Korean Exchanges in Trouble?
A CoinDesk article shows 66% of Korean exchanges don't pass government security checks. Security is the single most important aspect for cryptocurrency; even more so for exchanges.
It is imperative for everyone to thoroughly research an exchange before opening an account and depositing money into it. Top exchanges like Binance and Coinbase are typically the safest; Bitfinex is also safe but very susceptible to manipulation and sees a premium on Bitcoin prices.
Two large exchanges, OkEx and Hubit, were accused of wash trading and fake reported volume. OkEx was also subject to a huge controversy where they didn't implement margin trading properly and forced traders to give up their profits for a particular contract set. This just further reiterates the need for in-depth research before using an exchange.
While every hack makes crypto more resilient and improves network architecture; nobody wants to be the miserable few who loses their funds to a hacker. Do your own research and choose your exchange wisely. More importantly, store your crypto in a safe place, exchanges are placed to buy and sell and are NOT for storage.
- AB
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