Quote from: mensahkkofie on May 14, 2019, 06:26:25 PM

It seems all exchanges are susceptible to attacks by hackers. Possibly in the near future, we are hopeful that things would get better through higher security systems with modern technology. It is always disheartening to see or hear news when exchanges are hacked. This implies we are all vulnerable to attacks since we trade on these exchanges.

As long as cryptocurrency exists, there will be hacks. It can't be eradicated, but we can take precautions to reduce the risk. Increasing the level of security requires more funds and extra staff, and I don't think that all of the exchanges can afford that. Even the most reliable exchanges such as Bitstamp are not protected from these hackers. Bitstamp is the world's longest standing crypto-exchange (after the liquidation of Mt Gox and BTC-e), and they were hacked at least once (in 2015). In order to completely eliminate the incidence of hacking, we need many of these smaller exchanges merging in to a single platform and then using their resources collectively. But that is not going to happen anytime soon.