanges should increase their measures for security. 

 

There might be still many flaws with exchanges. They should spend more time in upgrading the security of their website 

Do you think 2FA is secure enough for wallet protection? 

I am not talking about platform security itself, I have no idea how they protect data. They just say: don't you worry!

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