Post
Topic
Board Nigeria (Naija)
Re: is crypto exchanges more susceptible to be hacked than the bank?
by
MainIbem
on 24/02/2025, 08:53:24 UTC
the Anonymous group have once threatened to hack the CBN and send money to citizen and we all took it as a joke. could that be possible?
Which anonymous group is that?

secondly, crypto exchanges and the banks, be it central bank or the commercial bank, which is more susceptible to hack?
It is obvious that exchanges are more vulnerable to hack. But do not forget that if it is not your key, it is not your coins. With crypto, you can be your own bank.

Only traders should rely more on exchanges. I think they should have just little part of their money on the exchange while most on a noncustodial wallet.

Eh get one hacker group wey dem dey call Anonymous according to my findings dem done dey exist since 2003 and them dey mostly attack government institutions, I think that threat on CBN been happen in 2020 during that EndSars period when the group been dey claim say na dem shutdown CBN server and also threatened to hack several financial institutions for the country then send funds to every citizen. Anyways eh dey very possible and countries like Uganda and India been done experience hack on their Central Banks, but then fiat money dey very traceable and the only way the hackers fit successful make the money untraceable na if dem transfer am into Cryptocurrency immediately. You dey right @ Charles-Tim, dem done advise people tire say make them no dey safe money for CEX due to the vulnerability to hackers and also make d dey trade with only money wey dem fit afford to lose (spare cash) but dem no dey listen.