CoinSecure exchange hacked

Hackers stole 3 million dollars worth of bitcoin from an exchange called CoinSecure. Should have been called CoinInsecure! Next time don't trust the empty marketing, vote with your dollar and use decentralized exchanges!

CoinSecure exchange hacked

People have been saying that 2018 will be the year when decentralized exchanges will finally become mainstream, and quite frankly it cannot happen soon enough.

While centralized exchanges are easier to bootstrap because it is easy to fake trading volume on a closed system and technology for running one has been created long ago, those exchanges are a systemic risk that plagues crypto economy.

Today, yet another centralized exchange has fallen victim to hackers. CoinSecure[1] has reported that hackers managed to steal 438 bitcoin of their customer's money from exchange's wallets. Exchange owners have now filed a lawsuit against one of exchange's employees, claiming that the hack was instead an inside job.

No matter what the outcome is, if the exchange doesn't have enough BTC to repay the customers who are now withdrawing their money, everybody is going to have a bad time.

We will add this incident to our list of centralized exchange hacks. Next time, use unhackable decentralized exchanges to keep your money safe!

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  1. Ironic name, isn't it? ↩︎