65 Million Dollars Hacked From Bitfinex-And Why It Is More Secured To Keep Your Steems in Steemit.

Some hours ago the sad news of yet another crypto related hack spread like wild fire on the internet. At first there are expected doubts as to the veracity of the news.

When the final tally was done the loss from Bitfinex amounted to 65 million Dollars..

(image from JPBuntinx article, link is found above.)

Although there are rumors that user funds of the said exchange will be reimbursed, it remains to be seen if this will be so.

While here in Steemit, we all know how things went when this site suffered a cyber attack. Our steemed devs @dan, @ned and the team, actively addressed the issue by reimbursing the funds of the affected accounts and providing a practical method to easily recover a stolen account.

Proving that keeping your Steem in here is actually more secure than keeping it in an exchange. Actually we do have an internal exchange, so what more can we ask for?

If there ever be a need to go into a lesser secure exchange, here are the things one can do to lessen the risk of losing so much on an exchange hack.

How do you avoid getting caught up in such a mess of losing so much money on an exchange hack?

• Always move some funds somewhere else. - Do not put all your crypto in one crypto exchange. This way you will minimize your loss if and when a trouble happen in one of them.

• Choose exchanges that have good reputation and which puts funds security as it's top priority - Read up about an exchange history, have they been hacked in the past? What did the exchange do to remedy the situation? What are the present security measures in place?

• Only put funds in the exchanges that are really necessary for your transaction. - Do it and move funds again. Maintaining only the amount in the exchanges you can afford to lose.

• Always use 2FA security measure for your crypto-exchange accounts. - While it does not eliminate 100% of all the possibility of being hacked personally, it substantially lowers the chances.

• Never install any software that is not from a reputable source. - Including but not limited to: Browser extensions, crypto wallets, codecs, or even download questionable files like PDF and the likes.

• Do not talk to strangers using unsecured chat apps like in facebook. - These apps can be used as a means to hack your PC.

• If you know how to use VM or Virtual box to add another level of security for your cryptos that will be better.

Be safe. -east

#bitfinex, #hack, #security, #steemit, #steem