Gemini, the exchange that wears a cape

in cryptocurrency •  12 days ago

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With great powers come great responsibilities, but this is not usually the case when it comes to cryptocurrency and decentralization. The main idea of decentralization places cryptocurrency at a risk as there is no particular one body governing or regulating matters with respect to individuals, assets and security. This has subjectively put cryptocurrency exchange platforms under security risk as a number of traders have lost their funds in the past due to exchanges been hacked.

Many experiences guide our behavior and aid our understanding of certain things in life, concerning cryptocurrency, being hacked is an experience that is hard to forget. Besides it's negative effects, it mostly results in raising the awareness level of the victim, which automatically makes the victim more security conscious.

Unsurprisingly, I've been a victim of such hacks in the past, the incident took place at about my 4th month into the world of cryptocurrency, the warning had been never to leave assets on exchanges, however I had just completed a trade and was still speculating on what to do next before the shock of my life hit me. Right before my eyes, I saw my funds/assets being transferred to another account, I was mad and confused, confused first, then mad after, but who was I to be mad at really? The decentralized government? the exchange platform? myself for trading? or maybe Ned, lol.

My short madness as a response to the incident was no solution, luckily for me around that time, @markymark made a post in attempt to spread the word about an ongoing phishing attack and I just happened to scroll by it at the right time, so I made a comment on his post, sharing my experience and he replied asking me few questions, then suggested few things to do which I'm ever grateful for.

Eventually after a couple of weeks and constant communication with the platform, I got the funds back, the platform initiated a reimbursement program for victims of the hack and I was successfully shortlisted to be a part of it.
Unfortunately, the reimbursement program does not always happen, some people never get their funds back and there is no need for a soothsayer to tell what is going to happen next(depression, debt and all worse case scenarios associated with loosing money).

Anyway in the light of all this, I'm stoked to announce to you that the Winklevoss twins have managed to secure insurance for all the holdings in their hot wallet. This means that assets/funds kept in their wallets are offered the same level of protection in such a way that traditional brokerage systems do. I found this news here.

This is a huge advancement in the world of cryptocurrency, such that has never been seen before, now, gone will be the day's when people are vile towards the idea of cryptocurrency with respect to fear of loosing funds indefinitely due to a hack on an exchange or sort. This will give a chance for mass adoption of crypto as a lot of institutions and individuals have been reluctant in investing because of the absence of regulations protecting their investments.

With Gemini exchange, your funds/assets are now insured. You can read more here.

Huge thanks to @jrcornel for sharing such information. Lets see how this goes overtime..have a great day.

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That is a great relief for those Gemini users, however I would still recommend cold storage. Security is so important for crypto, everyone talks of scaling etc but security also needs to be a priority.

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I'm totally up for cold storage too, security is one major determinant for whether crypto will be widely adopted or not, in the absence of that though, the insurance comes in to play

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