I was wondering if there could still be any safe centralised exchange in the blockchain industry. Of lately lots have been unveiling itself and centralisedexchanges are at the end of it all. Does it mean that these centralised exchanges that are in existence lacks the capability to safeguard assets and funds after attracting investors and traders to their platforms for engagement and activities?
How do you explain these things to the people whom have entrusted their funds and assets to you for safe keeping hoping that what they gave to you is under safe care only to wake up to a sad news of their assets being stolen by hackers. How do you explain all these.
At first identifying the problem is a basic course for rendering solutions. If these problems are not identified immediately by the exchanges for quick remedy then who's to be blamed for it. Do they really do constant check on their service to know their lapses, if they do, do they identify it immediately with utmost attention? Do they do a constant check and evaluation on their staff and mechanisms.
With all these said, what are your opinions on this subject matter as I feel this needs to be looked into for possible measures to be taken for so as to further prevent or minimise the rate at which exchanges get hacked or being careless with investors and traders funds.
Centralized exchanges are not safe anymore so people should not be placing their funds on it. Not just because of the FTX event, but because centralized exchanges have low level of security and privacy which means our money will be in high danger if they will remained in them in the long run.
There has never been a time when centralized exchanges were called absolutely safe both before and after the FTX crash, nothing is essentially 100% absolute, including decentralized exchanges. I agree with you when using centralized exchanges, we lose privacy, but in terms of security, not really, not all of them have a low level of security. They are a place to store a large number of assets, so they are always the target of hackers, so there are frequent attacks. Unlike you storing your assets in a personal wallet, hackers will pay less attention.