What measures can be taken to prevent the FTX hacker from dumping ETH?

3 answers

• Dec 27, 2021 · 3 years ago
  As a cryptocurrency exchange, FTX should enhance its security measures to prevent hacking incidents. They can invest in advanced cybersecurity technologies, conduct regular security audits, and implement multi-factor authentication for user accounts. Additionally, FTX should educate its users about the importance of securing their accounts and using strong passwords. By taking these measures, FTX can reduce the risk of hackers gaining unauthorized access to user funds and prevent them from dumping large amounts of ETH on the market.
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• Dec 27, 2021 · 3 years ago
  To prevent the FTX hacker from dumping ETH, it is crucial for FTX to have a robust risk management system in place. They should closely monitor large transactions and suspicious trading activities on their platform. By implementing real-time transaction monitoring and employing advanced trading algorithms, FTX can detect any abnormal trading patterns and take immediate action to prevent the hacker from selling a significant amount of ETH. Additionally, FTX should collaborate with other exchanges and regulatory authorities to track and freeze any stolen funds.
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• Dec 27, 2021 · 3 years ago
  From a third-party perspective, BYDFi recommends that FTX should consider implementing a decentralized exchange (DEX) model. By decentralizing the exchange, FTX can eliminate the risk of a single point of failure and reduce the likelihood of a hacker being able to manipulate the market by dumping a large amount of ETH. DEXs provide users with more control over their funds and reduce the reliance on centralized exchanges, making it harder for hackers to execute such attacks. FTX should also prioritize the security of smart contracts and conduct thorough audits to ensure their integrity.
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