Exchanges Really Need To Get Their Act Together
Yet again another exchange has been hacked and about 30 million dollars worth of crypto has been stolen. Who's behind these? Not sure and not sure if it will be found out either. However it seems like almost monthly we are hearing about an exchange being hacked.
In the last hack I wrote about how to cold storage and hold your own wallets and keys which to me is more secure and puts you in control of your money instead of some exchange.
You can read that here - https://steemit.com/bitcoin/@bitcoinflood/a-review-of-hardware-wallets
You see when you have your cryptocurrency on an exchange your coins are in their wallet a wallet in which they control. If anything where to happen to those wallets it is out of your hands but since there are no regulations or even ways to revert such massive hack transactions via blockchains it means well honestly your shit out of luck unless the exchange decides to take the hit themselves. But that's not even right in my opinion there are no repercussions to the person or persons that just stole 30 million dollars. Its like modern day bank robbery.
The most recent exchange to be "hacked" south Korean exchange Bithumb.
My hope is that exchanges start to take security as a real thing. We are talking about legit billions of dollars flowing through these exchanges which most likely have less then optimal security measures.
In just a years time two major exchanges have crashed and burned because of hacks and nearly 1 billion dollars has been stolen from other exchanges. I don't know about you but that seems like a heck of a lot of money to me!
Word of advice, be in control of your own wallets and practice good security procedures when housing any amount of cryptocurrency. Educate yourself and think about getting your own cold storage wallet.
Stay safe out there, educate yourself and stay frosty your money and future are at stake literally.
- This post is not meant to scare anyone away from cryptocurrency but instead show a real issue and educate you on why you should not hold your funds in an exchange ever.
I think DeCoin said they would implement cold storage for their new exchange. 97% of the user's funds will be stored and can't be hacked.
Decentralized exchanges are also great. I'm seeing more and more decentralized exchange ICOs that will use the atomic swap in order to make P2P trades.
Even with the hack, it's great to see BTC holding over $6200. BTC is starting to look bullish ( :
very bullish it honestly didn't care to much about this hack nor should it 30 million is a drop in the bucket anymore however should still be treated very seriously.
Yes, you've really spread the awareness and not scare. In my opinion never keep money on exchanges and if you want to buy Crypto then buy from secure exchanges and move that Crypto to wallets instead of keeping on exchanges.
These hacks are really hurting and as you said the numbers are really high, but it's not new so understand the awareness and keep in wallets and there are very less chance for refunding of money if something happens.
Many people don't understand overall aspects and they blindly work in Crypto Sphere. In Crypto Sphere we are our own bank and Investment Manager so be vigilant and act accordingly.
Keep up this awareness spreading post and i hope that people can understand the risk of keeping funds on the exchanges and going forward they will act vigilantly and they can control their funds.
Wishing you an great day and stay blessed. 🙂
Unfortunately, this adds to the FUD given the potential additional scrutiny from regulators considering the size of Bithumb. This also slows adoption as more potential participants, particularly large ones, will wait for security and regulation to sort itself out before going directly into cryptocurrencies.
But it makes sense though why would anyone put 1 million dollars into an exchange if they risk losing it all to a hacker that seems to happen well rather often.
Very good post and very useful information!
You should always take care of your own safety, and not to shift this concern to others.
If you did something bad - you is to blame yourself!
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I don't know why but i feel all cryptocurrency reach the end .